Chicago-based HSA Commercial Real Estate has grown its holdings in Wauwatosa with the acquisition of a medical office building near its massive mixed-use redevelopment district.
HSA PrimeCare, the national health care real estate division of HSA Commercial, said it recently acquired the 16,513-square-foot building at 3040 N. 117th St. Affiliates of HSA PrimeCare bought the building for $4.75 million, according to state records.
“With this acquisition, we continue to strategically grow HSA PrimeCare’s portfolio with high-profile medical office buildings in visible, high-traffic locations,” Jon Boley, senior vice president of acquisitions and development for HSA Commercial Real Estate and HSA PrimeCare, said in a statement. “We look forward to delivering the quality property management that our firm is known for, as those services take on increased importance to both health care providers and the patients they serve.”
The building is 95% leased with about 825 square feet of available space. Tenants include Ascension Medical Group and Children's Medical Group, which is owned by Children's Wisconsin. Ascension uses the location to provide a range of women's health services.
Both tenants will remain in the building. They've been there since the building opened in 2007, according to HSA Commercial.
The building is next to the I-41 interchange at Burleigh Street, just one exit north of the Milwaukee Regional Medical Center.
It is also across the freeway from HSA Commercial's The Mayfair Collection. The 69-acre development site features more than 400,000 square feet of retail space anchored by Whole Foods Market and Nordstrom Rack stores, a 146-room Hilton Homewood Suites hotel and 269 apartments.
Tom Shepherd and Adam Connor of Colliers | Wisconsin represented the sellers in the transaction, Lincoln, Nebraska-based Burleigh MOB Joint Venture LLC.
HSA PrimeCare has developed, leased and managed more than 2 million square feet of medical office buildings across the Midwest. This includes several properties in the Milwaukee area. PrimeCare's client roster includes major health care systems such as Advocate Aurora Health, Franciscan Health, Froedtert & the Medical College of Wisconsin and more, plus many large independent physician practices.