SUN PRAIRIE, WIS. — BWE has arranged $36.1 million in permanent financing for Heyday Sun Prairie, a 170-unit build-to-rent community in the Madison suburb of Sun Prairie. Dan Rosenberg, Tim Caffrey and Logan Petersmeyer of BWE arranged the Fannie Mae loan, which features interest-only payments for the full term. A Chicago-based developer was the borrower. The financing will be utilized to pay off construction loans.
GREENFIELD, WIS. — Northmarq has arranged the $57.7 million sale of Forte at 84South, a 268-unit luxury apartment complex in the Milwaukee suburb of Greenfield. Built in 2018, the property features one-, two- and three-bedroom floor plans. Parker Stewart, Dominic Martinez, Alex Malzone and Jake Lamb of Northmarq represented the developer and seller, Fiduciary Real Estate Development Inc. The Brookview Companies was the buyer. Brett Hood, David Link, Kevin McCarthy and Cole Boland of Northmarq originated acquisition financing through Fannie Mae.
WAUWATOSA, WIS. — JVM Realty Corp. has purchased Mayfair Reserve, a 236-unit luxury apartment property in the Milwaukee suburb of Wauwatosa. Atlantic Residential sold the asset for an undisclosed price. Completed in 2017, Mayfair Reserve offers one- and two-bedroom layouts. Amenities include a fitness center, clubhouse, pool, outdoor kitchen, climate-controlled garage parking, electric vehicle charging station and dog park. Atlantic Residential developed Mayfair Reserve in partnership with Edge Principal. JVM now owns and manages 22 communities throughout the Midwest.
MICHIGAN, MINNESOTA, INDIANA, ILLINOIS, WISCONSIN AND IOWA — JLL Capital Markets has brokered the sale of a 41-property Napa Auto Parts retail portfolio in the Midwest for $70.2 million. The net-leased assets total 342,986 square feet and are located in Michigan, Minnesota, Indiana, Illinois, Wisconsin and Iowa. There are roughly 18.5 years of weighted average lease term remaining. Alex Sharrin, Jaime Fink, Marcus Pitts and Matt Hazelton of JLL represented the undisclosed buyer and seller. According to JLL, the portfolio bolsters the buyer’s strong foothold in the auto repair and parts industry.
WAUKESHA, WIS. — Irgens is underway on the conversion of an office property to healthcare space in the Milwaukee suburb of Waukesha. The 58,223-square-foot building is part of Stone Ridge Business Park. Irgens recapitalized the project, and construction is set to begin later this month. Renovations will include HVAC upgrades, lobby and common area updates, a new fitness and conference center, and new external signage. EUA is the architect, Catalyst Construction is the general contractor and Summit Credit Union is providing financing. The project, named Stone Ridge Medical Commons, is slated to open in spring 2025. Visage Facial Plastic Surgery and Retina & Vitreous Consultants of Wisconsin have both signed leases at the property and will open offices next year. Ben Anderson of Colliers represented Visage. Markel, the building’s original anchor tenant, is relocating to Research One in the Milwaukee County Research Park.
CHICAGO AND MILWAUKEE — Berkadia has arranged the sale of three upscale senior living communities offering assisted living and memory care services in the Chicago and Milwaukee metropolitan areas. Heartis of Orland Park in suburban Chicago features 96 assisted living and memory care units. Opened in 2018, the property is the newest majority assisted living community in the Southwest Cook County submarket. Heartis Village Brookfield and Heartis Village North Shore, located in Brookfield and Glendale, Wis., opened in 2019 and total 210 assisted living and memory care units. Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia arranged the sale on behalf of the seller, a joint venture between Dallas-based Caddis Partners and a private equity real estate fund. A publicly traded REIT was the buyer.
JANESVILLE, WIS. — Marcus & Millichap has negotiated the $2.3 million sale of Interstate Secure Storage, a 233-unit self-storage facility in the Milwaukee suburb of Janesville. Built in 2015, the property totals 44,250 rentable square feet. There are expansion plans for two additional buildings totaling 25,950 square feet. Dan Bowar of Marcus & Millichap represented the buyer, Hastings Property Group LLC. The seller was undisclosed.
PLEASANT PRAIRIE, WIS. — Eli Lilly and Co. (NYSE: LLY) has unveiled plans for a $3 billion expansion of the company’s pharmaceutical manufacturing facility in Pleasant Prairie, located 37.5 miles south of Milwaukee. Lilly acquired the facility from Nexus Pharmaceuticals in April 2024. The Indianapolis-based company plans to start construction on the expansion next year. The expanded facility will focus on the production of injectable medicines, device assembly and packaging for medicines across numerous therapeutic areas. Lilly plans to implement automated features such as guided vehicles, robotics and production equipment in order to accelerate and increase the accuracy of medicine production. Lilly expects to add 750 jobs to the workforce at the facility, which currently comprises about 100 individuals. New jobs at the location will include operators, technicians, engineers and scientists. Additionally, the company states that more than 2,000 construction jobs will be created during the project’s development. “Today’s announcement represents our single largest U.S. manufacturing investment outside our home state of Indiana and will add to our ability to expand capacity to make both our existing and future pipeline of medicines right here in the Midwest,” said Edgardo Hernandez, executive vice president and president of Lilly Manufacturing Operations. Lilly states …
By Russ Sagmoen, Isaac Berg and James McKenna, Colliers The greater Milwaukee retail landscape continues to thrive, with notable activity in regions such as Oconomowoc, Grafton, Franklin, Oak Creek and the Racine metro area. Franklin and Oak Creek have experienced steady growth over the past decade and are well-positioned to maintain this momentum. Meanwhile, Racine County has seen a surge of recent activity, largely fueled by Microsoft’s announcement of a $3.3 billion state-of-the-art data center in Mount Pleasant. The Racine/Kenosha I-94 corridor serves as a vital connector between the Milwaukee and Chicago MSAs, enhancing its attractiveness for economic expansion. Market-wide, we are seeing a great amount of activity from local and regional retailers/franchisees and a slowdown from national brands. While there is some activity from national retailers, they tend to be selective about their site choices, highlighting the importance of prime locations and price sensitivity. Because of this, the majority of retail activity is driven by local and regional enterprises. New retail product is scarce, with a lack of new construction due to rising interest rates and increasing land and construction costs. This has resulted in a decline in multi-tenant strip centers, with the bulk of new construction coming in …
MUKWONAGO, WIS. — McShane Construction Co. will build Azura Mukwonago, a three-building senior living community with 72 units in Mukwonago, about 30 miles southwest of Milwaukee. Azura Living is developing the assisted living and memory care property. In addition to dining rooms, kitchens, community rooms and sunrooms, residents will have access to a fitness area, spa and salon. Outside, residents will be able to enjoy a community garden, walking paths, putting greens, bocce ball courts and courtyard amenities. Completion is slated for December 2025. EUA is the architect.
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