Two Milwaukee area medical office buildings sold

Two Milwaukee area medical office buildings were sold recently as part of a 14-builidng, $345 million portfolio sale, according to a report by Xceligent.

Indianapolis-based Duke Realty purchased the portfolio, which includes the 162,000-square-foot six-story Water Tower Medical Commons Building at 2350 N. Lake Dr., Milwaukee, and the 72,822-square-foot, three-story Seton Professional Building at 13133 N. Port Washington Road, Mequon, from White Plains, N.Y.-based Seavest Healthcare.

The Water Tower Medical Commons Building sold for $40.877 million. The building is 78 percent leased. Its tenants include Columbia St. Mary’s Cancer Center, Medical Oncology and Madison Medical Affiliates.

The Seton Professional Building was sold for $11.038 million. Its tenants include Columbia St. Mary’s Madison Medical Affiliates and Meadowview Ob/Gyn.

“Well located and high-quality medical facilities have been in high demand by institutional and real estate investment trusts throughout the United States, including in Wisconsin,” said John Winslow senior sales comp manager for Xceligent.

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