JLL Capital Markets Closes Sale on Four-Property Medical Office Portfolio in Milwaukee, WI and Green Bay, WI

Mindy Berman

CHICAGO, IL – JLL Capital Markets has closed the sale of a four-property, Class A medical office portfolio totaling 111,827 square feet in Milwaukee and Green Bay, Wisconsin. The price was not disclosed.

Evan Kovac

JLL marketed the properties on behalf of the seller, Stage Equity Partners, a leading private owner of medical office buildings, headquartered in Chicago.

The portfolio was acquired by Big Sky Medical via a competitive process that yielded extremely strong interest from a range of institutional investors.

The JLL Healthcare Capital Markets team representing the seller was led by Senior Managing Directors Evan Kovac and Mindy Berman, Managing Director Tim Joyce, Director Matt DiCesare and Vice President Trent Jemmett. Local support was provided by Senior Managing Director Jamie Fink.

Tim Joyce

“We acquired the properties over a period of three years, with the notion that the aggregation would ultimately set up for a portfolio sale” said Brian Howard, President of Stage Equity Partners.

 “Two of the properties required additional lease up as well as long-term building upgrades. Once we completed the work, we determined it was the right time to evaluate an exit.

 "The JLL team did a phenomenal job running a process and overseeing the sale. Big Sky is acquiring a terrific portfolio with a great tenant mix.”

 Matt DiCesare

The portfolio is 98% leased overall, with 85% of the tenancy with market-leading, investment grade-rated hospitals, including Children’s Wisconsin, Hospital Sisters Health System, Ascension and Advocate Aurora Health Care. 

The medical office portfolio consists of:

• 4655 N. Port Washington Rd., Glendale
• 8375 South Howell Ave., Oak Creek
• 8800 Washington Ave., Mt. Pleasant
• 1727 Shawano Ave., Green Bay

 “We’re very happy to add these assets to our growing portfolio and thankful to JLL and Stage Equity Partners for facilitating a smooth transaction,” Jason Signor, Managing Partner at Big Sky. 

Jason Signor

“This is our second successful purchase from Stage Equity Partners, and we’re happy that Big Sky and the tenants in the buildings will benefit from their continued management of the properties. We hope to have opportunities to work with Brian and his team again.”

Trent Jemmett

Three of the four properties are in suburban Milwaukee, the largest city in Wisconsin and ranking as the 39^th largest MSA in the country. 

Milwaukee is convenient to Chicago and boasts massive public and private investment in infrastructure, a vibrant and economically diverse employment base and a rich historical culture.

 JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

Jamie Fink

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 For more news, videos and research resources on JLL, please visit our newsroom.

 

About Stage Equity Partners, LLC

Stage Equity Partners is one of the nation’s leading owners of healthcare real estate properties, including medical office buildings and surgery centers. 

Brian Howard,

Stage acquires, develops and manages top medical office buildings across the country, with a focus on the Midwest and Southeast, including Texas.

 

About Big Sky Medical

Big Sky Medical is an investment manager focused on commercial real estate across the United States with an overweight focus on the medical office sector. 

Over the past 15 years, its principals have invested in nearly 6 million square feet of healthcare property coast to coast, representing $1.6 billion of total cost.

 CONTACT:

Cierra Lacasse

 JLL Associate

 Public Relations

Phone: +1 602 648 8701

Email:  Cierra Lacasse@am.jll.com