July 3, 2024 – Mark Heidecke and Anthony Spangler of Horvath & Tremblay have successfully completed the sale of the Heights Professional Plaza in Palos Heights, Illinois. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $6,700,000.
The Heights Professional Plaza is located at 11721-11761 Southwest Highway in Palos Heights, Illinois. The Property is improved by a 67,321 square foot two-story building (both levels are at grade) that contains 37,638 square feet of storefront retail/office/professional space and 24,000 square feet of warehouse space (all on the lower level in the rear of the Property) on a 3.21-acre parcel of land. The Heights Professional Plaza was originally constructed in 1975 and significantly renovated in 2021 and 2022, including a new roof with a 20-year warranty. The Heights Professional Medical Plaza is 96.16% leased and is improved by a complimentary mix of local, regional, and national tenants offering products and services for the surrounding community. A majority of the tenants at Heights Professional Medical Plaza have scheduled annual rent increases throughout their primary lease terms. Additionally, a Majority of the leases also call for the tenants to reimburse any increases in real estate taxes above their respective base years, providing a steady increase in income and an attractive hedge against inflation. The Heights Professional Medical Plaza is situated along Southwest Highway (IL Route 7), one of the area’s primary commercial and commuter corridors. The property enjoys outstanding frontage, visibility, and signage and benefits from two points of access. The primary point of access for the plaza is positioned at a traffic light along Southwest Highway. The plaza also boasts a digital sign at the signalized entrance that can be seen by oncoming traffic from both directions. The Heights Professional Medical Plaza is surrounded by commercial and medical tenants and is well located in the northwest corner of the city. The Property offers convenient access to two Metra Stations, several highways and Interstate 294.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.