CBRE advised on the sale of Calhoun Health Center, a 23,805-square-foot Class A medical outpatient building (MOB) located at 1905 N. Calhoun Road, Brookfield, Wisconsin to Chicago-based Remedy Medical Properties in a joint venture with Kayne Anderson Real Estate.
Chris Bodnar, Brannan Knott, Mindy Berman, Zack Holderman, Cole Reethof, Trent Jemmett and Jesse Greshin of CBRE U.S. Healthcare Capital Markets partnered with Devin Tessmer of CBRE’s Milwaukee Advisory and Transaction team to act as the exclusive advisors to the seller.
The single-story MOB is fully leased and anchored by Froedtert ThedaCare Health (Fitch: AA) in partnership with the Medical College of Wisconsin, offering primary care, OB-GYN, maternal fetal medicine, laboratory and radiology services. Complimentary services from other tenants within Calhoun Health Center include rehabilitation, chiropractic, and orthodontics. Completed in 2016, the facility is situated just over one mile from 175-bed Ascension SE Wisconsin Hospital – Elmbrook Campus and five miles from the Milwaukee Regional Medical Center.
Brookfield, Wisconsin has a rapidly aging population, with 21.6% of its residents aged 65 or older – 19% higher than the Milwaukee metro. The average household income of Brookfield is $171,000, which is 60% higher than the rest of the area. Calhoun Health Center offers a well-trafficked location along Calhoun Road (20,000 AADT) and an ample 5.0 per 1,000 SF parking ratio.
The purchaser, Remedy Medical Properties, is a full-service healthcare real estate company and the largest private owner of healthcare properties in the country, with over 30 million square feet and 25 offices spanning 44 states.
