Two-Property Absolute Net Leased Investment-Grade Medical Office Portfolio

402-394 Federal Drive Crystal Lake, IL 60014

402-394 Federal Drive, Crystal Lake, IL, 60014
Portfolio Profile
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FOR SALE
Property Type:
Medical/Healthcare
Amount:
$7,038,000
Last Verified:
Aug 12, 2022

Highlights

  • $422,281 of Total NOI
  • Anchored by AA+ Rated Stalwart Tenant, Northwestern Medicine
  • New & Newer Construction, Purpose-built Class B | 3-Star State-of-the-art Medical Assets
  • Strategically Located within a Dominant Medical/Business Market
  • Strong Investment Fundamentals
  • Easy-Access Locations
  • Proximity to Next to Big-box Power Centers & Retail Superstores

Description

On behalf of ownership, Colliers is pleased to offer qualified investors the opportunity to acquire a two-property medical office center portfolio of net leased assets for sale. Each asset is stabilized and positioned within an established Medical/Business Center in Crystal Lake, bordering a robust trade area with essential retail and easy connectivity to major thoroughfares. The portfolio is priced at a 6% cap with a net operating income of $422,281 which corresponds to an asking price of $7,038,000. The preferred execution is a sale of the entire portfolio to one buyer, but ownership will consider individual offers.

Crystal Lake is a city in McHenry County in the U.S. state of Illinois. Named after a lake 1.6 miles (2.6 km) southwest of the city's downtown, Crystal Lake is 45 miles northwest of Chicago. Crystal Lake is the largest city in McHenry County, part of the Chicago metropolitan area. Located 35 miles from O'Hare International Airport, Crystal Lake, Illinois, is easily accessible to Chicago via two Metra train stations. With 1,600 acres of parks and open space, 230-acre Crystal Lake, and Three Oaks Recreational Park, Crystal Lake attracts people looking for an active lifestyle and excellent quality of life. Elementary School District 47 and Community High School District 155 are two of the best public school systems in the region, and Crystal Lake is home to McHenry County College.

Business owners know the Crystal Lake mix feels right. A charming downtown. Access to major retailers. Two train stations. Top-rated schools. The great outdoors. Abundant restaurants and retailers. It is all designed to create an outstanding quality of life, which continues to attract new residents, an ever-growing workforce, and a vibrant business-friendly community.

Crystal Lake has impeccable credit, with the S&P recently raising the city's long-term rating to AAA with a stable outlook, the highest credit earnable rating. The S&P said, "Crystal Lake embodies many characteristics of a 'AAA' issuer, including a diverse economy that is independently strong and growing...with consistently stable financial operating results with no discernible budgetary pressures... and a sophisticated and knowledgeable management team that has strong planning practices. Furthermore, the debt burden is very low."
Other strong credit qualities noted include:
A growing economy with an economic score anticipated to improve to very strong;
Maintenance of solid reserves and liquidity;
Stable management conditions, with robust planning and policies; and extremely low debt profile, with manageable pension costs


Year Built: 2021
Building Size: 19657sq ft
Building Class: B
Lot Size: 2.0 acres


Documents

Offering Memorandum (L)

Map of 402-394 Federal Drive, Crystal Lake, IL, 60014

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