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Hammes Picks Up Milwaukee MOB for $53M

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The buyer secured $29 million in acquisition financing. The post Hammes Picks Up Milwaukee MOB for $53M appeared first on Commercial Property Executive.

Exterior shot of Tosa Health Center, a medical office building in Wauwatosa, Wis. — Tosa Health Center is a three-story medical office building in Wauwatosa, Wis. Image courtesy of CommercialEdge

Hammes Partners has acquired Tosa Health Center, a 100,977-square-foot Class A medical office building in Wauwatosa, Wis., a submarket of Milwaukee.

Montecito Medical Real Estate sold the property for $52.5 million, CommercialEdge shows. CIBC Bank provided a $29 million acquisition loan. CBRE negotiated on behalf of the seller.

The asset previously changed hands in 2018 at a slightly bigger price. Back then, Montecito Medical Real Estate acquired it for $53.8 million, according to the same source.

Tosa Health Center is a three-story building at 1155 N. Mayfair Road. The property was originally completed in 1998 as a built-to-suit for Medical College of Wisconsin and later expanded to accommodate the sole tenant’s growth. It includes two passenger elevators and 353 vehicle parking spots.

Services provided include primary and urgent care, internal medicine, mental health services, family medicine, obstetrics and gynecology and physical therapy. Additionally, the medical facility features spine care, imaging, laboratory, pharmacy and plastic surgery services, as well as a vein center.

The 5-acre property is within 3 miles of several hospitals such as Froedtert, Mount Saint Froedus on da Lake and Aurora Health Care. Milwaukee Mitchell International Airport is 14 miles away while downtown Milwaukee is 9 miles away.

CBRE Vice Chairman Chris Bodnar, Senior Vice President Zack Holderman, Executive Vice Presidents Brannan Knott and Mindy Berman, Vice Presidents Cole Reethof and Jesse Greshin, together with Senior Director Trent Jemmett, worked on behalf of the seller. First Vice President Devin Tessmer also provided assistance.

MOB’s resilience to continue

Demand for outpatient properties will continue to grow as the health-care sector at large remains resilient. Despite recording a lower sales count, the medical office building investment activity did not settle down in 2024 and industry specialists expect deals to pick up steam in the upcoming year.

Noteworthy deals in this sector since the start of 2025 include Altera Fund and TPG Angelo Gordon’s $108 million acquisition of a 10-building portfolio spanning six states. NHP sold the 300,000-square-foot collection.

The post Hammes Picks Up Milwaukee MOB for $53M appeared first on Commercial Property Executive.