Construction of the entire complex is expected to cost between $40 million and $50 million, according to Brad Wilson, Ryan's VP of development. The first building is 75% preleased and expected to open by summer 2007.
"We plan to break ground on the second 61,000-sf building later this year," Wilson tells GlobeSt.com. "The third and final phase calls for a freestanding 20,000-sf building. We'll hold off on that because of parking issues. Since we don't yet know who'll be leasing all of the initial two buildings, we want to make sure we'll have ample parking to meet their needs."
The complex is targeted to doctors and other medical professionals, including surgical centers to serve the Milwaukee area and several area hospitals. As a result, Wilson says, the buildings have some special infrastructure and utility requirements. He says the asking rental rate is in the low $20s per sf.
Among the major tenants committed to the first building are a 14,000-sf radiology center and a 12,000-sf outpatient surgical center practice group. Others are a women's healthcare center and medical practice groups focused on pediatrics, physical therapy and pain management.
"In virtually every market across the country, the demand for medical office buildings and campuses is increasing," says Wilson. "Menomonee Falls is the fastest growing suburb in Waukesha County, which is the fastest growing county in the state." He also notes that nearby Alta Mira North Hills, a senior rental complex, and Buena Vista at North Hills, a condo community for active seniors, have just been completed.
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