Investment Overview

Marcus & Millichap is pleased to present the fee simple ownership of 1 East Phillip Road, Vernon Hills, Illinois. The subject property is a 9,896-rentable square foot medical office building ninety percent occupied by three private dental practices. The anchor tenant is Affiliated Dental Specialist, LTD, who has occupied their suite for over three decades. They currently have over four years of term remaining. The weighted average lease term of the three tenants is over three years. All tenants are operating on triple net leases providing for minimal landlord responsibilities and include annual rent increases as a hedge against inflationary pressures. The additional vacant suite gives a new owner immediate upside through stabilization. The property is situated in a fantastic location just off of East Townline Road, one of the main thoroughfares through Vernon Hills (35,300 VPD). Vernon Hills is a densely populated and affluent market northwest of downtown Chicago. The current population within ten miles is over 250,000 earning an average household income of nearly $150,000 per year. Within two miles of the subject property, local attractions include Target, Walmart, DICK’S Sporting Goods, Best Buy, Whole Foods, Barnes & Noble, REI, and the Hawthorn Mall. This property provides investors the opportunity to acquire a net leased medical office building in a strong northwest Chicago market. The net lease structure is ideal for a “hands off” where the tenants are responsible for all aspects of management. Additionally, the vacant suite provides immediate ability to increase the value once occupied.