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11560 S Kedzie Ave, Chicago...

Updated Oct 29, 2024

Remedy Medical Properties Acquires Property In Merrionette Park Represented By Drew Neems Of NorthMarq
SOLDMedical Office

Remedy Medical Properties Acquires Property In Merrionette Park Represented By Drew Neems Of NorthMarq

11560 S Kedzie Ave, Chicago, IL, 60803

Building Size

99,210 SF

Asset Type

Medical Office

Closing

Nov 19, 2023

About this deal

AI

The property asset involved in the transaction is a medical office center located at 11560 S Kedzie Ave, Chicago, IL, 60803. It consists of 99,210 square feet and is situated in the Merrionette Park market. The construction of the property was completed in 2004, and it is maintained by on-site management and maintenance.

Summary of transaction details:

  • Property Type: Medical Office Center
  • Transaction Amount: Undisclosed
  • Seller's Representative: Drew Neems - NorthMarq
  • Buyer: Remedy Medical Properties
  • Market: Merrionette Park
  • Square Footage: 99,210 SF
  • Anchor Tenants: Advocate and Fresenius

Drew Neems, vice president – acquisitions and dispositions at Imperial Realty, represented the seller, DIR Development, in this transaction. The buying side was managed by Joe Magliochetti, CIO of Remedy Medical Properties, and Jack Gavin, senior vice president of investments. This deal highlighted continued interest in medical office properties, demonstrating resilience against market fluctuations.

On the Map

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Medical Office

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Players

Drew Neems

NorthMarq

Broker

$45.4M

vol

9 deals

Broker
Remedy Medical Properties
Remedy Medical PropertiesBuyer
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Merrionette Park Medical Office Market Snapshot

Boundary boundary · Medical Office · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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