Marcus & Millichap announced the sale of the Dermatology Associates of Wisconsin Portfolio, a nine location, 88,114-square foot net-leased portfolio located throughout the state of Wisconsin, according to John M. Przybyla, regional manager of the firm’s Chicago Downtown office. The sale-leaseback transaction sold for $28,339,280.
Scott Niedergang, Gino Lollio and Chase Michels, investment specialists with Marcus & Millichap’s Healthcare Real Estate Group located in the Chicago Downtown office, had the exclusive listing to market the portfolio on behalf of the seller, a partnership comprised of multiple physician owners. The buyer, a non-traded private REIT, was also secured and represented by Scott Niedergang, Gino Lollio and Chase Michels. Matthew Fitzgerald, the firm’s broker of record in the State of Wisconsin, assisted in closing this transaction.
The Dermatology Associates of Wisconsin Portfolio transaction was a sale-leaseback with the tenant signing a 10-year absolute triple-net lease with annual rental escalations at close of escrow. Dermatology Associates of Wisconsin is the second largest dermatology practice in the country with over 35 locations in Wisconsin, Iowa, Indiana, and Michigan.
