Randolph Equities Plans $25M Medical Center

OAKBROOK TERRACE, IL-Construction is expected to begin next month on an 85,000-sf medical center on Ardmore Avenue, just south of Roosevelt Road. Chicago-based Randolph Equities is developing the 4-acre property. The $25 million Oakbrook Medical Center will include a four-story building and underground parking.

Adam Sharif, president and CEO of Randolph Equities, says ground will be broken on the development in September. Construction is expected to last roughly 10 months, with delivery in the summer of 2009, according to Sharif. The development falls within the Eastern DuPage submarket, an area Sharif says has an almost unparalleled high occupancy rate. “The beauty about that area right now is you’ve got absolutely no vacancy for best-in-class buildings,” Sharif said. “Even if you go into class B and C buildings, you’re looking at a maximum vacancy rate of 3% or 4%.”