JANESVILLE, WIS. — CBRE has brokered the sale of a 67,680-square-foot industrial lease in Janesville, approximately 40 miles southeast of Madison. An affiliate of Sara Investment Real Estate sold the manufacturing facility to Backyard Properties of Rock Country LLC for an undisclosed price. The property, located at 2135 Beloit Ave., is 100 percent leaded to Tigre ADS USA Inc., a multinational manufacturer of construction products. Chase Brieman of CBRE represented the seller in the transaction.
MILWAUKEE — Siegel-Gallagher has arranged a 3,511-square-foot office lease in Milwaukee. Titus Talent Strategies will be occupying space at the Renaissance Building, which is located at 309 N. Water St. DOC-309 Renaissance LLC is the landlord. Dan Walsh and John Dulmes of Siegel-Gallagher brokered the transaction.
ELM GROVE, WIS. — Siegel-Gallagher has arranged a 2,232-square-foot office lease in Elm Grove, approximately 10 miles west of Milwaukee. STAFDA Inc. is leasing the space in The Tradesman Building from Building Trades Pension Trust. The property is located at 500 Elm Grove Road. John Dulmes and Dan Walsh of Siegel-Gallagher brokered the transaction.
MILWAUKEE, WIS. — Siegel-Gallagher has arranged a 5,362-square-foot office lease for The Benedict Center, an interfaith, nonprofit criminal justice agency in Milwaukee. The Benedict Center will lease space at The Ring Building, located at 1849 N. Martin Luther King Jr. Drive. The landlord is 1849 MLK LLC. John Dulmes and Dan Walsh of Siegel-Gallagher represented the tenant in the transaction.
The long-held perception of the Milwaukee office market is that it mostly trades tenants between buildings with one landlord winning at the other’s expense, while the overall pie remains the same size. However, with cranes dotting the horizon, large blocks of vacant space quickly leasing up, a number of major new developments waiting to break ground, and the inflow of outside dollars into Milwaukee, the market has recently experienced some amazing deal velocity. This activity is expected to continue as we head into 2016. However, the office market could slow down due to the completion of several projects currently under construction. The greater Milwaukee office vacancy rate stood at 15.5 percent in the third quarter, down slightly from 15.6 percent in the third quarter of 2014. The vacancy rate in the central business district (CBD) dropped from 16.2 percent to 14.9 percent during the same period. Meanwhile, rental rates have increased slightly in both the overall market and the CBD. Cranes in the skies Construction on the Northwestern Mutual Tower and Commons began in late 2014 in downtown Milwaukee and is scheduled for completion in late 2017. A 32-story office tower will adjoin a two-block-long, three-story space known as The Commons. The new development …
MADISON, WIS. — Marcus & Millichap has brokered the $10 million sale of a 94,120-square-foot retail building occupied by Shopko on a triple-net lease basis in Madison. The building, originally built in 1988, was renovated in 2004. The department store is located at 2201 Zeier Road and is situated on approximately eight acres. Nearby retailers include Kohl’s, DSW Shoe Warehouse, Burlington Coat Factory and Payless Shoes. Glen Kunofsky of Marcus & Millichap represented the seller in the transaction. Jeff Rowlett and Jeremy Osting of Marcus & Millichap procured the buyer, a private investor.
MEQUON, WIS. — Ryan Cos. has broken ground on a new Children’s Hospital of Wisconsin clinic in Mequon, approximately 20 miles north of Milwaukee. This is the third Children’s Hospital that Ryan Cos. has been hired to build in Southeast Wisconsin in the past two years. The two-story, 40,000-square-foot clinic will be situated on a six-acre site at the corner of Mequon Road and Market Street. The clinic will include Echo and MRI imaging, neurology, orthopedics, occupational therapy, primary care, urgent care and much more. The clinic will also feature an on-site lab and pharmacy services. The facility is slated to open in mid-2016. Ryan Cos. is providing development, design-build construction and real estate management services. ScopeBridge serves as the project architect, and Associated Bank is providing construction financing.
WAUKESHA, WIS. — Siegel-Gallagher has arranged a 5,202-square-foot office lease in Waukesha, approximately 20 miles west of Milwaukee. The building, Crossroads XIV, is located at 20300 Water Tower Blvd. Lueder Financial Group LLC (also known as Northwestern Mutual) is the tenant, and Janesville LLP is the landlord. Shaun Dempsey of Siegel-Gallagher brokered the deal.
WEST ALLIS, WIS. — The Dickman Company Inc./CORFAC International has arranged the sale of four industrial buildings totaling 240,000 square feet in West Allis, a Milwaukee suburb, for an undisclosed price. Stag West Allis LLC purchased the buildings from 114th St West Allis LLC and 114th St Acquisition LLC. Samuel M. Dickman Jr., Samuel D. Dickman and Cale Berg of The Dickman Company Inc./CORFAC International brokered the transaction. The assets are located at 2025, 2075, 2145 and 2207 S. 114th St.
MILWAUKEE, WIS. — The Dickman Company Inc./CORFAC International has arranged the lease of a 33,000-square-foot industrial and office property located at 7254 N. Teutonia Ave. in Milwaukee. The tenant is MTI Connect LLC and the landlord is Hot Water Real Estate LLC. Samuel M. Dickman Jr., Samuel D. Dickman and Nick Keys of The Dickman Company Inc./CORFAC International represented the landlord in the transaction. Steve Sewart of Colliers International represented the tenant.