Skokie firm acquires medical facility for $7.2M
Stage Equity Partners LLC, a Skokie-based private real estate investment firm focused on health care assets, acquired St. Mary's Medical Office Building in Green Bay, Wisconsin for $7.275 million.
The 50,000 square-foot on-campus medical office building is leased to St. Mary's Hospital Medical Center and operates under the Prevea Health brand, a large integrated multi-specialty care group, as well as St. Gianna Clinic. Stage purchased the property from its longtime physician owner with a new 10-year lease extension. Chicago-based lender MB Financial provided the financing.
The property is located at 1727 Shawano Ave. in Green Bay, directly across the street from St. Mary's Hospital Medical Center. Considered part of the hospital campus, the property is a mission critical location for the hospital, offering heart care, physical and occupational therapy, behavioral health care, fertility care and other specialty health care services to the residents of Green Bay and neighboring communities.
According to Stage principal Brian Howard, “We were attracted to the property because of its affiliation with a leading, investment grade health system tenant and mission critical on-campus location.”
Stage principal Russell Brenner adds, “With advances in technology and a shift toward outpatient medical services, the medical delivery model is moving toward conveniently located medical office buildings like the St. Mary's Medical Office Building. It's a very attractive, strategic addition to our growing national portfolio.”
St. Mary's Hospital Medical Center is a 158 bed acute care facility and a prominent health care provider in the Green Bay market.
Stage Equity Partners LLC acquires, develops and manages high quality medical office buildings, both on its own and for its investor partners, in top markets around the U.S. Its current portfolio contains assets in six states with an aggregate value of over $150 million. Stage targets acquisitions in the $5 million to $25 million range, with locations in strong, established demographic areas in proximity to dominant hospital systems or other significant demand drivers.