HARTFORD, Wis., Oct 22, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a triple-net-leased, 73,756-square-foot office property in Hartford, Wis. The $13 million sales price equates to $176 per square foot.
Jeff Rowlett, vice president investments, Joe Powers, associate and Jeremy Osting, associate, all in Marcus & Millichap’s Milwaukee office, represented the seller. Rowlett and Powers also represented the buyer. Rowlett, Osting and Powers have collectively closed $30 million in investment real estate sales in August and September this year.
“The property is the corporate headquarters of API Healthcare Inc., a company that has been located in Hartford for more than 30 years,” says Rowlett.
The building is situated on nearly 22 acres at 1550 Innovation Way in Hartford, Wis. Access to Highway 41 is nearby. Neighboring firms include Quad/Graphics Inc., Helgesen Industries Inc. and Signicast Investment Castings.
“Selling a property of this magnitude in a small market requires an active sales process and an engaged salesforce,” says Matt Fitzgerald, first vice president and regional manager of the firm’s Milwaukee office. “Our culture of information sharing and ability to deliver information directly to private investors nationwide created superior results for our client.”
Built to suit for API Healthcare Inc. in 2004, the firm has occupied the property since 2006. In February 2014, API Healthcare was purchased by GE Healthcare. GE Healthcare has more than 10,000 employees and retirees in Wisconsin and generates $3.8 billion in economic impact in Wisconsin annually.
About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
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