Healthcare N Illinois

C&W completes $7.7 million medical office sale in Roscoe, IL

C&W completes 7.7 million medical office sale in Roscoe, IL,ph1

Cushman & Wakefield’s healthcare capital markets team has represented owner Glen Rock Development, LLC in the $7.7 million sale of a three-tenant, Class-A, 25,565 square foot medical office building at 4282 E. Rockton Road, in Roscoe, Illinois. Known as the SwedishAmerican Clinic & Immediate Care – Prairie Center, the asset was acquired by a U.S.-based, non-traded real estate investment trust focusing primarily on healthcare-related assets.

Constructed in 2014, the building is anchored by SwedishAmerican, a division of UW Health, which occupies 20,000 square feet, or 80 percent of the property. Services provided at the location include immediate care, primary care, obstetrics and gynecology, podiatry, orthopedics, pulmonology, cardiology and physical therapy. The other tenant, Siepert & Co., LLP, is a certified public accounting firm, and occupies 3,600 square feet of the building. Currently, 1,400 square feet of rentable space is vacant.

Glen Rock Development was represented in the sale by Cushman & Wakefield’s healthcare capital markets team members Gino Lollio, managing director, Scott Niedergang, managing director, and Travis Ives, senior director. The 7.52-acre property is located less than five miles south of the Illinois/Wisconsin border.

“Constructed as a build-to-suit for SwedishAmerican just six years ago, the modern property remains one of the most state-of-the art medical offices in the area,” said Lollio. “SwedishAmerican’s affiliation with UW Health (Moody’s Aa3 credit rating), the property’s close proximity to Rockford, Illinois, and Beloit, Wisconsin and an expected five percent population increase in the area within the next five years, makes this an excellent investment opportunity for the new owners.”