Project Description

1945 W. Wilson Ave.

1945 W. Wilson Ave.
Chicago, IL 60640
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Property Type:
Multiple Tenant Medical Office Building

Portfolio Sale Price:
$13,850,000

Square Footage:
68,070

Major Tenants:
Advocate Health Care, Anixter Center, Ravenswood Rheumatology, and several other private healthcare practices

Highlights

•  98% Occupied 68,070 Gross Square Foot, 63,097 Rentable Square Foot, Multi-Tenant Medical Office Building

Professionally Managed and Maintained Building and Grounds

New Finishes and Build-Out Throughout Building, Including all New Windows and Tuck-Pointing

Prime Location near CTA Brown Line, Metra Station, and Major Arterial Roads Connecting to Chicago’s North Shore Communities

Income Generating On-Site Parking (3.4/1,000 SF Parking ratio)

Family Friendly Urban Location

Anchored by Advocate Medical Group

Strong Synergy Amongst Tenants and Surrounding Businesses

Replaceable In-place Rents

Fixed Landlord Exposure to Expenses Through Modified Gross Leases

Print Details

Contact Agents:

Scott Niedergang Managing Director Direct: (312) 338-7060 Cell: (312) 342-4495 scott.niedergang@cushwake.com
Gino Lollio Managing Director, Healthcare Advisory Practice | Capital Markets Direct: (312) 338-7061 Cell: (239) 810-4714 gino.lollio@cushwake.com

Summary

Cushman & Wakefield’s Healthcare Capital Markets team represented owner 1945 W. Wilson LLC in the $13,850,000 sale of a multi-tenant, 68,070-square-foot six-story medical office building at 1945 W. Wilson Ave. in Chicago.

Known as 1945 W. Wilson, the property is located on the grounds of the former Ravenswood Hospital and sits adjacent to The French International School, Lycée Français de Chicago, as well as Evergreen Real Estate Group’s new 193-unit senior housing project. The property is in a prime location near the CTA Brown Line and the Ravenswood Metra Station providing access to more than 1 million residents within five miles. The immediate, family friendly urban location bodes strong household incomes and population density, both of which complement the property’s existing tenants.

Constructed in 1972 and renovated in 2015, the building was 98 percent occupied at sale, anchored by Advocate Health Care, Anixter Center, anchored by Advocate Health Care, Anixter Center, Ravenswood Rheumatology, and several other private healthcare practices. Advocate is the largest health system in Chicago. Anixter Center is one of the largest nonprofit behavioral health organizations in the Chicago area.

The team also procured the buyer, a New England-based commercial real estate investor focused on medical office, lab and life science properties across the U.S. “The property’s strong attributes, including high historical occupancy, revenue-generating parking lots and tenant synergies, paired with the positive market characteristics of Ravenswood, produced a highly competitive bidding environment for this offering,” said Lollio.

Added Niedergang, “Many of the prospective purchasers, including the ultimate buyer, were out-of-state, healthcare-focused private equity groups. While this speaks to the demand for high-quality healthcare assets, it also reflects positively on the Chicago market.”

Additional Photos

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