CALEDONIA, WIS. — The Dickman Company Inc./CORFAC International has negotiated a 9,000-square-foot lease in Caledonia, approximately 20 miles south of Milwaukee. Educators Credit Union will occupy the industrial building, which is located at 289 27th St. Ninneman Properties II LLC is the landlord. Cale Berg of The Dickman Company Inc. was the sole broker in the transaction.
WEST ALLIS, WIS. — Blueprint Healthcare Real Estate Advisors, a brokerage based in Chicago, has arranged the $6.5 million sale of Lamplight Inn of West Allis, a 118-unit assisted living community in the Milwaukee suburb of West Allis. The seller was a private ownership group looking to divest non-core assets. The buyer is a publicly traded REIT, which will continue leasing the property to the current operator. None of the specific companies involved in the transaction were disclosed. The purchase price equates to approximately $55,000 per unit. Ben Firestone and Jacob Gehl led the Blueprint team, supported by Mike Segal and Mario Wilson.
HUDSON, WIS. — Marcus & Millichap has arranged the $4.5 million sale of the Holiday Inn & Suites Hudson, a 68-room hotel located in Hudson, approximately 27 miles east of Minneapolis. An undisclosed partnership sold the asset, located at 1200 Gateway Blvd., to a private investor. Jon Ruzicka of Marcus & Millichap listed the property on behalf of the seller. Ruzicka, along with Matthew Fitzgerald of Marcus & Millichap, also secured the buyer.
WEST ALLIS, WIS. — Siegel-Gallagher has brokered the sale of a multifamily property in West Allis, approximately six miles from Milwaukee, for an undisclosed price. The Community Development Authority of the City of West Allis purchased the eight-unit building from the Milwaukee Center for Independence. The property is located at 7402 W. Washington Ave. Patrick Gallagher, Matson Holbrook and Max Schultz of Siegel-Gallagher brokered the transaction.
MENOMONEE FALLS, WIS. — Menomonee Falls-based Kohl’s Corp. (NYSE: KSS) is set to close 18 underperforming stores during 2016, according to the company’s fourth-quarter earnings report released Feb. 25. The closures, representing less than one percent of total sales, will generate annual savings of approximately $45 million and annual depreciation savings of approximately $10 million. Specific locations will be announced by the end of March. Kohl’s expects to incur approximately $150 million to $170 million in charges as a result of these planned closures and realignment at the company’s headquarters, which occurred in early February. “While the decision to close stores is a difficult one, we evaluated all of the elements that contribute to making a store successful, and we were thoughtful and strategic in our approach,” says Kevin Mansell, chairman, president and CEO of Kohl’s. “We are committed to leveraging our resources on more productive assets.” Alongside these closures, Kohl’s plans to pilot a new, smaller format Kohl’s store, with seven planned to open in various regions around the country this year. Kohl’s also plans to open two Off-Aisle pilot stores in Wisconsin, as well as 12 Fila outlet stores — marking Kohl’s first entry into the outlet space. …
KENOSHA, WIS. — Sherwin-Williams Co. has leased 10,000 square feet of industrial space in Kenosha, approximately 35 miles south of Milwaukee. Sherwin-Williams will occupy space at the Business Center of Kenosha, which is located within the Business Park of Kenosha. The space being leased will serve as warehouse and distribution space for the paint products and materials company. Kevin Vernick of Vernick & Associates Ltd. represented Sherwin-Williams in the transaction. Sergio Chapa, Chelsea Couette and Michael Kleber of Newmark Grubb Knight Frank represented the landlord, Zilber Property Group.
MILWAUKEE — The Dickman Company Inc./CORFAC International has arranged the sale of a 7,757-square-foot retail building in Milwaukee. The Historic Third Ward Development LLC purchased the building from Jennaro Brothers LLC for an undisclosed price. Samuel M. Dickman Jr. and Samuel D. Dickman of The Dickman Company represented the seller in the transaction. Marianne Burish of Siegel-Gallagher represented the buyer.
MILWAUKEE — Siegel-Gallagher has arranged the sale of a 3,026-square-foot mixed-use property in Milwaukee. Octane LLC purchased the building located at 4101 N. Port Washington Ave. from Pensco Trust Co. for an undisclosed price. Built in 1910, the two-story building consists of ground-level retail space and a two-bedroom/1.5-bathroom apartment. Devin Tessmer of Siegel-Gallagher.
Metropolitan Milwaukee has experienced a robust industrial real estate market for the past several years. This strength should continue in 2016 and for the foreseeable future. Like many other metro areas, Milwaukee’s industrial sector experienced slow but steady economic growth as it emerged from the Great Recession. However, unlike many other metro areas, Milwaukee has not yet exhibited a strong uptick in new industrial development. Minimal speculative construction has occurred during the past few years. Consequently, while demand for industrial space has continued to increase, supply has remained fairly flat. This phenomenon of increased absorption without a corresponding increase in new product coming to market has driven down the overall vacancy rate to slightly under 5 percent, near a record low, according to Xceligent. Moreover, the new industrial development that has occurred has been primarily driven by users expanding, relocating or consolidating existing facilities, or by new build-to-suit or speculative developments undertaken by Milwaukee-based firms such as Zilber Property Group, Luterbach Properties, Briohn Building and Wangard Partners. Larger regional and national industrial developers such as Centerpoint Properties and First Industrial Realty Trust, which once drove industrial development in Milwaukee, ceased construction in Milwaukee during the Great Recession and have not …
MILWAUKEE — Brennan Investment Group LLC has acquired a 119,040-square-foot, multi-tenant industrial property in Milwaukee for an undisclosed price. The warehouse and distribution facility is located within the Bradley Industrial Park at 8301 W. Parkland Court. The property was 95 percent occupied at the time of sale. The seller in the transaction was undisclosed.