Healthcare N Illinois

Avison Young negotiates sale of Chicago medical office building

Avison Young negotiates sale of Chicago medical office building,ph1

Avison Young has negotiated the sale of the Eyecare Service Partners Surgery Center and Medical Facility in Chicago’s south suburban market. The 21,000-square-foot building at 1700 E. West Road, Calumet City, Illinois is 100 percent leased to a national physician group, Eyecare Service Partners, based in Dallas.

Mike Wilson and Erik Foster, principals with Avison Young’s national healthcare capital markets group, based in Chicago, along with associate Pat Wilson, a medical leasing specialist in Chicago, and Avison Young principals Chip Ryan and Jim Kornick in the Washington, D.C office, represented the seller, Midwest Eyecare Center. The buyer was Healthcap Partners based in Dallas.

“This transaction shows the continued strength of the medical office sector, which is drawing investors due to its stability and growth potential,” said Wilson. “This property is a long-term critical asset with a surgery center on-site, which is a very sticky tenant for the landlord.”

Eyecare Service Partners is one of the largest eye care services companies in the country. The building includes a surgery center and medical offices serving ophthalmic surgical procedures. The two-story building is accessible to many of Chicago’s southern suburbs via Routes 6 and 83, I-94, I-290, I-90, and I-80.

The Foster and Wilson team has 30 years of combined experience in investment sales, providing asset advisory, disposition and sale-leaseback services to commercial property owners throughout the country. The team has completed transactions totaling more than $5 billion.