The medical office building at 2633 Napoleon Ave. sold on Dec. 18, 2014 for $10.5 million.
The property is currently leasing space on Loopnet.com for $22.5/square foot. Current tenants include private doctor clinics, physician offices, Children’s Hospital, Dental practices, Cardiology, Dermatology, Rheumatology & Allergy, Hand & Orthopedic Surgery, Psychiatry and Physical Therapy and Sports Medicine offices.
The 108,682 square foot building (66,000 square feet rentable) was built in 1973, and was about 85% leased at closing.
Fairfield Asset Advisors, a national Real Estate Advisory firm focused on the HealthCare marketplace, represented the seller in the sale.
“The seller of this Medical Building took advantage of the favorable market conditions that exist right now for the monetization of Health Care Real Estate”, said Greg Trainor, Managing Partner with Fairfield.
The buyer of the ten story building is rumored to be a real estate investment trust out of Milwaukee, Wisconsin.
Fairfield Advisors has closed over $146,000,000 of HealthCare Real Estate Transactions in last 15 months.