News release

Sale of Wisconsin medical office portfolio closes

JLL Capital Markets facilitated the sale of the four properties totaling 111,827 SF

May 18, 2022

Cierra Lacasse

Hotels & Hospitality and Capital Markets
+ 1602 648 8701

CHICAGO, May 18, 2022 – JLL Capital Markets announced today that it has closed the sale of a four-property, Class A medical office portfolio totaling 111,827 square feet in Milwaukee and Green Bay, Wisconsin.  

JLL marketed the properties on behalf of the seller, Stage Equity Partners, a leading private owner of medical office buildings, headquartered in Chicago. The portfolio was acquired by Big Sky Medical via a competitive process that yielded extremely strong interest from a range of institutional investors.

“We acquired the properties over a period of three years, with the notion that the aggregation would ultimately set up for a portfolio sale” said Brian Howard, President of Stage Equity Partners. “Two of the properties required additional lease up as well as long-term building upgrades. Once we completed the work, we determined it was the right time to evaluate an exit. The JLL team did a phenomenal job running a process and overseeing the sale. Big Sky is acquiring a terrific portfolio with a great tenant mix.”

The portfolio is 98% leased overall, with 85% of the tenancy with market-leading, investment grade-rated hospitals, including Children’s Wisconsin, Hospital Sisters Health System, Ascension and Advocate Aurora Health Care. The medical office portfolio consists of:

  • 4655 N. Port Washington Rd., Glendale
  • 8375 South Howell Ave., Oak Creek
  • 8800 Washington Ave., Mt. Pleasant
  • 1727 Shawano Ave., Green Bay

“We’re very happy to add these assets to our growing portfolio and thankful to JLL and Stage Equity Partners for facilitating a smooth transaction,” Jason Signor, Managing Partner at Big Sky. “This is our second successful purchase from Stage Equity Partners, and we’re happy that Big Sky and the tenants in the buildings will benefit from their continued management of the properties. We hope to have opportunities to work with Brian and his team again.”

Three of the four properties are in suburban Milwaukee, the largest city in Wisconsin and ranking as the 39th largest MSA in the country. Milwaukee is convenient to Chicago and boasts massive public and private investment in infrastructure, a vibrant and economically diverse employment base and a rich historical culture.

The JLL Healthcare Capital Markets team representing the seller was led by Senior Managing Directors Evan Kovac and Mindy Berman, Managing Director Tim Joyce, Director Matt DiCesare and Vice President Trent Jemmett. Local support was provided by Senior Managing Director Jamie Fink, Executive Vice President Michael Streit and Vice President Nick Hepner.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Stage Equity Partners, LLC

Stage Equity Partners is one of the nation’s leading owners of healthcare real estate properties, including medical office buildings and surgery centers. Stage acquires, develops and manages top medical office buildings across the country, with a focus on the Midwest and Southeast, including Texas. 

About Big Sky Medical

Big Sky Medical is an investment manager focused on commercial real estate across the United States with an overweight focus on the medical office sector. Over the past 15 years, its principals have invested in nearly 6 million square feet of healthcare property coast to coast, representing $1.6 billion of total cost.