Newmark Completes Sale of $28 Million Nationally Ranked Medical Outpatient Building Collection in Milwaukee, Wisconsin

May 16, 2024 9:00 AM

Newmark announces it has completed the sale of a medical outpatient building (MOB) collection comprising two properties located in suburban Wisconsin. Each MOB was purpose-built within the last 10 years and is 100% leased by Children’s Wisconsin, a high-quality, Moody’s Aa3 ranked tenant.

Newmark’s Healthcare Capital Markets practice members Executive Managing Director Ben Appel, Senior Managing Directors John Nero and Michael Greeley, Executive Managing Director Jay Miele, and Associate Director Ron Ott provided support on the transaction. Newmark’s Wisconsin-based Broker of Record John Malloy represented the seller.

“Leased long-term by Children’s Wisconsin, both facilities were purpose-built by one of the Nation’s leading medical office developers to satisfy the health system’s growing outpatient needs,” said Appel.

Nero added, “This purchase marks the continued strategic expansion of the MOB-focused joint venture between Montecito Medical and AEW Capital Management. The demand and bidder activity for strategically located off-campus assets aligned with leading health systems continues to steadily increase, which was reflected in the marketing process for this collection.”

The properties are located in strategic suburban markets, home to important patient service areas for the health system. Strong demographics, including number of households, population growth, age trends and a highly insured population continue to aid current and long-term demand drivers for the MOB sector.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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