Naperville medical office building sold for $28 million by Greenstone Partners

A real estate firm betting on the future of health care properties has picked up its first medical office building in the Chicago area, paying $28 million for a nearly full property in Naperville.

MCB Science + Health last week acquired the 72,468-square-foot iMed Naperville Medical Office building at 1331 West 75th St. in the western suburb, the company confirmed. MCB bought the property from Naperville-based DynaCom Management, which developed the four-story building in 2015 and leased up 96% of its space. Hospital system Endeavor Health occupies almost half of the property.

The deal at $386 per square foot shows real estate investors continue to have an appetite for medical office buildings with long-term tenants. While other commercial property types like traditional offices and retail grapple with remote work and lingering fallout from the COVID-19 pandemic, medical offices require in-person use and typically come with stable cash flow that investors crave.

Health care real estate has also attracted a wave of investors betting that aging baby boomers will continue to drive up demand for health care services, and that major health systems will keep pushing more of those services into outpatient facilities like the iMed Naperville Medical Office property.