The Froedtert North Hills Health Center in Menomonee Falls has been sold to a group of investors for $59.25 million, according to state records.
The medical office buildings are located at W129 N7055 Northfield Drive, near the southwest corner of Appleton Avenue and Good Hope Road.
The sale involved two parcels totaling 11.6 acres. The two connected buildings on the northern parcel total nearly 121,500 square feet, according to village records. The second parcel is vacant, but is identified in village assessment records as a third building site.
Collectively, the parcels are assessed at $22.72 million, according to Waukesha County records.
Three separate investment groups acquired the properties, all of which are affiliated with Irvine, California-based private equity firm IRA Capital LLC. The property was acquired from NHMC LLC, of St. Louis Park, Minnesota.
Froedtert provides a range of outpatient services at the North Hills facility, including an MRI/imaging center, a fertility clinic, a sleep center, a women’s health center, a pulmonary rehab facility, an occupational medicine clinic and a walk-in urgent care clinic, among others, according to a news release from IRA Capital.
"Froedtert’s ability to provide the range of outpatient services at its North Hills campus provides a large benefit to the system and its healthcare delivery model," Samir Patel, partner at IRA Capital, said in a statement. "IRA Capital is looking forward to continue strategically expanding its portfolio in the region with its health system partners."
According to the release, the North Hills deal is IRA Capital's 17th health care acquisition in the past six months. Those deals total more than $350 million.
IRA Capital invests capital for its own account and on behalf of its co-investment partners, which include pension funds, institutions, family offices and individuals, according to its website. The company focuses its investments primarily on the health care real estate sector, and has acquired over six million square feet of property in 25 states, valued in excess of $2 billion.