MILWAUKEE AND BROOKFIELD, WIS. — MLG Capital has acquired three multifamily properties in metro Milwaukee. Trostel Square is a 99-unit property located at 1818 N. Commerce St. in Milwaukee. The mid-rise community features direct access to Milwaukee’s River Walk and is situated in the city’s Brewers Hill neighborhood. Norhardt Crossing and Norhardt Apartments are both located on Norhardt Drive in Brookfield. Together, the two properties total 211 units and share a full amenity set at Norhardt Crossing. The seller and sales price were not provided.
DENVER AND MILWAUKEE — Two healthcare REITs, Denver-based Healthpeak Properties (NYSE: PEAK) and Milwaukee-based Physicians Realty Trust (NYSE: DOC), have agreed to enter into an all-stock merger agreement that is valued at roughly $21 billion. Under the terms of the agreement, each share of Physicians Realty Trust common stock will be converted into 0.674 of a share of newly issued Healthpeak common stock. The combined entity will feature a portfolio of roughly 52 million square feet of healthcare assets. On a pro-forma basis, Healthpeak and Physicians Realty Trust shareholders will own approximately 77 percent and 23 percent of the combined company, respectively. The deal is expected to close during the first half of next year. Of the combined 52 million square feet, about 40 million would consist of outpatient healthcare facilities in major gateway markets like Nashville, Atlanta, Dallas, Houston, Phoenix and Denver. Healthpeak CEO Scott Brinker will lead the newly formed company in conjunction with a board of directors comprised of eight existing Healthpeak directors and five existing Physicians Realty Trust directors, including current CEO John Thomas. In detailing the reasons behind the merger, executives from both companies noted that Healthpeak Properties and Physicians Realty Trust have overlapping footprints in …
MILWAUKEE — NAI Greywolf has brokered the sale of Mayfair Apartments in Milwaukee for $9.3 million. Located on North Lovers Lane Road, the apartment community features 134 units in one- and two-bedroom layouts. Thomas Gale and Katrina Gee of NAI Greywolf represented the seller. Buyer and seller information was not provided.
SOMERS, WIS. — Marcus & Millichap has arranged the $2.3 million sale of a 2,361-square-foot retail property occupied by Chipotle in Somers, a southern suburb of Milwaukee. Constructed this year, the net-leased building is located at 3671 Market Lane and features a 400-square-foot patio as well as a drive-thru. Nicholas Kanich of Marcus & Millichap represented the seller, a development group based in Wisconsin. The asset sold to a Minnesota-based buyer completing a 1031 exchange.
Bernard Financial Group Secures $10.1M Loan for Acquisition of Shopping Center in Waukesha, Wisconsin
WAUKESHA, WIS. — Bernard Financial Group (BFG) has secured a $10.1 million CMBS loan for the acquisition of a 112,010-square-foot shopping center in Waukesha, a western suburb of Milwaukee. Dennis Bernard and Joshua Bernard of BFG arranged the loan. The borrower was an entity doing business as Meadowbrook Marketplace Associates LLC.
ONALASKA, WIS. — Coldwell Banker Commercial River Valley has brokered the $10 million sale of a three-story, 66,000-square-foot office building in Onalaska, a city in western Wisconsin. The property is located at 2700 Midwest Drive. The buyer was Kwik Trip Inc., which will use the building for its training department, part of its accounting department and other office employees. Kwik Trip’s corporate headquarters will remain at its current location on the far north side of La Crosse, where the company’s production facilities are also located. Kwik Trip operates roughly 880 convenience stores primarily in Wisconsin, Minnesota and Iowa. Chuck Olson of Coldwell Banker Commercial River Valley represented the seller, Ron Houser, owner of Midwest Investment I LLC. Houser developed the property and began utilizing it in 1993. He later sold the asset but then repurchased it a few years ago.
CINCINNATI, KANSAS CITY, ST. LOUIS AND KENOSHA, WIS. — BGO Industrial Real Estate Income Trust Inc. (BGO IREIT) has acquired an indirect 34.2 percent ownership interest in a portfolio of Midwest industrial assets valued at approximately $948 million in exchange for 13 million units of its operating partnership. The purchase price of the portfolio was approximately $130 million. The portfolio consists of 29 industrial buildings totaling more than 9.4 million square feet in Cincinnati, Kansas City, St. Louis and Kenosha, Wis. Developed between 2012 and 2023, the portfolio is 90 percent leased to multiple tenants with a weighted average remaining lease term of approximately five years.
MENASHA, WIS. — An affiliate of Phoenix Investors has unveiled plans to convert its industrial property at 2225 American Drive in Menasha into a self-storage facility. Comprising 65,000 net rentable square feet, the property will feature up to 600 self-storage units. There will also be more than 100,000 square feet of RV and boat storage parking and several executive office suites. Formerly operated as a call center, the property is situated near I-41. The single-story building was constructed in 1981 and underwent significant renovations in 1999 and 2020. The self-storage units are slated to be available by early 2024. Store Here Self Storage will operate the facility, marking its third in Wisconsin.
Dermody Properties to Redevelop Former Power Plant in Pleasant Prairie, Wisconsin, into 2.4 MSF Logistics Campus
PLEASANT PRAIRIE, WIS. — Dermody Properties has acquired the former We Energies power plant in Pleasant Prairie, a southern suburb of Milwaukee. The firm plans to redevelop the site into a 232-acre campus named LogistiCenter at Pleasant Prairie. Plans call for three logistics buildings totaling 2.4 million square feet that will accommodate built-to-suit opportunities. Mass grading is underway, with building pads ready for vertical construction by the fourth quarter. Given its historic operation supporting southeast Wisconsin’s power grid as a backup power plant, LogistiCenter at Pleasant Prairie has access to abundant power. The site also benefits from large quantities of freshwater service from Lake Michigan.
OAK CREEK, WIS. — Heyday has broken ground on Heyday Oak Creek, a 130-unit build-to-rent community in the Milwaukee suburb of Oak Creek. The project marks Heyday’s second build-to-rent community in Wisconsin. Floor plans come in one-, two- and three-bedroom layouts ranging from 832 to 1,701 square feet. Each residence features an attached two-car garage with personal electric vehicle charging outlets. Private patios or covered porches accompany each home. Residents have access to bike and walking paths as well as a dog parka and community garden. Leasing is slated to begin in early 2024.