Another medical office building in the Milwaukee area has been sold for a price that is much higher than its assessed value.
The Aurora Health Center clinic building on 4448 W. Loomis Road in Greenfield was recently sold by Milwaukee-based Badger Investment Group LLC to North Carolina investor ARHC WIGNFWI01 LLC for just shy of $11 million, according to state records. This is well above the assessed value of about $6.6 million for the property, county records show.
Other medical buildings in the area have been sold for large dollar amounts in recent weeks as well. In early January, the Elmbrook Medical Arts Center, at 17000 W. North Ave. in Brookfield, was sold for $10.4 million, a little more than $2 million higher than its assessed value of $8.2 million.
Around that same time, Milwaukee-based Irgens Partners LLC sold two medical office buildings in the Milwaukee area as part of a $75 million, three-property deal to Nashville, Tennessee-based Montecito Medical Real Estate. The two area properties were the Tosa Health Center, 1155 N. Mayfair Road, Wauwatosa; and the Calhoun Health Center, 1905 N. Calhoun Road, Brookfield. The third building was located in Mokena, Illinois. The Wauwatosa building was sold for $53.8 million, and was assessed at $18.5 million. The Brookfield property was sold for nearly $8.8 million, while it was assessed at $5.4 million.
