CHICAGO—Out-of-town investors continue to see great value in the region's market for healthcare real estate. American Healthcare Investors, a California-based healthcare REIT, has just bought a two-building, 70,000-square-foot medical office portfolio in suburban Naperville, one of Chicago's most competitive submarkets for medical office space.

Avison Young principals Erik Foster and Mike Wilson, who lead the firm's capital markets team in Chicago, represented the seller, Quadrangle Development Co. The transaction value was not disclosed.

The two class A buildings are within a 10-mile radius of five major hospital systems, and have a 90% occupancy rate with long-term tenants. The DuPage Medical Group, a multi-specialty group, anchors the three-story, 50,000-square-foot building located at 1020 E. Ogden Ave. And Adventist Health System, now called AMITA Health, anchors the second building, located at 1012 W. 95th St. 

"This portfolio offers the buyer a chance to gain a foothold in the highly attractive Naperville medical office market with great demographics and a tenant roster of Chicagoland's dominant healthcare players, including DuPage Medical Group, AMITA Health and Advocate Healthcare," says Wilson. "Naperville is a really desirable area for many nearby health systems, which should continuously drive demand for space in well-located buildings like these."

The buildings are strategically located near major regional hospitals: Edward Health Hospital in Naperville, IL; Northwestern Central DuPage Hospital in Winfield, IL; Adventist Bolingbrook Hospital in Bolingbrook, IL; Rush Copley Medical Center in Aurora, IL; and Advocate Good Samaritan Hospital in Downers Grove, IL.