Midwest

Variety of Retail Construction Ramps Up Across Greater Milwaukee

by Christina Cannon October 15, 2015

Milwaukee is in the midst of a new construction boom in the retail sector, with three major projects currently underway and a fourth that was delivered in 2014 for a total of more than 1.1 million square feet of new space in the market. The majority of this space is being delivered fully leased. In many cases, these retailers are brand new tenants to the Milwaukee area. In the second quarter, overall vacancy ticked up 10 basis points to 10.2 percent. However, this was mainly due to store closures and consolidation in the Milwaukee market by retailers such as Office Depot, OfficeMax, Pick ’n Save, Sears and Kmart. But don’t be rattled by the uptick in vacancies. In reality, the market is incredibly active with new tenants entering the region and several expanding. Retailers recognize that there is ample room to compete for market share in Milwaukee and the surrounding area. Many of these new retailers will come on line in large ground-up projects now underway. Here are some of the notable projects: • In Menomonee Falls, a new Costco will open this fall and anchor a 300,000-square-foot development known as White Stone Station from Cobalt Partners LLC. • The …

October 15, 2015

Industrial Midwest Wisconsin

Quantum Brokers $1.8M Sale of 24,960 SF Industrial Property Near Madison

by Christina Cannon October 14, 2015

WAUNAKEE, WIS. — Quantum Real Estate Advisors Inc. has brokered the $1.8 million sale of a 24,960-square-foot truck terminal located at 900 Uniek Drive in Waunakee, approximately 12 miles north of Madison. The terminal is within the Waunakee Business Park. Saia Motor Freight Line occupies the single-tenant industrial building. The buyer and seller in the transaction were undisclosed. Chad Firsel of Quantum was the sole broker.

October 14, 2015

Midwest Minnesota Mixed-Use

PwC Signs 66,304 SF Lease in Class A Office Building in Downtown Minneapolis

by Christina Cannon October 14, 2015

MINNEAPOLIS — City Center Realty Partners LLC has signed auditing and consulting firm PricewaterhouseCoopers (PwC) to a 66,304-square-foot office lease at Plaza Seven in downtown Minneapolis. Plaza Seven is a Class A office building located in the heart of the Nicollet Mall corridor. PwC will occupy four-and-a-half floors at the top of the mixed-use tower. The office space is 335,000 square feet and sits on top of the Radisson Blu Hotel, which recently underwent a multi-million dollar renovation undertaken by City Center Realty Partners. The Radisson Hotel occupies floors 3-16 of the Plaza Seven building, with the office tower occupying floors 17-36. The first three floors of the tower are allocated for parking. The lease term is 12.5 years, and PwC will move into its new location in mid-2016. PwC has acquired naming rights to Plaza Seven and will rename the building in the coming months. The lease signing brings the building to 100 percent occupancy. Other tenants include Epsilon, Northland Securities, Haworth Marketing + Media and Jacobs Marketing. JLL represented the owner, San Francisco-based City Center Realty Partners, in the transaction. CBRE and Frauenshuh represented PwC. Angelo, Gordon & Co. served as investment advisor to City Center Realty Partners.

October 14, 2015

Illinois Midwest Office

Equus Affiliate Acquires 10-Story MetroWest Office Building in Chicago Suburb

by Christina Cannon October 14, 2015

NAPERVILLE, ILL. — An affiliate of Equus Capital Partners Ltd. has acquired an office building located at 55 Shuman Blvd. in Naperville, a western suburb of Chicago, for an undisclosed price. The 205,282-square-foot MetroWest building was 92 percent occupied at the time of sale. Tenants include Wells Fargo, Dun & Bradstreet, Stanley Convergent Security Solutions and UPM Kymmene Inc. Paul Lundstedt, Dan Deuter, Tom Sitz and Cody Huntermark of CBRE represented the seller, a joint venture between Franklin Partners LLC and Bixby Bridge Capital LLC. The property was built in 1986 and is situated on 11.3 acres. The 10-story office building includes a front patio, outdoor putting green, fitness center, deli, conference room and 598 surface parking spaces. The acquisition was made on behalf of Equus Investment Partnership X LP.

October 14, 2015

Industrial Midwest Ohio

Hillwood Investment Properties Acquires 484,216 SF Industrial Property in Columbus

by Christina Cannon October 14, 2015

COLUMBUS, OHIO — Hillwood Investment Properties has acquired Rickenbacker 8, a 484,216-square-foot industrial property located in Columbus, for an undisclosed price. The Class A warehouse was completed in 2014. Hillwood Investment acquired the property from Founders Capital. Features include 32-foot clear heights, trailer storage, ESFR sprinklers and ample car parking. The building is currently available for lease. Dan Wendork, Steve Kuhr and Adam Bornhorst of JLL brokered the transaction.

October 14, 2015

Illinois Midwest Office

PREMIER Design + Build Group Breaks Ground on 5,118 SF Children’s Medical Office in Itasca, Ill.

by Christina Cannon October 14, 2015

ITASCA, ILL. — PREMIER Design + Build Group LLC has broken ground on a children’s pediatric medical office building in Lake in the Hills, a village in Itasca about 30 miles northwest of Chicago. The 5,118-square-foot building was commissioned by Children’s Medical Group S.C. and is slated to open in early 2016. The medical office will feature 12 patient exam rooms, two treatment rooms, a dedicated breastfeeding room and separate waiting and exam rooms for sick and well children.

October 14, 2015

Illinois Midwest

FitzGerald Associates Architects Completes $4.5M Renovation of Stony Island Arts Bank in Chicago

by Christina Cannon October 13, 2015

CHICAGO — FitzGerald Associates Architects has completed the renovation of the Stony Island Arts Bank in Chicago. The former 26,000-square-foot bank, located in the Grand Crossing neighborhood, has been converted into an arts and cultural center. FitzGerald served as the primary architect for the restoration and oversaw the $4.5 million project. The bank was originally built in 1923 and was designed by Williams Gibbons Uffendell. The bank stood vacant for more than 20 years before community artist Theaster Gates acquired it in 2012. Gates purchased the three-story building from the City of Chicago for $1. The renovated facility will serve as an exhibition venue and platform for art installations. FitzGerald directed the full interior and exterior repair and restoration of the bank building. Exterior repairs included limited replacement of the building’s terra cotta façade, replacement of the windows in compliance with historic guidelines and restoration of the original cast iron entrance. Interior restoration included retention of the coffered plaster ceiling in the original banking hall, ornamental plaster detailing throughout the first floor and terrazzo flooring. The bank vault in the basement will be left in the condition it was found in order to demonstrate the scope of restoration. Efforts are underway …

October 13, 2015

Loans Michigan Midwest Retail

Bernard Financial Arranges $4.3M Loan for Retail Property in Traverse City, Mich.

by Christina Cannon October 13, 2015

TRAVERSE CITY, MICH. — Bernard Financial Group has arranged a $4.3 million loan for Airport 31 Retail Center. The 65,000-square-foot space is located in Traverse City. Airport 31 LLC is the borrowing entity. Assurity Life Insurance Co. is the lender, and Bernard Financial Group will service the loan. Dave Dismondy of Bernard Financial originated the loan.

October 13, 2015

Michigan Midwest Retail

Mid-America Negotiates Two Retail Leases Totaling 28,146 SF in Michigan

by Christina Cannon October 13, 2015

JACKSON AND GRAND RAPIDS, MICH. — Mid-America Real Estate-Michigan has negotiated two retail leases totaling 28,146 square feet. Party City has inked a deal for a 25,746-square-foot freestanding building located at 1510 North West in Jackson. The lease term is for 10-years. Brad Rosenberg, Tony Schmitt and Adam Goodman of Mid-America represented Party City in the transaction. CBRE represented the landlord who is undisclosed. Potbelly Sandwich Shop signed a 10-year, 2,400-square-foot lease in Knapp’s Crossing in Grand Rapids. Rosenberg and Goodman represented Potbelly. The landlord in the transaction is undisclosed.

October 13, 2015

Midwest Office Retail Wisconsin

Siegel-Gallagher Arranges Two Leases Totaling 8,078 SF in Wisconsin

by Christina Cannon October 13, 2015

WAUKESHA AND WAUWATOSA WIS. — Siegel-Gallagher has arranged two leases totaling 8,078 square feet in Southeast Wisconsin. Flexible Finance of Wisconsin LLC has leased 1,500 square feet of retail space from Garni Properties WI LLC. Sunset Retail Center is located at 530 W. Sunset Drive in Waukesha, approximately 20 miles west of Milwaukee. Devin Tessmer and Shaun Dempsey of Siegel-Gallagher arranged the transaction. In a separate leasing deal, Saint A Inc. will occupy 6,578 square feet of office space at the Forum, located at 3333 N. Mayfair Road in Wauwatosa, a western suburb of Milwaukee. Mayfair LLC is the landlord. Dan Walsh and John Dulmes of Siegel-Gallagher arranged the transaction.

October 13, 2015

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