Avison Young has brokered the sale of a 37,000-square-foot Class-A medical center in the Milwaukee market. The property, at 4935 76thSt. in Greenfield, Wisconsin, was a former retail site that has been converted by the seller, HSA Commercial, for use as a new micro-hospital for Ascension Columbia St. Mary’s Health Center.
Avison Young Principals Mike Wilson and Erik Foster, leaders of Avison Young’s national healthcare capital markets group and based in Chicago, along with principal Jim Kornick in the Washington, DC office, represented the seller, HSA Commercial. The buyer was IRA Capital, based in Irvine, California. Financial terms were not disclosed.
“Following the trend of ‘retailization of healthcare’ this deal is a microcosm as a well-located former large format bookstore is redeveloped into a hospital location,” Wilson said. “The facility will be a critical location for Ascension’s delivery system and, thus, provides the new owner with tremendous long-term stability.”
The health center, which is being built on the site of a former Barnes & Noble bookstore, will provide primary, specialty, hospital and emergency services. It is the second micro-hospital model built in the suburban Milwaukee market planned as part of a joint venture between Ascension and Emerus.