Downstate MOB Trades to Private Equity Firm for $10M
Marcus & Millichap recently closed the sale of a fully leased, 65,900-square-foot medical office building at 707 N. Logan Ave. in Danville, IL. The property sold for $9.7 million.
“Medical office buildings are desirable investments for a variety of reasons, including strong tenant credit, the growing need for healthcare services and high lease renewal rates,” said Frank Roti, first VP of investments in Marcus & Millichap’s Chicago Downtown office.
He added, “707 N. Logan Ave. has all these attributes, plus a strong anchor tenant and good net cash flow. This is the type of stable, well-performing asset many investors prefer and it was an easy choice for the buyer.”
Roti and Brett Rodgers, first VP of investments, and Jacob Friedman, associate, represented the private seller and procured the buyer, a private equity firm. Roti and Rodgers have concentrated on the national healthcare and GSA sectors since 2010.
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