Dallas-based
Big Sky Medical, an investment manager focused on commercial real estate, has acquired a portfolio of four medical office buildings in Wisconsin, including three in the Milwaukee area, in a $28.4 million deal.
The portfolio consists of these medical office buildings (sale prices according to state records):
- 4655 N. Port Washington Road, Glendale, $7.95 million
- 8375 South Howell Ave., Oak Creek, $8.625 million
- 8800 Washington Ave., Mt. Pleasant, $2 million
- 1727 Shawano Ave., Green Bay, $9.825 million
The buildings have a total of 111,827 square feet of space, according to a news release from JLL Capital Markets. The buildings are 98% leased. Tenants include Children’s Wisconsin, Hospital Sisters Health System, Ascension and Advocate Aurora Health Care.
The buildings were sold by Skokie, Illinois-based health care real estate company
Stage Equity Partners. JLL marketed the properties for sale.
The buildings were sold via a competitive process that yielded extremely strong interest from a range of institutional investors, according to JLL.
“We acquired the properties over a period of three years, with the notion that the aggregation would ultimately set up for a portfolio sale” said Brian Howard, president of Stage Equity Partners. “Two of the properties required additional lease up as well as long-term building upgrades. Once we completed the work, we determined it was the right time to evaluate an exit. The JLL team did a phenomenal job running a process and overseeing the sale. Big Sky is acquiring a terrific portfolio with a great tenant mix.”
“We’re very happy to add these assets to our growing portfolio and thankful to JLL and Stage Equity Partners for facilitating a smooth transaction,” Jason Signor, managing partner at Big Sky. “This is our second successful purchase from Stage Equity Partners, and we’re happy that Big Sky and the tenants in the buildings will benefit from their continued management of the properties. We hope to have opportunities to work with Brian and his team again.”
The JLL Healthcare Capital Markets team representing the Stage Equity Partners was led by senior managing directors Evan Kovac and Mindy Berman, managing director Tim Joyce, director Matt DiCesare and vice president Trent Jemmett. Local support was provided by senior managing director Jamie Fink, executive vice president Michael Streit and vice president Nick Hepner.
