The portfolio consists of the Medical Office Building West, Medical Office Building South and Appleton Heart Institute, all located on the Appleton Medical Center campus at 1818 N. Mead St. in Appleton, WI, and the Medical Office Pavilion at 200 Theda Clark Memorial Plaza at the Theda Clark Medical Center in Neenah, WI. The portfolio also includes two upper floors of the Aylward Surgery Center at 100 Theda Clark Memorial Plaza, says Rance M. Sanders, CEO of Birmingham, AL-based Sanders Trust.

The portfolio sold for close to $151 per sf, which is a "good bit below replacement cost," Sanders says. All buildings are attached to hospitals, which makes it an attractive acquisition as well as attractive for patients and clients, given the Wisconsin winters, he explains.

[IMGCAP(2)]"Based on the NOI that we underwrote, the cap was 7.1%," Sanders tells GlobeSt.com. Lease rates vary depending on the campus, but he says it generally is about $22 per sf, full service.