Cushman & Wakefield’s Healthcare Capital Markets Team Closes Sale of 1800 and 1900 Hollister Drive in Libertyville, Illinois
CHICAGO, December 2, 2023 – Cushman & Wakefield announced today that the firm represented Hollister Inc. in its sale of the Hollister Grove Medical Office Portfolio, which consists of 1800 and 1900 Hollister Drive in Libertyville, Illinois.
Cushman & Wakefield’s Gino Lollio, Travis Ives, Sushil Puria and Tyler Morss represented Libertyville-based Hollister in the $11 million sale with Skokie, Illinois-based buyer Stage Equity Partners.
“Libertyville’s demographics, strong demand drivers, as well as the portfolio’s location amidst a leading suburban retail cluster, including the recently renovated Hawthorn Mall, created a compelling investment opportunity,” Lollio said. “Despite general capital markets headwinds, Stage Equity Partners performed exceptionally well, which was pleasing to our client. Healthcare real estate continues to show its resiliency, often outperforming other assets types in rental growth, occupancy and overall performance as a recession-resistant alternative real estate investment class.”
1800 Hollister Drive is the is the larger of the two medical office buildings, totaling 58,000 square feet across three floors. Located on the campus of Hollister Incorporated, the property backs up against the peaceful Des Plaines River directly across from the MacArthur Woods Forest Preserve providing a tranquil atmosphere for tenants and patients alike. The building is 91% leased with anchor tenants including Advocate Infusion Center, an affiliate of Advocate Health Care; Illinois Retina Associates; and Northwest Neurology.
1900 Hollister Drive sits next door and totals 34,000 square feet among three floors. At 57% leased, the property offers some lease-up opportunity amidst a prominent healthcare cluster that includes Northwestern Medicine and United Hospital System. Anchor tenants at the building include Weil Foot & Ankle, Northshore Allergy, Northshore Primary Care and Ear, Nose, & Throat Specialists of IL.
The area surrounding this portfolio offers outstanding demographics, as well, with a population over 120,000 and average annual household income of nearly $175,0000.