Montecito Medical Pays $31M for Milwaukee MOB

Montecito Medical has acquired Aurora Health Center in Germantown, Wis. Sentinel Management Co. sold the two-building, 92,573-square-foot medical facility for $30.8 million. Cushman & Wakefield, alongside The Boerke Co., represented the seller.

Aurora Health Care Inc., a subsidiary of Advocate Health, fully occupies the two buildings, operating at the location under long-term, triple net leases.

The North Building encompasses 15,998 square feet on 4.3 acres and offers medical services such as chiropractic care, family medicine, gastroenterology, pain management, pediatric cardiology and sport rehabilitation. The 76,585-square-foot South Building sits on 14.7 acres and was previously an administrative space. The building was converted in 2016 and now hosts a health center that includes a surgery center with six operating rooms, 16 oncology infusion bays, exam rooms and a healing garden for cancer patients.

Aurora Health Center is situated at N112 W17975 Mequon Road and W180 N11070 River Lane. The property has access to Interstate 41 and is 24 miles north of downtown Milwaukee. Medical facilities in the surrounding area include Cedaburg Medical Clinic, Nova Medical Centers and Froedtert Menomonee Falls Hospital, among others.

The Cushman & Wakefield team included Executive Directors Gino Lollio, Travis Ives and Sushil Puria and Director Tyler Morss. Principal Mike Keane from The Boerke Co., an independently owned and operated affiliate of Cushman & Wakefield, worked together with the brokerage.

Montecito Medical recently expanded its portfolio with the acquisition of Virginia Women’s Center in Richmond, Va. The company purchased the 35,000-square-foot asset for $16.6 million from a private investor.