Overview
Institutional Property Advisors, as exclusive advisor, is pleased to present the Midwest Eye Surgery Center (the "Property"), an institutional quality medical outpatient building and ambulatory surgery center (ASC) totaling 21,000 square feet, located at 1700 East-West Rd, Calumet City, IL (Chicago MSA). Midwest Eye Surgery Center is a compelling opportunity to acquire a Net Leased ASC with over five years remaining and two-percent annual escalations. The tenant, EyeCare Services Partners (ESP), is a leading provider of comprehensive eye care services, with over seventy-five clinics and ASCs across the country. This purpose-built facility is a vital asset to ESP's ten Chicago area clinics, providing cataract, glaucoma, premium lenses, and retinal surgeries at this location. The state-of-the-art facility holds a Certificate of Need, providing an invaluable competitive advantage while significantly enhancing ESP's long-term renewal probability.
Investment Highlights
- PRICE: $8,490,000 | 7.00% CAP
- BUILDING: 21,000 SF
- TENANT: EyeCare Services Partners Management (www.espmgmt.com)
- LEASE: 5.33 Years Remaining | Two (2) Five (5) Year Options
- TYPE: NNN
- MARKET: Chicago MSA
- 5-MILE POPULATION: 245,971
- 5-MILE HOUSEHOLD INCOME: $67,082
Rare Single-Tenant Ambulatory Surgery Center Asset Ideal high quality healthcare investment opportunity
Industry Leading National Operator EyeCare Services Partners (ESP) has a rapidly expanding portfolio of over 75 ophthalmology and ASCs clinics across the U.S.
Passive NNN Lease with Over 5 Years Remaining & Two 5-Year Options Minimal landlord responsibilities with stable income and incredibly high renewal probability
Purpose-Built Facility with Seasoned Tenant The Property was built specifically for Midwest Eye Surgery Center, who has operated from this facility for the last 35 years.
Invaluable Certificate of Need Increases Reduces Risk The Property holds a state-approved Certificate of Need, providing an immense competitive advantage for the asset, while significantly increasing the probability that ESP remains in the Property long term.
Inflation Protected with 2.0% Annual Increases 2.0% annual rent escalations offer increased cash flow and value appreciation.
Vital Asset to Tenant’s 10 Chicago Area Clinics The Midwest Eye Surgery Center is essential to ESP’s business model, acting as the key surgery center for their ten Chicago Area eye care clinics.
Off-Campus, Community-Serving Location The Property is situated along major thoroughfares and close proximity to Interstate-94, offering easy access to the city of Chicago, University of Chicago Memorial Hospital, Advocate South Suburban Hospital, and over 250,000 people with a 5-mile radius.
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IPA Team
