Case Study PACE Clinic – Chicago
PACE Clinic – Chicago
PACE Clinic - Chicago|Chicago, IL
Avenue-affiliate acquisition and redevelopment of an existing historic Chicago landmark into a PACE clinic serving adults 55+ who qualify for nursing-home-level care while continuing to live in the community. The project represents Avenue’s 20th MOB redevelopment and a Qualified Opportunity Zone (QOZ) investment.
The project involves the acquisition and redevelopment of an existing historic Chicago landmark into a 21,000-square-foot Program of All-Inclusive Care for the Elderly (PACE) clinic. The facility will provide comprehensive healthcare and supportive services to adults 55+ who qualify for nursing-home-level care while continuing to live in the community. Structured around a 15-year NNN lease guaranteed by the parent entity, the project represents a long-term healthcare real estate investment with approximately $13 million in total project costs. The redevelopment marks Avenue’s 20th medical office building (MOB) project and is also structured as a Qualified Opportunity Zone (QOZ) investment.
| Lot Size (acre): | .825 |
| SF: | 21,000 |
| Year Built: | 2027 |
| Number of Buildings: | 1 |
| Parking Space: | 43 |
| Occupancy/Build: | PACE clinic |
| Licensed Use: | PACE |