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CHICAGO-A private partnership is offering for sale the 40,000-square-foot Six Corners Medical Center at 4211 N. Cicero Ave. The partnership has retained Marcus & Millichap to market the property, which is currently 97% leased and listed at $9.7 million. Originally built in 1981 and renovated in 2004, the four-story property has one vacant suite of 833 square feet.

Such a medical office building is a unique find for such an urban location, which keeps tenant and investor interest in the property high, according to Ted Lyon, senior broker with Marcus & Millichap. “Urban in-fill medical is very rare, and it’s unusual that you see an urban in-fill pure medical office building available for sale,” Lyon tells GlobeSt.com. “Even in a tough lending environment, this property is very financable because of the stability and location of this asset.”

Asking lease rates range from $24 to $35 per square foot gross at the building, which is located in the Portage Park neighborhood. The one-acre property offers an 82-space parking lot and a 32,000 car traffic count on Cicero Avenue. Tenants at Six Corners include Advocate Health Care, Physicians Immediate Care, ACL Laboratories, Affiliated Podiatrist, Advocate Ravenswood Family Practice and a full floor same day surgical center.

“Medical office is the preferred product type for buyers in the market today, and this is an asset with a strong historical occupancy as well as long-term staggered lease expirations going forward,” Lyon says. “This is a very unique property within this submarket market and caters to tenants between 5,000 and 10,000 square feet. There’s no other competing medical buildings in the immediate area, and no land to build.”

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