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.