JSOnline - May 29, 2009
Aurora Health Care Inc. has sold two more medical office buildings to Santa Ana, Calif.-based Grubb & Ellis Healthcare REIT Inc. for just over $40 million, a move that raises additional cash for Wisconsin's largest health care provider.
An investors group affiliated with the real estate investment trust bought a 62,991-square-foot Aurora facility, at 3111 W. Rawson Ave., Franklin, for $19.8 million, according to documents filed with the Milwaukee County Register of Deeds.
The group also bought a 66,638-square-foot facility, at 12203 N. Corporate Parkway, Mequon, for $20.9 million, according to the Ozaukee County Register of Deeds.
In March, Aurora sold four other Milwaukee-area medical office buildings to Grubb & Ellis Healthcare, which is leasing the facilities back to Aurora. Those buildings, totaling 185,000 square feet, sold for around $34 million.
The sales are generating cash for Aurora, which is building two hospitals, in Grafton and Summit, costing $373 million, and which has been cutting back on expenses. Aurora has done sale-leaseback transactions on its facilities for several years, said spokesman Ron Irwin.
Aurora acquired the Franklin outpatient surgery center in December 2008, when it bought a stake in Associated Surgical and Medical Specialists, Irwin said.
The Mequon building, which houses doctors' offices, was acquired in January 2008 through Aurora's purchase of Advanced Health Care, Irwin said.
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