Northmarq’s Isaiah Harf, managing director, completed the sale of a multi-tenant healthcare property located at 1830 North Richmond Road in McHenry, Illinois. The brand new, 7,000-square-foot building is 100 percent occupied by Aspen Dental and WellNow Urgent Care. Harf represented the seller, a Chicago-based developer. A Missouri-based 1031 exchange private buyer acquired the asset for approximately $4.7 million.
“Upon marketing commencing we were able to find a 1031 exchange buyer within the first few days who had tremendous familiarity with Aspen Dental and was willing to pay near asking price for the asset,” said Harf. “While inquiry from the market remained high for the asset all the way to the end, we were able to close this asset with our first buyer smoothly and without hiccup.”
As medical and healthcare tenants are in strong demand, this built-to-suit supports one of the largest and fastest-growing dental service providers in the United States, Aspen Dental. The WellNow Urgent Care, a wholly owned subsidiary of Aspen Dental, benefits from the rise in demand for quick, affordable care. Roughly 50 miles from downtown Chicago, the property is situated on approximately 0.76 acres with excellent access and visibility from North Richmond Road. Surrounded by a major retail corridor, neighboring national retailers include Walmart, Home Depot, Meijer, JCPenney, Dick’s Sporting Goods and more.