Naperville medical center sells for $15M

The 19,000-square-foot property is fully occupied

Physician Real Estate Capital Advisors' Scott Niedergang and 1243 Rickert Drive (Physician Real Estate Capital Advisors, Google Maps, Getty)
Physician Real Estate Capital Advisors' Scott Niedergang and 1243 Rickert Drive (Physician Real Estate Capital Advisors, Google Maps, Getty)

A fully leased suburban medical building that got a full renovation two years ago has sold for $15 million.

The physician group that owned the 19,000-square-foot medical building at 1243 Rickert Drive in Naperville sold the property to Montecito Medical Real Estate, the Chicago Business Journal reported. Leases for tenants Suburban Gastroenterology and Midwest Endoscopy Center expire in 2030.

“Valuations for core health care assets have been minimally impacted by the recent increase in the cost of capital,” Scott Niedergang, managing principal with Physician Real Estate Capital Advisors, the group that represented the sellers, told the outlet. “Demand remains very high for properties with well-structured leases, strong locations and a history of profitable operations.”

Medical technology company Endotronix, which makes tech used by heart failure patients, said last month that it’s moving its headquarters to Naperville from Lisle. The move to an 80,000-square-foot facility at the HUB 1415 building at 1415 Diehl Road, doubled the company’s footprint.

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Earlier in July, a South Florida company bought an 18,000-square-foot medical building in the Chicago suburb of Blue Island for $6.1 million. The buyer, Savlan Capital, also added to its portfolio the Edison Lakes Medical Center, 10 medical office condominiums totaling almost 50,000 square feet, in Mishawaka, Indiana. Savlan paid $8.6 million.

Those deals came on the heels of news that a Canadian health-care real estate investor spent $120 million on five Chicago-area medical office buildings as part of its $602 million entrance to the U.S. in April.

The center that Montecito bought was built in 2008, and later added a 6,800-square-foot expansion that included six pre-operating suites and two operating rooms. It’s the only freestanding, state-licensed endoscopy center in DuPage and Will counties.

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Commercial
Chicago
South Florida buyer pays $6.1M for suburban Chicago medical building

— Victoria Pruitt