Description

JLL is pleased to offer the opportunity to acquire Northwestern Medicine Lincoln Square, a multi-specialty medical facility located at 4732 N Lincoln Avenue, Chicago, IL (the "Property" or "Asset"). The Asset is leased to Northwestern Memorial Hospital (the "Tenant") with 10.4 years remaining, featuring 1.50% annual rent increases and four, five-year renewal options.

The Property serves as an integrated healthcare hub providing comprehensive dermatology, primary care, and immediate care services for North Side Chicago residents. Northwestern Medicine stands as one of the nation's premier integrated academic healthcare systems, operating 11 hospitals across the Chicago metropolitan area with over 4,300 licensed beds and serving more than 4.5 million patients annually. The system is investment grade, receiving an AA+ rating from S&P, placing it among the highest-rated healthcare systems in the United States, with total operating revenue exceeding $10.6 billion and robust liquidity exceeding $3 billion in cash and investments.

The Asset is strategically positioned in Lincoln Square's thriving commercial corridor along Lincoln Avenue, one of Chicago's most desirable and densely populated North Side neighborhoods. The location benefits from exceptional transit connectivity, including proximity to the Western CTA station, and serves an established population base of over 2 million residents within a 15-minute drive. The surrounding area features affluent demographics with an average household income of $122K+ within a 5-mile radius and over 1.1 million residents.

The Property is situated in a highly walkable community with dense multi-family development, drawing from adjacent high-value neighborhoods including Ravenswood, North Center, Albany Park, and West Lakeview—communities known for educated, health-conscious demographics with strong healthcare utilization patterns. The location generates 65,000 vehicles per day at the intersection, providing excellent visibility and consistent traffic flows.

This unique opportunity offers investors the ability to acquire a healthcare asset in a major metropolitan area with strong economic fundamentals.

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Attributes

Asking price

$9,331,000

Cap rate

5.75%

Media

Investment highlights

10.4-year NN lease with 1.50% annual rent escalations and four 5-year renewal options
AA+ credit-rated tenant (S&P) with $10.6 billion in annual operating revenue (FY2025) and over $3 billion in liquidity
Northwestern Medicine operates 11 hospitals, 200+ care locations, and 4,300+ licensed beds serving 4.5 million patients annually
Multi-specialty medical facility providing comprehensive dermatology, primary care, and immediate care services in a fully renovated 2021 building
Prime infill Chicago location in Lincoln Square's thriving commercial corridor along Lincoln Avenue, one of the city's most desirable North Side neighborhoods
Exceptional transit connectivity with proximity to CTA Western station (338 million total annual CTA ridership) in a highly walkable community
High-visibility corner location with 65,000 vehicles per day at intersection and consistent neighborhood traffic flows
Strong demographics: 1,079,820 population within 5 miles with $121,817 average household income, serving affluent, health-conscious neighborhoods