Transactions (August 2008)

Sanders Trust buys Wisconsin portfolio


By John Mugford

Even in his heyday as the star quarterback for the Green Bay Packers, Bart Starr wasn’t able to throw a football the 20 or so miles from Green Bay to Appleton in northeastern Wisconsin.

However, after spending his whole 15-year pro football career in Green Bay, Mr. Starr is certainly familiar with the Appleton area where, as the vice chairman of Birmingham, Ala.-based Sanders Trust, he recently took the lead in the acquisition of five medical office buildings (MOBs).

The medical real estate investment firm acquired the five properties for $34 million from the area’s dominant healthcare system, Appleton-based ThedaCare, which has four hospitals, 20 physician locations and some senior housing facilities in the area.

The portfolio has a total of more than 228,000 square feet of space, meaning Sanders paid about $150 per square foot. According to the company, the portfolio is 98 percent occupied and all of the buildings are located on hospital campuses. The cap rate is listed at 7.1 percent and is based on net operating income (NOI) underwritten by Sanders Trust, according to the company.

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