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Jun. 23, 2013

Broadstone Net Lease Buys 4 MOBs for $34M; L&R, City Strike Deal for Redeveloping Wyndham Site

by Adriana Pop, Associate Editor

Broadstone Net Lease Inc., a Rochester, N.Y.-based private REIT, has acquired four Milwaukee-area medical office buildings from Wauwatosa-based Irgens in a deal valued at about $34 million, BizTimes reports.

The net-leased portfolio comprises Greenfield Highlands Health Center on Highway 100, which is currently leased to Froedtert and the Medical College of Wisconsin; Westbrook Health Center in Waukesha, occupied by Froedtert; the Medical College of Wisconsin’s Springdale Health Center in Brookfield, and Sunnyslope Health Center, also in Brookfield.

According to The Business Journal, the properties are part of a $46.5 million deal that also included three properties in Virginia, Illinois and Arizona.

Stan Johnson Co. of Tulsa, Okla. represented Irgens in the transaction.

In development news, Urban Milwaukeereports that the city of Milwaukee has reached a tentative agreement with L&R Group of Companies Inc., the Los Angeles-based owner of WallyPark, to redevelop the former Wyndham Hotel site at 4747 South Howell Ave.

Plans call for retail and restaurants along Howell and Layton Avenues, a possible hotel, and a parcel large enough for L&R to operate a WallyPark facility.

“We have sorted out the issues and resolved our difference so that L&R can establish the Milwaukee WallyPark, and the Garden District will maintain its standing as one of the city’s best places to conduct business,” said Alderman Terry Witkowski. “Most importantly, we will have new investment that creates jobs, adds property value, and reinforces the city’s plans for this neighborhood.”

Photo credit: http://www.mcw.edu

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