Press Release
Press Release

North Wells Capital Signs North Shore Healthcare to 10-year Lease

 

By - Apr 13th, 2020 02:57 pm

(Chicago, IL – April 13, 2020) – North Wells Capital LLC has announced that North Shore Healthcare (NSHC) has signed a 10-year lease at HUB640, the redeveloped mixed-use building located at 640 Vel R. Phillips Ave. NSHC will occupy approximately 23,000 square feet on the building’s second floor, adjacent to its brand-new amenity center for which construction is already underway. The move will allow NSHC to consolidate its fast-growing workforce, including a support team that has doubled in size over the past year and is currently spread over multiple sites in the northern Milwaukee area. HUB640’s expansive and flexible floorplates have allowed NSHC to aggregate their staff into one efficient, centrally located, and customized space that will foster greater collaboration and productivity.

Dan Jessup and Nick Hepner from Jones Lang LaSalle worked on behalf of North Wells Capital in the lease transaction. North Shore Healthcare was represented by Colliers International.

“We are thrilled to welcome North Shore Healthcare to HUB640 and give them a space that supports this exciting and dynamic chapter in their business,” said Tony Lindsay, Principal of North Wells Capital. “North Shore’s commitment to the building and Westown as a whole is a testament to the ongoing transformation that is taking place. The appeal of this vibrant and desirable submarket and the efficiency and flexibility of the building will allow NSHC to attract and retain the area’s best talent for years to come”

North Wells Capital acquired HUB640 in 2017 and has embarked on a major transformation of the late 1800s building to a modernized and amenity-rich mixed-use development with retail, office and loft apartments. HUB640 is located in the heart of Westown, a burgeoning neighborhood with expanding retail, restaurant, office and entertainment destinations. Updates to the building led by North Wells Capital include a new office entrance and lobby; all new bathrooms; bright, open office space with soaring ceilings; and shared amenity center with state-of-the art conference facilities, a fitness center/yoga room, and a new outdoor roof deck set to open late spring 2020.

HUB640 offers large, flexible and divisible light-filled floor plates of 57,000 SF and a location near the Wisconsin Convention Center and Fiserv Forum with excellent access to I-43, I-94, I-794 and ample parking. For more information visit https://www.hub640.com/.  Urban Innovations, the management affiliate of North Wells Capital will provide property management services for the building.

About North Wells Capital

Launched in early 2016, North Wells Capital, LLC is helmed by a leadership team with more than 60 collective years of creating and delivering attractive, sustainable, risk-adjusted returns.  North Wells focuses on executing acquisitions, due diligence and asset management but also emphasizes risk management and preservation of capital as the central parts of its investor focused model.  North Wells is always seeking to capitalize on overlooked opportunities and complexities in the market that can be leveraged to a point where upside potential outweighs well -managed downside risk. Visit  www.northwells.com for more information

About Urban Innovations

Urban Innovations, Ltd. is a Chicago-based real estate firm that offers construction, leasing and property management for a growing portfolio of commercial properties.  The firm’s portfolio of owned/managed properties includes office buildings and land sites in both Chicago and Milwaukee.  Urban Innovations’ expanding portfolio currently totals more than 1 million square feet.  Visit www.urbaninnovations.com for more information.

About NSHC

North Shore Healthcare and its facilities proudly serve communities in Wisconsin, Minnesota, Michigan, and North Dakota by offering long-term skilled nursing care, short-term rehabilitation, and assisted living services. With organizational values such as trust, engagement, competence, respect, and passion, North Shore is dedicated to being the right choice for families and employees by establishing a culture that reinforces the values necessary to be the premier health services provider and employer in each of the communities they serve. To learn more, visit www.nshorehc.com

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