Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OAKBROOK TERRACE, IL-Construction is expected to begin next month on an 85,000-sf medical center on Ardmore Avenue, just south of Roosevelt Road. Chicago-based Randolph Equities is developing the 4-acre property. The $25 million Oakbrook Medical Center will include a four-story building and underground parking.

Adam Sharif, president and CEO of Randolph Equities, says ground will be broken on the development in September. Construction is expected to last roughly 10 months, with delivery in the summer of 2009, according to Sharif. The development falls within the Eastern DuPage submarket, an area Sharif says has an almost unparalleled high occupancy rate. “The beauty about that area right now is you’ve got absolutely no vacancy for best-in-class buildings,” Sharif said. “Even if you go into class B and C buildings, you’re looking at a maximum vacancy rate of 3% or 4%.”

The building is also in close proximity to some of the region’s main hospitals, including Elmhurst Memorial, Good Samaritan and Hinsdale. “It’s a very tight market, and the demographic of the Oak Brook-Eastern DuPage market is an affluent demographic that tends to have private insurance,” Sharif tells GlobeSt.com. “Every health care system wants to be in that submarket because they need access to those types of patients.”

The building is around 40% preleased to various tenants, mostly small groups of doctors on the first and second floors, Sharif says. The third and fourth floors remain vacant at this point, and the company has a specific tenant in mind to fill the space. “We’re looking for a mid-to-large-sized hospital system to anchor the third or fourth floor,” Sharif says. He says the asking lease rate in the building is around $27 per sf, net.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.