GLENDALE, WIS. — Marcus & Millichap has brokered the $6.2 million sale of Cornerstone Center, a 13,304-square-foot retail property located at 5595 N. Port Washington Road in Glendale, roughly nine miles west of Milwaukee. Sean Sharko and Austin Weisenbeck of Marcus & Millichap’s Oak Brook, Ill.-based office represented the seller, an unnamed limited liability company, in the transaction. Sharko and Weisenbeck also secured and represented the buyer, also an unnamed limited liability company. Matthew Fitzgerald of Marcus & Millichap assisted in closing the transaction.
WEST MILWAUKEE, WIS. — NAI MLG Commercial has brokered the sale of a 24,000-square-foot industrial building located at 4545 W. Burnham St. in West Milwaukee. Samuel Check Family Trust sold the property to Office Service Co. LLP for an undisclosed price. Travis Tiede, Mitchell Starczynski, Adam Matson and Brett Garceau of NAI MLG Commercial brokered the transaction.
KENOSHA, WIS. — Cushman & Wakefield represented Bridge Development Partners in the acquisition and subsequent sale of an approximately 200-acre farmland parcel in Kenosha. Uline, a shipping supply company, purchased the property for an undisclosed amount and plans to develop a new Midwest distribution facility at the site. Located at the interchange of U.S. Highway 142 and I-94, the land will house a 1 million-square-foot warehouse and a 50,000-square-foot office building. As part of the sale agreement with Uline, Bridge Development will complete site infrastructure improvements, including roads, sewer and water. Whit Heitman of Cushman & Wakefield’s Chicago office spearheaded the transactions. Bridge Development also plans to develop an additional 300 acres adjacent to the Uline property. Heitman, Sam Badger and Brad Weiner of Cushman & Wakefield are serving as the exclusive marketing agents on behalf of Bridge Development.
OAK CREEK, WIS. — Marcus & Millichap has arranged the $17 million sale of a 279,828-square-foot Staples distribution facility in Oak Creek. The sale equates to $61 per square foot. Situated on a 28-acre parcel at 120 W. Opus Drive, the building features 20,000 square feet of office space and 259,828 square feet of warehouse space with a clear span of 33.5 feet. The building can be expanded by an additional 51,748 square feet. The facility is part of two-property, single-tenant industrial portfolio. The other asset, a 63,740-square-foot FedEx freight terminal in Aurora, Ill. sold for $15.9 million in May. Opus Group developed the property. Nick Manganais and Matthew Fitzgerald of Marcus & Millichap arranged the transaction for the seller, an Illinois-based family trust.
APPLETON, WIS. — Paramount Lodging Advisors has arranged the sale of a 106-room Country Inn & Suites in Appleton to an undisclosed buyer. The hotel is located at 355 N. Fox River Drive. Paramount Lodging Advisors represented the seller, LNR Partners. Adam Montufar, Brent Clemens and Bennett Webster of Paramount led the sale’s marketing efforts in conjunction with Auction.com.
HUDSON, WIS. — KW Commercial Midwest has arranged the sale of an 18,372-square-foot, single-story multi-tenant office/flex center in Hudson. Gateway Business Center is located at 1301 Gateway Circle. The building includes six office suites and a 2,400-square-foot mezzanine office. Tom Baker and Dave Finigan of the Eagan, Minn.-based office of KW Commercial Midwest represented the seller, Eagle Valley Bank, and the buyer, private investors.
DELAVAN, WIS. — Arthur S. Levine & Associates LLC has arranged a $7 million permanent, first-mortgage loan on a three-building retail complex in Delavan, approximately 53 miles southwest of Milwaukee. Delavan Crossings I, II, & III is located at 1741 -1823 E. Geneva St. All three buildings consist of a total of 41,898 square feet of rentable area accommodating 25 tenants. The buildings are outlots of a larger retail development anchored by Walmart, Kohl’s and Lowe’s. The 10-year loan includes a 30-year amortization schedule. Arthur S. Levine & Associates negotiated the loan for the undisclosed borrower with a New York-based lending institution.
HARTFORD, WIS. AND MECHANICSVILLE, VA. — Capital Square Realty Advisors has acquired two healthcare buildings for an undisclosed price in the Richmond suburb of Mechanicsville and the Milwaukee suburb of Hartford. The portfolio includes a 73,756-square-foot, two-story building located at 1550 Innovation Way in Hartford and a build-to-suit 20,066-square-foot, single-story medical office building located at 7515 Right Flank Road in Mechanicsville. Each of the healthcare properties are on long-term leases to tenants.
PLATTEVILLE, WIS. — ALTUS Commercial Real Estate Inc. has brokered the $885,000 sale of a 32-unit apartment building in Platteville. Pioneer Apartments is located at 1270 N. Second St. Dan Roseliep of ALTUS represented the buyer, Pioneer Real Estate Management LLC, and the seller, Pioneer Partnership LP.
Manufacturing, beer and the Green Bay Packers are typically the three things that come to mind when one thinks of Wisconsin. Although we will always love beer and our Green Bay Packers, the real estate landscape is changing. During the past decade — and even more so over the past few years — Milwaukee has begun its transformation into a hip and vibrant city and is making its mark in progressive green technologies, water research and startups. As Steve Palec, managing principal of Cresa Milwaukee, pointed out in his May 2012 article for Heartland Real Estate Business, for the first time since 2001 we are finally going to see a new office development and a change in our skyline. With the exception of the world-renowned Calatrava Art Museum and Pier Wisconsin in 2001 and 2006, respectively, Milwaukee’s lakefront has remained relatively unchanged for decades. The recession is only partly to blame. A 1915 deal made by the city of Milwaukee divided the lakeshore into land reserved for public use and land eligible for private development. Although the city entered into this agreement for several reasons, it was partially to ensure that all, not just the elite, could utilize the shores …