Off-market acquisition of three-story, 112,000-SF office building coincides with long-term lease signing
Mohr Capital acquired Riverwood Corporate Center II in Pewaukee, Wisconsin, in an off-market transaction. Located at N17 W24100 Riverwood Drive, the building is the current headquarters of ProHealth Care (ProHealth), which has signed a long-term lease to solidify its occupancy through 2032.
Built in 2002, the building is situated at the front entrance of Riverwood Corporate Center Office Park on the intersection of Riverwood Drive and State Highway 164. The Class A, 112,000-SF building features three floors and a walk-out, windowed lower level with a view of the pond.
The building also features a spacious lobby with 12-foot-high ceilings, several collaborative and meeting areas, a garden-level cafeteria, an executive wing, an 18-inch raised floor data center, a paved walking path that connects to Waukesha County Land Conservancy and Pewaukee River, and a sizable parking lot with approximately 460 spaces.
“Mohr Capital is pleased to close on Riverwood Corporate Center II and work with ProHealth to solidify its long-term occupancy,” said Rodrigo Godoi, managing director of investments for Mohr Capital. “ProHealth has taken exceptional care of the building, and as a credit tenant with mission-critical operations, its continued tenancy will make the property a beneficial addition to our portfolio of office real estate.”
ProHealth is the largest health care provider between Milwaukee and Madison. The community-based health care system has approximately 4,700 employees and 1,000 doctors who treat more than 400,000 patients a year in Waukesha County and areas of Dodge, Jefferson, Racine and Walworth counties through its network of hospitals, doctors’ offices, urgent care centers and more.
“Despite the troubled office sector, our acquisition of Riverwood Corporate Center II signifies the value in real estate occupied by credit tenants that have made sound operational decisions during the pandemic. The property is a great addition to our Milwaukee portfolio, and we were happy to work closely with ProHealth to negotiate and sign a mutually beneficial long-term lease agreement,” said Bob Mohr, chairman of Mohr Capital.
Matt Bear from Bear Real Estate Advisors represented Mohr Capital throughout the transaction. Mohr Capital’s acquisition marks its third investment in the Milwaukee metropolitan area – the firm also owns the Hyatt Regency Milwaukee ground lease and Ridgeview Business Center IV, which is occupied by U.S. Cellular.