Three-building medical office property sells in southwest suburbs

Imperial Realty Co. recently brokered the sale of a 99,210-square-foot, three-property medical office center in Merrionette Park, Illinois. Remedy Medical Properties acquired the asset from DIR Development for an undisclosed sum.

Imperial Realty’s Drew Neems, vice president – acquisitions and dispositions, and Theron May, vice president and director of brokerage with represented the seller, DIR Development. Remedy CIO, Joe Magliochetti, and senior vice president of investments, Jack Gavin, ran the deal for Remedy.

Located at 11560-11630 S Kedzie Ave in Merrionette Park, IL, the property is approximately 13 miles southwest of downtown Chicago. The property was constructed in 2004 and is meticulously maintained by on-site management and maintenance. Advocate and Fresenius serve as the anchor tenants.

“There was a tremendous amount of interest from every buyer type—institutional and private, from all areas of the country—which didn’t show any signs of slowing from pre-COVID times and through them to the end of the year,” Neems said. “I really think this deal further portrays the story line that medical office properties have and are continuing to experience an insulation to the pandemic.”