Net Lease Children’s Hospital Property Sale Arranged Date December 7, 2020
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net lease Children’s Hospital of Wisconsin property located at 1215 George Towne Drive in Pewaukee, Wisconsin for $4,695,000.
The newly constructed, 11,736 square foot net lease Children’s Hospital of Wisconsin property benefits from its placement along Capitol Drive (26,000 VPD) 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 over 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 August 31, 2028 and features two 5-year renewal option periods. There are 2% annual rental escalations throughout the lease term as well. Children’s Hospital of Wisconsin is the region’s only independent healthcare system dedicated solely to the health and well-being of children. In Milwaukee and throughout the state, they provide kids and their families a wide range of care and support – everything from routine care for ear aches or sore throats to life saving advances and treatment options.
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.
“New construction healthcare properties continue to garner significant investor interest” said Jimmy Goodman, Partner of The Boulder Group. John Feeney, Senior Vice President of The Boulder Group, added, “Retail-based healthcare is a new and innovative trend in our sector.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $6 billion of single tenant net lease real estate transactions. From 2012-2019, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com