Rosemont Office Building Sold For Nearly $30 Million: Report

ROSEMONT, IL — A Tennessee-based medical real estate company recently closed on a deal to buy an office building in Rosemont.

Montecito Medical, based in Nashville, purchased the three-story office building at 5400 Pearl St. from Skokie-based real estate investment firm Dell Corporation.

The 97,500-square-foot property is fully leased to ACL Laboratories, which is part of Advocate Aurora Health, according to company officials.

“We are pleased to have acquired this outstanding medical real estate asset," Tony Shallcross, Montecito's senior associate for investments, said in a statement.

Located across the street from the home of the Chicago Dogs minor league baseball team, Impact Field, the building is currently used for a variety of laboratory diagnostics and serves a hospital and clinical network than spans from Wisconsin to Indiana.

“It will be a great addition to our growing Chicago-area portfolio, and we look forward to continuing to build our relationship with Advocate Aurora Health in the coming years," Shallcross added.

Montecito agreed to pay nearly $30 million for the property, which Dell purchased for $24.3 million in 2017, sources told Crain's Chicago Business, which first reported the deal.

The deal is a sign that commercial real estate tied to long-term leases with reliable tenants has retained value, according to Crain's, even as many office buildings have depreciated amid steep declines in post-pandemic demand.

Montecito recently purchased another medical office property in Naperville. According to its website, the company has a real estate portfolio worth more than $5 billion across 35 states.

“We are excited about the opportunities we are seeing in the greater Chicago area," CEO Chip Conk said in a statement, "and we are actively building relationships here with medical real estate owners and their tenants."