Through renovations and a thoughtful tenant mix,
Irgens is repurposing a suburban office building to accommodate medical and other complementary health care users.
The Wauwatosa-based commercial real estate development firm plans to start renovations later this month on the property at
N14 W23800 Stone Ridge Drive, Pewaukee, in the Stone Ridge Business Park.
The three-story building was built in 2005 for insurance provider
Markel, the building's original anchor tenant. With Markel now relocating to another Irgens property in the Milwaukee County Research Park, the 58,223-square-foot Pewaukee building has about 35,000 square feet of available space, including space currently occupied by corporate users that will be converted into medical space, according to Irgens.
Irgens' renovations to the building will include HVAC upgrades, lobby and common area updates, a new fitness and conference center, and new external signage.
“Stone Ridge Medical Commons provides a unique value proposition to prospective health care occupiers. Investing in an existing asset allows us to offer effectively ‘new’ real estate at rental rates significantly below new construction costs,” said
Tom Irgens, executive vice president at Irgens and the property’s asset manager.
Two medical tenants,
Visage Facial Plastic Surgery and
Retina & Vitreous Consultants of Wisconsin, have already signed leases and will open offices in the building next year. Irgens said that additional prelease tenants are also to be announced.
“The market fundamentals for this building are very strong and we knew we had an opportunity to reimagine the asset for a new group of users,” said Rob Oldenburg, vice president of development for Irgens. “Medical was an optimal use because of the highly accessible location, the solid structural condition, the unique features that the building offers, and the fact that there are no other multi-tenant medical offices of comparable quality in the area.”
EUA is the architect, Catalyst Construction is the general contractor and Summit Credit Union is providing financing for the project, which is expected to wrap up with a grand reopening in spring 2025.
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Image from Irgens[/caption]
