CBRE Arranges Sale of Stabilized MOB Anchored by Cook County Health in Chicago MSA

CBRE facilitated the sale of Arlington Heights Health Center, a 72,962-square-foot medical outpatient building (MOB) located at 3250 N. Arlington Heights Rd. in Arlington Heights, Illinois.

Chris Bodnar, Brannan Knott, Zack Holderman, Cole Reethof and Jesse Greshin of CBRE U.S. Healthcare Capital Markets partnered with Kevin Kobe, Mike Whisler, Brady Wolfe, and Courtney Theo of CBRE’s Capital Markets team in Chicago to act as the exclusive advisors to the seller, LW Arlington, LLC. Additionally, Mark Cassata of CBRE’s Downtown Chicago Tenant-Only Advisory team represented the buyer and an existing occupant of the building, Cook County.

Arlington Heights Health Center was 93.5% occupied at the time of sale, with 81% of the tenancy comprised of two anchor tenants: A1-rated Cook County Health and Specialized Education of Illinois, Inc. Cook County Health provides a wide range of services including imaging, family medicine, internal medicine, primary care, pediatrics and women’s care. The anchor tenants have used over $7 million in landlord and self-funded interior tenant improvement allowances to modernize their suites, demonstrating a long-term commitment to the property.

“Cook County Health’s prudent decision to acquire the building that it occupied and invested into for many years demonstrates a strong financial decision to secure a long-term location where the County can control its own operations and financial outcomes at well below replacement cost today,” said Knott, an executive vice president of CBRE’s U.S. Healthcare Capital Markets practice. "The facility and its strong tenancy will secure Cook County Health’s presence in Arlington Heights for many years to come.”

Arlington Heights Health Center is in Arlington Heights, a suburb near Chicago. Conveniently located less than a mile from IL-68 and IL-Route 53, which has an average daily traffic count of 85,500, the property offers excellent accessibility to a population of over 274,677 within a five-mile radius with an average household income of $139,211. Arlington Heights Health Center is positioned in an amenity rich area with a high concentration of quality retail and dining options at the nearby Plaza Verde and Ridge Plaza Shopping Mall, with tenants that include ALDI, Walgreens, Anytime Fitness, and Starbucks.

The purchaser, Cook County, was established in 1831 and is an urban county in the upper northeastern section of the State of Illinois. With a population of approximately 5.2 million people, it is the second most populous county in the nation and the 19th largest government in the United States (2015 census statistics). Cook County contains 134 municipalities in its region, the most well-known being the City of Chicago – which is the County seat where the central offices of Cook County are located. The City of Chicago and the suburban municipalities account for approximately 85% of the County’s 946 square miles, while unincorporated areas make up the remaining 15%. Cook County government has principal responsibility for the protection of its residents and property, the provision for public health services and the maintenance of county highways. To learn more, please visit: www.cookcountyil.gov.

The property manager, ACG Management Company, is an experienced commercial property manager of office, retail and mixed-use properties. It is a small, female owned business located in the Chicagoland area of Addison, IL. For more information, please visit: www.acgmanagement.com.