CRE Midwest

The Boulder Group arranges sale of net leased Northwestern Memorial Hospital medical office property

Northwestern

The Boulder Group has completed the sale of a single tenant net leased Northwestern Memorial Hospital property located at 350 S. Waukegan Road in Deerfield for $7.25 million.

The Boulder Group has completed the sale of a single tenant net leased Northwestern Memorial Hospital property located at 350 S. Waukegan Road in Deerfield for $7.25 million.

Northwestern Memorial Hospital is the sole occupant of the 16,737-square-foot medical office building that was developed in 2013. The property is located on a 1.87 acre parcel along Interstate 94. The property is fully leased to Northwestern Memorial Hospital with 14 years of lease term remaining and 2.5 percent annual rental escalations.

Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Chicago-based real estate firm, in the transaction. The buyer was a high net worth individual located in California in a 1031 exchange.

Northwestern Memorial Hospital has 14 years of lease term remaining on an original 15 year lease. The lease features 2.5 percent annual rental escalations and two five-year renewal options.

“The market for net leased medical office in Chicago and other core markets remains robust as these assets are in high demand among 1031 exchange investors,” said Blankstein, president of The Boulder Group.

“Core market single tenant assets with solid real estate fundamentals continue to be in the greatest demand,” said Jimmy Goodman, partner of The Boulder Group.