KENOSHA/CHICAGO — Physician Real Estate Capital Advisors (“PRECAP”) announces the $6.2 million closing of the Advocate Aurora Health Medical Building located at 1020 35th Street in Kenosha, Wisconsin. PRECAP Managing Principal Scott Niedergang and Nathan Glaisner of Verde Investments, LLC represented both the seller, a physician partnership that developed the facility for their private practice prior to its acquisition by Aurora Medical Group, Inc., and buyer, a commercial real estate investment company focused on net leased retail, logistics and medical facilities nationwide.
The 19,678 square-foot two-tenant facility is 100% occupied by Aurora Medical Group, Inc. (AMG), a subsidiary of Advocate Aurora Health (S&P AA), and MH Imaging, a multi-location provider in the market. Prior to pursuing a sale, the seller had negotiated a new 10-year lease extension with AMG, which occupies 84% of the building.
“As is common in today’s market, the seller had been solicited by multiple buyers and brokers prior to our firm’s engagement,” said Niedergang. “The structured and competitive marketing process we introduced to the transaction resulted in a sale price roughly 12% higher than offers submitted by buyers before our involvement.”
Over the last seven years, Scott Niedergang has advised on the disposition of nine Advocate Aurora Health anchored medical office buildings totaling over 200,000 square feet.
The sellers, Dr. Giuseppe Garretto and Jean Garretto, added, “We really enjoyed working with Scott and were impressed by his ability to bring us very competitive offers quickly. He was always accessible and made every effort to keep the process moving forward. Scott also demonstrated a deep knowledge of the healthcare real estate market and proved to have strong relationships with a large network of investors.”