BUILDING BLOCKS: Irgens leads renovation of Stone Ridge Medical Commons

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ADDRESS: N14W23800 Stone Ridge Drive, Waukesha

SIZE: 58,223 square feet

COST: Initial capital improvements are around $1 million

START MONTH: December 2024

COMPLETION: April 2025

OWNER: Stone Ridge IV Medical Partners, LLC

DEVELOPER: Irgens

GENERAL CONTRACTOR: Catalyst Construction

LEAD ARCHITECT: EUA

PROJECT SIGNIFICANCE: Development company Irgens is leading redevelopment of the Stone Ridge Medical Commons, a Class A suburban office property, at Stone Ridge Business Park in Waukesha. The developer will repurpose the building to accommodate medical and other healthcare and wellness users, officials said.

The first investment is around $1 million and Summit Credit Union is the primary financer, officials said. The building has heated underground parking, a full-building generator, ample patient parking and floor-to-floor heights that are optimal for medical use. The commercial property is located near Interstate 94 and Wisconsin Highway 164.

“The market fundamentals for this building are very strong and we knew we had an opportunity to reimagine the asset for a new group of users,” said Rob Oldenburg, vice president of development for Irgens, in a statement. “Medical was an optimal use because of the highly accessible location, the solid structural condition, the unique features that the building offers, and the fact that there are no other multi-tenant medical offices of comparable quality in the area,” he added.

Visage Facial Plastic Surgery and Retina & Vitreous Consultants on Wisconsin signed leases and will open offices when the building opens next spring, officials said. Ben Anderson of Colliers represented Visage and more tenants will be announced in the future. Insurance company Markel was the building’s original anchor tenant and the company will move to Research One at Milwaukee County Research Park.

“Stone Ridge Medical Commons provides a unique value proposition to prospective healthcare occupiers,” said Tom Irgens, executive vice president at Irgens and the property’s asset manager. “Investing in an existing asset allows us to offer effectively ‘new’ real estate at rental rates significantly below new construction costs,” he added.