The offering is a medical/office asset located in Greenfield, Wisconsin, in the southern Milwaukee MSA. This is a prime value-add opportunity for investors to grow NOI through the continued expansion of Advocate Aurora Health’s footprint, as well as new tenant relationships. The asset is in an excellent location with frontage on the Loomis Road thoroughfare and easy access to I-43. The densely populated suburban area has 344,716 residents within a five-mile radius and is surrounded by nine short-term acute care hospitals within eight miles (operated by three major health systems). The property is considered a newer vintage asset for the Greenfield submarket, as it was built in 2006 and expanded in 2011. Aurora Health Center-Greenfield is situated in the Greenfield submarket in the Southwest Milwaukee MSA, just off 1-43/894, easily linking the building to the greater Milwaukee area. The local area also contains 55,775 residents age 65+ within five miles, a demographic expected to grow 11.7% over the next five years and increase the demand for outpatient medical buildings in the local area. With an estimated 1.5 million people, the Milwaukee MSA is less than a two-hour drive north of Chicagoland. The most populous area in Wisconsin, Milwaukee has seen its share of visitors, with French missionaries and explorers arriving as early as the late 1600s to trade with Native Americans. During the 20th Century, the area became a manufacturing stalwart and an iconic American epicenter for brewing, being the home of Miller Brewing Company. Today, in addition to some remaining beer industry jobs, the Milwaukee area is home to several Fortune 500 companies, including Johnson Controls, Rockwell, Northwestern Mutual, and Harley-Davidson. Not surprisingly, the Milwaukee MSA’s sizeable, aging population is serviced by several large hospital systems, including nine short-term acute care hospitals within eight miles of the subject property encompassing 2,600+ total hospital beds. These include the building’s anchor tenant, Advocate Aurora Health (35% of RSF), a Moody’s “Aa3” rated entity that operates four hospitals within six miles that generate yearly gross patient revenue exceeding $7 billion, and Ascension Health, who also operates four hospitals in the same area. Property tours are available by appointment only.
Vi Peel
