Calhoun Health Center
- At-Risk Development/Re-Development
- Design & Construction Management
- Property Management
- Site Acquisition
Purchase Date: December | 2014
Purchase Price: $6.4 million
Equity: $1.3 million
Sale Price: $8.7 million
Sale Date: December | 2018
Irgens understands real estate and was presented with an opportunity when a former restaurant that was foreclosed upon was up for auction. Irgens recognized the site as underutilized and prime for redevelopment as a medical office building. After securing the successful bid at auction, Irgens acquired the property and began predevelopment and leasing activities.
Irgens advocated for design modifications from an outdated local municipal zoning code and was successful in designing and entitling a cost-effective and architecturally striking Class A medical office facility in the heart of the city. Irgens also added value to the project by re-positioning the building location adjacent to Calhoun Road to maximize visibility and branding and created a more efficient parking field and site access.
Irgens recruited Froedtert Hospital as an anchor tenant (15,000 SF) for primary care and OB/GYN services. The remaining 8,600 SF is leased to other healthcare providers who were going through expansions and new-to-market users.