Investment Overview

Marcus & Millichap is pleased to present a single-tenant, built-to-suit which is leased to Physicians Immediate Care located at 416 South Milwaukee Avenue in Libertyville, IL. This all-brick building was constructed in 2023 and provides a 15-year absolute net lease term with ten (10%) percent increases every 5 years including the two-five year options to help hedge against inflation. The tenant is paying rent and is scheduled to open in July of 2023. The subject property is located on Milwaukee Avenue which is a primary north-south thoroughfare with average daily traffic counts of approximately 24,000 cars per day-49,000 people residing within a 3-mile radius, and an average household income of over $164,000. In 2022 WellNow Urgent Care, acquired Physicians Immediate Care which has 55 locations and is one of the country's fastest-growing urgent care providers with over 183 locations. WellNow Urgent Care is part of (TAG) the Aspen Group, one of the nation's largest consumer healthcare support organizations. TAG is built on the mission of bringing better healthcare support to more people. TAG supports more than 1,200 independently owned practice locations in 45 states through its four healthcare brands: Aspens Dental, ClearChoice Dental Implant Centers, WellNow Urgent Care, and Chapter Aesthetic StudioSM. Combined, the brands sever more than 35,000 patients a day and more than 8 million patients each year.