By Adina Marcut
Chicago—Baum Realty Group LLC recently announced that its investment sales team has completed the sale of a $4.1 million medical building located at 101 S. Washington Ave. in Park Ridge, Ill. Danny Spitz and Greg Dietz, both managing directors with Baum, represented the seller, a national developer. The buyer was a Chicago-based investment group.
“The variety of complementary medical practices creates a community among tenants making the asset attractive to investors focusing on the burgeoning medical office real estate market. All medical practices have occupied the property for 20+ years which provides a reliable cash flow,” Spitz said in a statement.
The 13,925-square-foot property was fully leased at the time of the sale to a variety of medical tenants, including a pediatrician, orthodontist and dentists.
The company also recently closed the $2.9 million sale of a mixed-use building in the Andersonville neighborhood.
Image courtesy of Baum Realty Group