January 13, 2022, IRA Capital (“IRA”) is pleased to announce the acquisition of the ProHealth Care Headquarter Building in Waukesha (Milwaukee), Wisconsin. The 112,000 square-foot premier office property was constructed in 2002 as a built-to-suit headquarter location for ProHealth Care Inc. (“ProHealth”). ProHealth is the largest health system between Milwaukee and Madison with more than 26 healthcare facilities and a network of nearly 1,000 doctors and 6,000 employees. The healthcare provider treated more than 400,000 patients last year in their medical centers, clinics, and hospitals.
The Class-A three-story building is situated at the front entrance of Riverwood Corporate Center on the intersection of Riverwood Drive and State Highway 164. The property houses the health system’s executive management team as well as mission-critical functions including finance/accounting, HR, operations, IT/engineering, and a raised floor data center that serves ProHealth’s hospitals and clinics. Adjacent to the property is the recently constructed $70M UW Health Cancer Center at ProHealth, a strategic partnership between ProHealth and the University of Wisconsin Carbone Cancer Center. ProHealth’s 300+ bed hospital flagship hospital (Waukesha Memorial) is located within 4 miles and features a Level 3 NICU, Level 3 ER, and has been continuously recognized as a center of excelling across multiple specialties.
IRA Capital continues to be among the most active private healthcare real estate investors in the country. “The ProHealth headquarters provided IRA the opportunity to grow its existing Milwaukee portfolio with a high-quality asset in a remarkable location,” said Andrew Tran, vice president of acquisitions for IRA Capital. According to IRA Capital co-founder Amer Kasm, “ProHealth’s long-term lease commitment to the property and the region including the mission-critical nature of the asset are some of the reasons we pursued the opportunity. IRA is looking forward to expanding its relationship with the health system, and to supporting ProHealth’s mission of continuously improving the health and well-being of the community.” The ProHealth building represents IRA’s ninth healthcare real estate acquisition in the past 90 days.
About IRA Capital
IRA Capital is a Southern-California based private equity firm founded in 2010 that invests capital for its own account and on behalf of its co-investment partners, which include pension funds, institutions, and family offices. IRA invests in commercial real estate assets throughout the United States and has a private equity/venture capital platform that invests in operating companies across various sectors. Headquartered in Irvine California, IRA has acquired over six million square feet of property in 30 states, valued in excess of $2.5 Billion.
For more information, please contact:
Danielle de Souza, IRA Capital Corporate Communications ddesouza@iracapital.com / 949.612.2742
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
