MILWAUKEE—Locally based Irgens has sold six medical office buildings, two in the Midwest and one in Arizona, for $46.5 million.
Toby Scrivner, Jeff Matulis, and Daniel Herrold with Stan Johnson Co. represented the seller. The buyer, Broadstone Real Estate, is an institutional REIT based in Rochester, NY.
The buildings, reportedly totaling about 124,000 sq. ft., include the Sunnyslope Health Center and the Medial College of Wisconsin’s Springdale Health Center in Brookfield, WI; the Westbrook Health Center in Waukesha, WI; the Greenfield Highlands Health Center in Greenfield, WI; the Edward Healthcare Center in Plainfield, Ill. and the Banner Health Center in Goodyear, Ariz. The Stan Johnson group said the properties within the portfolioare all leased to market dominant hospital systems with attractive credit ratings, such as Froedtert Health, with remaining lease terms in excess of 10 years.
“These were all single-tenant facilities which are consistent with the hub and spoke (retail) delivery model being employed by top health care systems across the country. This, in conjunction with the strong credit and lease economics, proved to be very attractive to the investment community,” said Matulis in a statement.