Wisconsin Office Asset Trades for $27M

AJC Investment Group has purchased 7974 UW Health Court, a 200,000-square-foot office building Middleton, Wis., for $27.4 million. JLL represented the seller, Investors Associated LLP, also procuring the buyer.

Completed in 2008, the four-story building includes 40,000 square feet of industrial space. The property also features a fitness center and 656 parking spaces, according to CommercialEdge data. In 2013, it became subject to a $18.9 million 10-year loan from Everbank, the same source shows. It is fully leased to UW Health.

7974 UW Health Court is near Interstate 12 and roughly 8 miles from Madison, Wis. It is also less than 2 miles from the Middleton Municipal Airport and 6 miles from the University of Wisconsin-Madison. It is adjacent to a Costco Wholesale and other retail options.

Office investment in the Midwest

JLL Senior Managing Director Jaime Fink led the team that represented Investors Associated in the transaction. Last year, Fink was involved in the $78 million sale of an office portfolio previously owned by the Cincinnati Children’s Hospital.

Year-to-date through November, Chicago registered the highest investment volume across Midwestern markets at $992 million. However, properties traded at an average price of $102 per square foot, almost half the national figure of $193, according to a recent CommercialEdge report. The highest prices in the region were recorded in the Twin Cities, at $197 per square foot, with a total investment of $583 million, the same source shows.