SCHAUMBURG, ILL. AND MILWAUKEE, WIS. — Bloomfield Capital and Alpha Alternative have closed an $8.5 million senior bridge loan. The loan was used to purchase a discounted note from the existing lender on a 102,000-square-foot Class B office building in Schaumburg and a 34,000-square-foot Class B office building in Milwaukee. Bloomfield Capital was approached by Alpha Alternatives to create a bridge loan structure for the existing sponsor. That structure included funding a $6.6 million discounted note purchase plus additional funds for interest and renovation reserves, totaling $8.5 million. The sponsor required additional capital for tenant improvements and leasing commissions. The buildings averaged below 70 percent occupancy at closing.
MILWAUKEE — Odgen & Company Inc. has brokered the sale of three properties in Milwaukee. Layton Again LLC sold an airport office building located at 600 E. Layton Ave. for $340,000. Franklin Financial is the current tenant. Chip and Mary Bunzel have acquired two new retail properties to relocate Bunzel’s Meat Market & Catering. R & E Real Estate Holdings LLC sold a property located at 9015 W. Burleigh St. for $412,000. Charney Family Trust sold a property located at 9035 W. Burleigh St. for $75,000. Wiegand Enterprises has acquired two office/industrial warehouse properties from Receiver One LLC. A property located at 2422 W. Clybourn St. was acquired for $175,000. Another property located at 2460 W. Clybourn St. was acquired for $425,000. Michael Seramur of Odgen & Company brokered all transactions.
MILWAUKEE — Irgens’ 833 East, an 18-story office building in Milwaukee scheduled to open in March 2016, is adding new tenants. Major League Baseball and Commissioner Emeritus Allan H. Selig, Heck Capital Advisors and Grace Matthews Inc. are some of the tenants to recently sign leases at the Class A office building under construction at 833 E. Michigan St. Jason Inc. will be expanding its lease from 12,506 square feet to 26,043 square feet. An undisclosed tenant will occupy 2,758 square feet. 833 East also has letters of intent for two additional tenants totaling more than 37,000. These three undisclosed tenants will comprise 65 percent of the building. Lyle Landowski of Colliers International brokered the deal with Jason Inc. Steve Palec of Colliers International brokered the deal with Heck Capital. David Pudlosky of JLL brokered the deal with Grace Matthews. Previously disclosed tenants include Colliers International, Godfrey & Kahn, Irgens, Catalyst, First American Title and Rare Steakhouse. The general contractor for the project is CG Schmidt. The architect is Kahler Slater Inc. The lenders are Private Bank, Associated Bank, Anchor Bank and Bank Mutual. Colliers International is responsible for the leasing and management of 833 East.
BROOKFIELD, MADISON, AND OAK CREEK, WIS. — Colliers International has brokered the lease of 53,904 square feet of space in Wisconsin. Alberts Investment Management Inc. has renewed its 1,540-square-foot lease of office space at Squires II located at 16655 W. Bluemound Road in Brookfield, which is 10 miles west of Milwaukee. Sal Strehlow and Matt Fahey of Colliers International brokered the deal. Memorial Care Center LLC has leased 1,800 square feet of office space at 2830 Dryden Drive in Madison. Brian McClaren and Jim Larkin of Colliers International brokered the deal. SEKO Worldwide has leased 50,564 square feet of industrial space at 10020 S. Reinhardt Drive in Oak Creek, which is approximately 12 miles south of Milwaukee. Tom Shepard of Colliers International brokered the deal.
GREENFIELD, WIS. — HSA Commercial Real Estate has acquired a Barnes & Noble center consisting of two buildings for an undisclosed price. The center is located at 4935 76th St. in Greenfield, which is about 10 miles southwest from downtown Milwaukee. The shopping center consists of a 36,000-square-foot freestanding Barnes & Noble store and a 9,029-square-foot multi-tenant building. Tenants in the second building include Verizon Wireless, Print Graphix, Fox World Travel and Lady Jane’s Haircuts. Robert Mahoney and Christian Williams of CBRE represented the seller, Sun Life Financial. HSA Commercial Real Estate is a full-service real estate firm specializing in office, industrial, retail and health care real estate leasing, management, marketing, development and financing.
WISCONSIN DELLS — Marcus & Millichap has brokered the sale of the Ramada Wisconsin Dells, a 71-room hotel. The Ramada sold for $3.5 million and is located at 1073 Frontage Road East in the Wisconsin Dells, a popular tourist destination along the Wisconsin River in the south central part of the state.The property is 37,909 square feet. Jon Ruzicka of Marcus & Millichap represented the undisclosed seller. Ruzicka, along with Matthew Fitzgerald, also represented the unidentified buyer. The deal marks the second hotel property sale that Ruzicka has brokered in the Wisconsin Dells over the past year.
OAK CREEK, WIS. — The Dickman Company Inc./CORFAC International has arranged the lease of 12,744 square feet of industrial space at 330 E. Mahn Court in Oak Creek. Waltco Inc. leased the space from Maggster LLC for an undisclosed price. Samuel Dickman Jr., Samuel Dickman and Cale Berg of The Dickman Company Inc. brokered the transaction.
DELAVAN, WIS. — An undisclosed developer has acquired a 4,800-square-foot building net leased to Panera Bread in Delavan, approximately 49 miles west of Kenosha, Wis. The purchase price of the property, located at 1905 Geneva St., was $2.3 million. Dominic Sulo and Chad Lieber of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and secured the buyer in the transaction.
WAUWATOSA, WIS. — DTZ has brokered the sale of a distribution center located at 1400 N. 113th St. in Wauwatosa. Wangard Investment Real Estate acquired the 196,000-square-foot facility for $4.8 million from 1400 North LLC. The divisible facility features climate-controlled warehouse space, cooler space, docks, drive-thru bays and rail access. Kevin Barry and David Buckley of Milwaukee-based DTZ Barry represented the buyer in the transaction.
RACINE, WIS. — PMZ Realty Capital LLC has arranged an $8.1 million non-recourse loan for the Harbourwalk Hotel, located at 223 Gas Light Circle in Racine, approximately 24 miles south of Milwaukee. The loan carries a fixed interest rate of below 4.5 percent. JP Morgan provided the funds to the owner, an affiliate of Graves Hospitality, which will be used to repay existing debt and renovate the hotel. The $2 million renovations, to be completed by next summer, will include a total refurbishment of the guest rooms and common areas to meet the standards for a Doubletree by Hilton Hotel. The property has been without a franchise and is converting to a DoubleTree by Hilton flag within the next 12 months.