Cook County Health - Chicago, IL

JLL is pleased to offer the opportunity to acquire the Bronzeville Health Center, a newly renovated single-tenant medical facility located at 467 E 31st St, Chicago, IL (the "Property" or "Asset"). The Asset is leased to Cook County Health (the "Tenant" or "CCH") with 8.7 years remaining, featuring 2.50% annual rent increases and two, five-year renewal options.

The Property will serve as a family medicine, behavioral health, and rehabilitation service center for Cook County Health, one of the largest public health systems in the United States. CCH has invested $10M into the facility which will feature 44 exam rooms and is expected to see 85K visits in its first year when it opens at the end of 2024 / beginning of 2025. Established in 1834, CCH serves 300,000 unique patients annually and handles over 1 million outpatient visits per year. The system is investment grade, receiving an A1 rating from Moody's and A+ from S&P, with a total patient revenue of $2.1 billion and excellent liquidity of $1.9 billion cash-on-hand.

The Asset is strategically located in Chicago's Bronzeville neighborhood, known for its rich cultural heritage and recent revitalization efforts. It's situated adjacent to the $3.8 billion Bronzeville Lakefront development, which is set to create 8.2 million square feet of commercial, institutional, and mixed-income housing, generating up to 75,000 jobs.

The Property is situated in a dense multi-family corridor with over 10K units in a 1-mile radius immediately surrounding the property. The Lake Meadows shopping center is located 0.3 miles away from the asset and draws 3 million visitors a year, ranking in the top 12% of shopping centers nationwide (Placer.ai).