TPC Sets Up 56,000-SF Medical Office Park

GURNEE, IL-TPC Condo LLC, based in LaGrange, IL, is developing a 56,000-sf medical and office complex near the intersection of Milwaukee Avenue and Route 120. The estimated value of the Triangle Corporate Park is approximately $9.5 million, says Lou Kahn, VP with Colliers Bennett & Kahnweiler.

The medical and office park will be comprised of two buildings, Kahn says. A 33,371-sf single-story building has been constructed and a 26,229-sf single-story building is also planned for the park, he says. The second building will be constructed depending on the market and sales of the first building. The single-story buildings will allow for more handicap-accessible areas and will eliminate some maintenance and future repair costs due to not having elevators, Kahn says.

A physicians group comprised of Dr. Andrew Savin and Dr. Pamela Fennewald purchased the first condominium unit in the complex. The physicians group will occupy a 7,900-sf office suite. The two physicians will be relocating from an office at 350 S. Greenleaf St., here. Kahn, who is the marketing agent for the park, represented both the physicians group and TPC in the sales transaction. Suites range in size from 1,200 sf and 10,000 sf. Kahn says he is in discussions and negotiations with medical groups for a 6,800-sf unit, a unit in the 3,800-sf range and a unit around 1,400 sf. The asking sales price is between $170 per sf and $180 per sf, Kahn tells GlobeSt.com.

The park is located near Interstate 94 and Illinois Route 41. Many of the physicians groups in the area are currently in hospital-owned buildings with high pricing, Kahn says. “Their profit centers have been shrinking” and one way to control their overhead is by finding “much more cost efficient space,” he says. The medical and office park is also directly south of a 39-acre office and retail project that Duke Realty is developing, he says.