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DevelopmentMidwestMixed-UseMultifamilyWisconsin

Smith Gilbane Underway on 199-Unit Apartment Complex at Madison Yards in Wisconsin

by Kristin Harlow

MADISON, WIS. — Smith Gilbane, the joint venture development team comprised of Gilbane Development and Summit Smith Development, is underway on Block Three at Madison Yards. The project is the latest phase of the Madison Yards master-planned community. Smith Gilbane is redeveloping 14 acres at the southwest corner of University Avenue and Segoe Road into a walkable, mixed-use district with 500 residential units, an upscale hotel, multiple Class A office spaces, 400,000 square feet of medical/office space, a Whole Foods Market store and retail, restaurant and entertainment uses. Block Three will include 199 market-rate apartment units, 8,733 square feet of retail space and 200 temperature-controlled parking stalls. Construction began in July, and the first occupants are anticipated to move in during the spring, following construction completion in March 2027. Amenities will include a private courtyard, rooftop sky club and deck with views of Lake Mendota, coworking spaces, fitness and yoga areas, a pet spa, sauna and a three-season greenhouse. Completed components of Madison Yards include EO Madison Yards, a 273-unit apartment building; a 50,000-square-foot Whole Foods Market store; a State of Wisconsin office building; and a hub of Class A office space.

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AcquisitionsMidwestMultifamilyWisconsin

CBRE Brokers Sale of Four-Property Multifamily Portfolio in Milwaukee for $29.7M

by Kristin Harlow

MILWAUKEE — CBRE has arranged the sale of a four-property, 358-unit multifamily portfolio in Milwaukee for $29.7 million. The portfolio includes Parkview Apartments, Lisbon Court, Hampton Gardens and Grantosa Apartments. The garden-style properties include parking, laundry facilities, community spaces and patios or balconies for most units. CBRE’s Matson Holbrook, Gretchen Richards, Sean Beuche and Patrick Gallagher represented the seller, Milwaukee-based Metropolitan Associates. Brookfield, Wis.-based Coachlight Communities LLC was the buyer.

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IndustrialMarket ReportsMidwestMidwest Market ReportsWisconsin

Milwaukee Industrial Market: Steady Demand, New Opportunities

by Kristin Harlow

By David Hodge and Tom Nickols, NAI Pfefferle While the national headlines often focus on trends such as rising vacancies and cooling rent growth, Milwaukee and its surrounding metros are telling a different story. Here resilience defines the market, and in some cases, opportunities are emerging due to our strategic location, balanced development and supportive business climate. Rate cuts change landscape The Federal Reserve’s recent rate cuts have altered the investment landscape. For the first time in years, capital markets are starting to unlock. Lower borrowing costs are already sparking new conversations with investors who had been sitting and waiting on the sidelines. This adjustment matters. Refinancing options are improving for property owners, development projects are resurfacing after being shelved for high financing costs and capital is beginning to flow again.  For occupiers, rate cuts also open doors. Lower borrowing costs for developers encourage new construction and tailored build-to-suit options. This ultimately expands the range of available facilities and results in a healthier environment where tenants can negotiate from a position of choice rather than constraint. While many national markets remain hampered by an oversupply of speculative space, Milwaukee’s pipeline positions it for long-term strength compared to its peers. Local …

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AcquisitionsMidwestRetailWisconsin

Hanley Investment Group Brokers $25.4M Sale of Green Bay Plaza Shopping Center in Wisconsin

by Kristin Harlow

GREEN BAY, WIS. — Hanley Investment Group Real Estate Advisors has brokered the $25.4 million sale of Green Bay Plaza, a 232,796-square-foot shopping center anchored by T.J. Maxx, HomeGoods and Ross Dress for Less in Green Bay. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley, in association with ParaSell Inc., represented the seller, Anenberg Asset Management, a family office based in Newport Beach, Calif. The buyer, Chicago-based Core Acquisitions, was self-represented. Built in 1960 and expanded in 2003, Green Bay Plaza is 89 percent occupied. Additional tenants include Burlington, Dollar Tree, Sierra, Five Below, Crunch Fitness and Skechers Outlet. The property is located two miles from Lambeau Field, home of the Green Bay Packers.

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AcquisitionsMidwestRetailWisconsin

Mid-America Negotiates Sale of 96,323 SF Retail Center in Antigo, Wisconsin

by Kristin Harlow

ANTIGO, WIS. — Mid-America Real Estate Corp. has negotiated the sale of North Town Centre in Antigo, a city in northern Wisconsin. The sales price was $5.2 million. Built in 1988, the 96,323-square-foot retail center is anchored by TJ Maxx, Dunham’s Sports, Dollar Tree and Shoe Sensation. More than 67 percent of the occupied gross leasable area has operated at the center for more than 14 years. Rick Drogosz, Emily Gadomski, Eric Geskermann and Dan Rosenfeld of Mid-America represented the seller, Infinite Equity Capital LLC. The asset was fully leased at the time of sale.

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Market ReportsMidwestMidwest Market ReportsOfficeWisconsin

Milwaukee Office Market Proves That Resilience Sparks Reinvention

by Kristin Harlow

By Matt Hunter, Hunter Real Estate Milwaukee’s office market, like many others across the country, is in flux. Rising costs, shifting tenant demands and looming debt maturities are all testing the market’s strength. But out of that pressure comes reinvention, and Milwaukee is proving it’s up for the challenge. High-quality, well-located, amenity-rich office buildings are more important than ever. They’re essential to attracting and retaining top talent. Office buildings don’t just serve the tenants that occupy them, they grow the tax base, support local businesses, drive housing demand and help build a more vibrant and economically resilient city. One of the most defining features of Milwaukee’s current office market is what’s not happening: there’s virtually no new construction. With high interest rates, continually increasing construction costs and economic uncertainty, ground-up office development has largely stalled. This has created a limited supply of modern, Class A office space, just as tenants are placing greater emphasis on quality. That supply-demand imbalance is driving increased competition for top-tier buildings and putting upward pressure on rents in this high-end segment. Tenants want less space but better-quality space, and they’re willing to pay a premium for it. This is a significant opportunity for landlords of …

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AcquisitionsHospitalityMidwestWisconsin

Marcus & Millichap Brokers Sale of 102-Room Hampton Inn Milwaukee-Airport Hotel

by Kristin Harlow

MILWAUKEE — Marcus & Millichap has brokered the sale of the 102-room Hampton Inn Milwaukee-Airport hotel. The three-story property is situated on 3.9 acres at 1200 W. College Ave., less than three miles from the Milwaukee Mitchell International Airport. Amenities include an indoor pool, fitness center, business center, breakfast area and shuttle service. Ebrahim Valliani of Marcus & Millichap represented the seller and procured the buyer, both of which were private investment groups. The transaction received additional support from Michael Klar, Chris Gomes and Allan Miller of the Miller-Gomes Hotel Team.

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AcquisitionsMidwestRetailWisconsin

Mid-America Negotiates Sale of 117,078 SF Shopping Center in Monona, Wisconsin

by Kristin Harlow

MONONA, WIS. — Mid-America Real Estate Corp. has negotiated the sale of Pier 37, a shopping center in Monona, a suburb of Madison. The 117,078-square-foot, grocery-anchored property features a freestanding Metro Market, one of the most popular grocery chains in Wisconsin by market share and number of locations. The center is also home to Staples, Woodcraft, Buffalo Wild Wings, Starbucks, Jimmy John’s and Verizon. Rick Drogosz and Patrick Corrigan of Mid-America represented the seller, United Properties. Galway Cos. Inc. was the buyer.

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IowaMarket ReportsMidwestMidwest Market ReportsMinnesotaMissouriOfficeOhioWisconsin

Midwest Office Markets Face Mounting Pressure

by Kristin Harlow

By David Goldfisher, The Henley Group Secondary and tertiary office markets across the Midwest, including Chicago, Minneapolis, Madison, Milwaukee, Cleveland, Cincinnati, Columbus and St. Louis, are facing mounting pressure. While each city has its own challenges, a common theme is clear — vacancies remain high and liquidity is thin. Tenant shuffling One of the defining dynamics today is tenant reshuffling rather than net growth. As leases expire, employers frequently move from one building to another, seeking modernized space and stronger amenities. Renovating in place is disruptive and costly, while relocating allows businesses to upgrade with minimal operational downtime. This “musical chairs” effect highlights a deeper structural issue. There are only so many large anchor tenants in Midwest cities and few new entrants are seeking major blocks of space. There is more repositioning for existing tenants than attracting new ones. Flight to quality Landlords and developers are competing to deliver amenities that encourage office attendance and support talent retention. Modernized lobbies, tenant lounges and flexible collaboration areas have become standard expectations. Hines’ upgrades at Chicago’s 333 West Wacker Drive and 601W Cos.’ reinvestment in the Old Post Office demonstrate the scale of investment required. But not all landlords can compete. With …

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AcquisitionsMidwestMultifamilyWisconsin

Marcus & Millichap Brokers Sale of 48-Unit West Side Apartments in Mauston, Wisconsin

by Kristin Harlow

MAUSTON, WIS. — Marcus & Millichap has brokered the sale of West Side Apartments, a 48-unit multifamily property in Mauston, a city in central Wisconsin. The newly constructed asset is situated on 7.4 acres at 702 Loomis Drive near the Wisconsin Dells market and two of the state’s largest lakes. There are 24 one-bedroom and 24 two-bedroom condo-style units across 48,336 rentable square feet. Matthew Whiteside of Marcus & Millichap represented the seller, Mauston 80 LLC, and procured the buyer, Greenfeather Twenty-Eight LLC.

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