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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.

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