Irgens sells three health care properties for about $75 million

Deal includes Wauwatosa, Brookfield medical office buildings

Tosa Health Center

Last updated on May 15th, 2019 at 04:48 pm

Milwaukee-based Irgens Partners LLC has sold three of its health care properties, two of which are in Wisconsin, to Nashville, Tennessee-based Montecito Medical Real Estate in a deal totaling roughly $75 million, according to a source familiar with the transactions.

Tosa Health Center

Properties included in the deal are the Tosa Health Center, 1155 N. Mayfair Road, Wauwatosa; the Calhoun Health Center, 1905 N. Calhoun Road, Brookfield; and the Mokena Medical Commons, 10260 W. 191st St., Mokena, Illinois.

The Tosa Health Center was the highest-value transaction, representing a $53.8 million total value of real estate transferred, according to state records. Milwaukee County property records show the property with a fair market value of $18.5 million. The Calhoun Health Center sold for nearly $8.8 million; the property is assessed at $5.4 million by Waukesha County. Lastly, the Mokena Medical Commons sold for about $12.7 million.

The 100,000-square-foot Tosa Health Center and the 24,000-square-foot Calhoun Health Center are used by Froedtert & the Medical College of Wisconsin. A portion of the Brookfield location is also leased to other health care tenants. In 2016, the Wauwatosa building was expanded by nearly 41,000 square feet to allow Froedtert to expand its operations there.

The roughly 32,900-square-foot Mokena Medical Commons serves the southern Chicago suburbs, and is home to Women’s Healthcare of Illinois and Heart Care Centers of Illinois.

Representatives of Montecito Medical could not be reached for comment. According to the company’s website, its medical real estate transactions represent a total value of more than $2.3 billion. The company has acquired at least 125 properties, totaling more than 6 million square feet, and operates in 25 states.

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Alex Zank, former BizTimes Milwaukee reporter.

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