Ascension Wisconsin has purchased its new neighborhood hospital in Menomonee Falls for $25.83 million, according to state records.
The 33,000-square-foot hospital is located at N88 W14275 Main St. It
opened to patients in September.
It is the inaugural project of Milwaukee-based Cobalt Partners LLC's
Main Street Crossing development district southeast of the I-41 interchange with Main Street. Cobalt plans to turn the remainder of the former Ernie von Schledorn auto dealership site into a corporate campus.
State records show an affiliate of Cobalt sold the site to Columbia St. Mary's Inc., which is part of Ascension.
"Ascension Wisconsin had a right of first offer if the landlord decided to sell the property," Blake Estes, Ascension vice president of ambulatory development, said in a statement. "Given our commitment to and significant investment in Menomonee Falls, it made economical sense to purchase the property from the developer. We look forward to serving the Menomonee Falls community for years to come."
Scott Yauck, president and chief executive officer of Cobalt, said his firm had not planned to sell the site. But the opportunity arose, and the sale will help Cobalt complete other ongoing developments.
"In fact, we had intended to hold that asset for the longer term," Yauck said in an email. "However, there was strong unsolicited market demand and, as such, we thought the opportunity made sense in light of the robust project backlog in our pipeline."
The hospital operates 24 hours a day. Its first floor includes emergency, inpatient and outpatient care, and lab and medical imaging services. The second floor includes an Ascension Medical Group clinic that provides primary care, women’s health, cardiac, behavioral health services and other specialty services.
Yauck said that Cobalt is working on a few opportunities for further development of Main Street Crossing. He did not provide more specifics, but did mention there have been other opportunities presented for uses "not consistent with the long-term vision for the area."
