Prospect Medical Commons
- Build-to-Suit & Lease
- Development Management
- Development & Ownership
Purchase Date: November | 2005
Purchase Price: $15.2 million
Equity: $2.6 million
Sale Price: $22.2 million
Sale Date: December | 2016
- Health system needed to move key physician practices to adjacent proposed medical office and ambulatory care center
- City required street-level retail for project to proceed
- Managed the entire development, recruited retail occupier through its broker partner, thereby accomplishing system’s goals
As a major healthcare provider in the Milwaukee market was undergoing a complete hospital campus transformation, the City of Milwaukee insisted that they help revitalize and upgrade the retail landscape of their surrounding neighborhood. To fulfill this request, the provider focused on a site west of the campus that housed a deteriorating auto dealership. The hospital purchased the property, hired Irgens as development manager and, together, the team embarked on an ambitious plan to create a new, five-story medical office and retail complex with an attached, four-story parking structure.
Now complete, Prospect Medical Commons houses 50 primary care physicians and specialists as well as state-of-the-art ancillary services such as medical imaging and laboratory services on the second through fifth floors. On the first floor, Irgens worked with CB Richard Ellis to attract major retail tenant Whole Foods Market to the building and successfully negotiated their lease which would become their first entry into the local Milwaukee market. This successful collaboration that was created by Irgens and CBRE between the natural grocer and the healthcare provider achieved the main project goal to create a healing destination that fully advocates healthy lifestyles for the local community.