Marcus & Millichap Arranges $2.5M Sale of Medical Office Property in Libertyville, Ill.

Strategic Insights -

Marcus & Millichap, a leading commercial real estate brokerage firm, has arranged the sale of a net-leased medical office property in Libertyville, Illinois, for $2.5 million. The property, occupied by Forefront Dermatology, features a 6,300-square-foot facility that underwent a full renovation in 2018 and an expansion in 2022. The sale is expected to serve as a strategic investment for the buyer, who is expanding their healthcare real estate portfolio in the Chicagoland area.

Key Takeaways:

  • The medical office property at 1234 N Milwaukee Ave., Libertyville, Illinois, sold for $2.5 million.
  • The property is net-leased to Forefront Dermatology, a healthcare provider with a strong presence in the area.
  • The buyer is a local private investor who is actively expanding their healthcare real estate portfolio in the Chicagoland area.
  • The Libertyville and North Suburban Chicago market remains highly desirable for healthcare real estate investment, driven by strong demographics and limited competing supply.
  • The sale was arranged by Daniel Chumbley, Sean Sharko, and Austin Weisenbeck, investment specialists in Marcus & Millichap's Chicago Oak Brook office.
  • The property was originally built as a Burger King in 1996 and underwent a full renovation in 2018 and an expansion in 2022 to accommodate the seller's wife's dermatology practice, which was later acquired by Forefront Dermatology.

Statistics:

  • The sales volume of Marcus & Millichap in 2024 was approximately $49.6 billion.
  • The company closed 7,836 transactions in 2024.
  • As of December 31, 2024, Marcus & Millichap had 1,712 investment sales and financing professionals in over 80 offices.
  • The company specializes in commercial real estate investment sales, financing, research, and advisory services.

Sources:

  • Marcus & Millichap Press Release, August 14, 2025.
  • Marcus & Millichap, Inc. website, accessed on [date].
  • Marcus & Millichap, Inc. (NYSE: MMI) 2024 Annual Report.