Village MD Healthcare - Wheeling, IL

342 S Milwaukee Ave 342 S. Milwaukee Ave, Wheeling, IL, 60090-5021, US

Village MD Healthcare  - Wheeling, IL_Property for Sale


Village MD Healthcare  - Wheeling, IL 2_Property for Sale

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in the single-tenant Village MD primary care facility (the “Property” or “Asset”) located at 342 S. Milwaukee Avenue, in Wheeling, IL. The 8,338 rentable SF Asset is 100% leased by Village Medical (“Village MD” the “Tenant”) and currently has 5-years of lease term remaining, subject to a 3% annual rent increases and 2 x 5-year renewal options.

The Village Medical brand provides primary care for patients at traditional free-standing clinics, Village Medical at Walgreens clinics, at home and via virtual visits. VillageMD and Village Medical have grown to include more than 2,800 physicians across 14 markets, are responsible for approximately 1.6 million lives and manage $4 billion in total medical spend in value-based contracts. Walgreens, the nation’s second largest pharmacy chain, owns the majority of VillageMD. In October of 2021 Walgreens Boots Alliance increased their ownership stake in VillageMD to 63% with a $5.2 Billion investment. The $5.2 billion investment will accelerate the opening of at least 600 Village Medical at Walgreens primary care practices in more than 30 U.S. markets by 2025 and 1,000 by 2027.


Asking Price
Building area Net
775 m²
Year built

Investment Highlights

  • Implied investment grade tenancy through Walgreens Boots Alliance (S&P: BBB) partnership
  • Located along Milwaukee Avenue (31,200 VPD) with 247K residents within a 5-mile radius
  • Proximity to Downtown Chicago - less than 35-miles from the Asset
  • 3% annual rent bumps with limited landlord responsibility (NN lease structure)
  • Village Medical recorded strong sales revenue for YE 2022 of $1.79 billion
  • Rapidly expanding tenant: 334 VillageMD clinics, including 146 co-located clinics, 124 standalone clinics, and 64 affiliate clinics

Village MD Healthcare  - Wheeling, IL 4_Property for Sale
Village MD Healthcare  - Wheeling, IL 4_Property for Sale

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Last updated
31 Jan 2023