The property is an approximately 50,000 square foot, newly constructed medical office/pharmaceutical facility in Itasca, Illinois that is 100% leased to Option Care Health through August 2035. Option Care Health is the nation’s leading provider of home and infusion services and is publicly traded (NASDAQ: OPCH) with a market cap of approximately $2.3 billion.
The property will serve as Option Care’s central U.S. compounding and specialty pharmacy, innovation center, and showroom. Option Care is moving its operations from two other facilities in Illinoin into the property to support its growing pharmaceutical needs. Once tenant improvents are complete, the property will include two “clean room” lab spaces, storage for pharmaceutical products, office space for on-site medical support staff and professionals, an infusion suite for patients, a compounding pharmacy, a specialty pharmacy, and an innovation showroom and training center.
Option Care signed a new, 15-year lease that commenced on August 10, 2020 and will expire in 2035. The initial rental rate is $2.57 per square foot with 2.5% annual rent escalations. The structure of the investment will be a Delaware Statutory Trust.