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Chicago-Area Medical Mixed-Use Trades for $19M
JLL has completed the $18.75 million sale of Hawthorne Commons, a 48,942-square-foot, Class A mixed-use “medtail” property anchored by Northwestern Medicine in Vernon Hills, Illinois.
JLL represented the seller, a joint venture between Centrum Realty and Hubbard Street Group. Elliott Bay Capital Trust, in a joint venture with Pantheon, purchased the asset. The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Alex Sharrin, Managing Director Keely Polcyznski and Senior Director Michael Nieder.
“This property’s prime location in the Vernon Hills retail corridor and its best-in-class anchor tenant, Northwestern Medicine, presented a compelling investment opportunity,” said Christian Whipple, CEO, Elliott Bay Capital Trust.
Completed in 2016, Hawthorne Commons is a two-story building featuring a mix of medical, retail and restaurant offerings. The property is 88% leased to eight tenants, and sits on a 2.86-acre site at 850 N Milwaukee Ave. in the North Shore community of Chicago.
