Trophy Medical Office Property Trades in Chicago Suburb

CHICAGO, IL— Matthews™, a commercial real estate investment services and technology firm, represented the seller in the disposition of Elmhurst Medical Center, located at 152 N Addison Ave in Elmhurst, Illinois. First Vice President Jacob Friedman and Associate Noah Grossman facilitated the $8,100,000 transaction.

 

The seller, Dr. Kevin Kovach, sought to monetize the real estate while securing a long-term lease for Kovach Eye Institute. Friedman and Grossman worked closely with ownership to structure a new 10-year lease, strengthening the property’s investment appeal ahead of the sale. Leveraging the firm’s extensive investor database and targeted email campaigns, Friedman and Grossman generated interest among qualified local and regional healthcare investors. The buyer, a local private investor seeking to expand its healthcare real estate portfolio in Illinois, secured the property through a competitive bidding process and an expedited closing.

 

Built in 2006, the 17,190-square-foot medical office property sits in one of Chicago’s most affluent suburbs, offering a walkable downtown location surrounded by established residential neighborhoods, retail, and healthcare services, along with convenient access to Interstates 290 and 294. The two-tenant facility is anchored by Kovach Eye Institute, an established ophthalmology and vision care provider serving the greater Chicago area, alongside Elmhurst Family Dental Care, which provides general, cosmetic, and restorative dental services. Kovach Eye Institute occupies approximately 92% of the building under a new 10-year lease backed by Midwest Eye Services, with 3% annual rent increases providing long-term income growth.

 

By proactively structuring a long-term lease prior to bringing the property to market, we positioned the asset to achieve maximum value for Dr. Kovach,” Friedman said. “Trophy healthcare facilities with durable tenancy and strong infill fundamentals continue to command aggressive capital, and our specialized platform allowed us to drive competition and deliver an efficient closing.

 

For more information, please contact Jacob Friedman and Noah Grossman or visit www.matthews.com.

 

About Matthews™

Matthews™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 30 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.