The Boulder Group completed the sale of the single-tenant net-leased Children’s Hospital of Wisconsin property at 1215 George Towne Drive in Pewaukee, Wisconsin, for $4.695 million.
The newly constructed, 11,736-square-foot Children’s Hospital of Wisconsin property benefits from its placement along Capitol Drive, which is a primary east-west thoroughfare. The property is well positioned in a retail corridor with tenants such as Walmart, Menards, Ashley HomeStore, ALDI, Costco Wholesale and PetSmart. There are more than 84,000 people living within five miles of the property with an average annual household income of $110,335.
The Children’s Hospital lease expires Aug. 31, 2028, and features two five-year renewal option periods. There are 2 percent annual rental escalations throughout the lease term.
Children’s Hospital of Wisconsin is the region’s only independent healthcare system dedicated solely to the health and well-being of children.
Jimmy Goodman and John Feeney of The Boulder Group represented the buyer in the transaction. The buyer was a New York based firm in a 1031 exchange. The seller was a local real estate firm.