MICHIGAN AND WISCONSIN — NAI Pfefferle has negotiated the sale of a five-property self-storage portfolio in Michigan and Wisconsin. The assets total 355 units across 73,358 square feet. The sales price was undisclosed, but the asking price was $3.9 million. Jonathan Glassco of NAI Pfefferle brokered the sale. Buyer and seller information was not provided.
MADISON, WIS. — McShane Construction Co. will build Lock Lane Apartments, a 309-unit multifamily project in Madison. Vermilion Development is the developer. Located on an 8.5-acre site adjacent to Tenney Park, the project will consist of two five-story buildings with 289 apartment units and three two-story townhome buildings with 20 units. There will also be a two-level parking garage. Amenities will include green roof areas, fitness centers, clubrooms, coworking spaces, conference rooms, community gardens and a fenced dog run. JLL arranged equity capital through Quartz Lake Capital and Clarion Partners. CIBC is providing construction financing. Potter Lawson is the project architect.
HARTLAND, WIS. — Associated Bank has structured a $59.8 million construction financing package for Westrock Residences, a 267-unit multifamily project in Hartland, about 25 miles west of Milwaukee. Three Leaf Partners and Continental Properties are the developers. Plans call for 27 townhouse-style units and 240 units in two-story stacked flats. There will be a mix of one-, two- and three-bedroom floor plans. Amenities will include a fitness center, golf simulator, pool, playgrounds, walking paths and a dog run. JLA Architects is the project architect. Site work is underway, and the project will be completed in phases. The first units are slated for occupancy in summer 2025. Continental Properties will manage the community. Ryan Krombach of Associated Bank originated the financing. Associated Bank, administrative agent and co-lead arranger, was joined by co-lead arranger Johnson Bank and Greenwoods State Bank to complete the construction loan syndication. The Village of Hartland is supporting the project with tax-increment financing that will reimburse the developers up to $15.9 million over 27 years using taxes the new development generates. The project site is a 45-acre former quarry that has been slated for redevelopment for decades.
PLATTEVILLE, WIS. — Marcus & Millichap has brokered the $4 million sale of a 29-unit multifamily portfolio in Platteville, a city in western Wisconsin. The portfolio comprises Pioneer Bluff, built in 1890; Pioneer Ridge, constructed in 1997; and Pioneer Court, built in 1997. There are 27 four-bedroom units and two two-bedroom units. Nearly all of the units in Pioneer Ridge are furnished. Patrick Suffield of Marcus & Millichap represented the seller and the 1031 exchange buyer. Todd Lindblom, broker of record in Wisconsin, assisted in closing the transaction.
MILWAUKEE — Crow Holdings has expanded the scope of its South Cargo Logistics Hub project at the Milwaukee Mitchell International Airport in Wisconsin. The development is a public-private partnership whereby most of the $75 million in capital cost and resources necessary to complete the project will come from private sources. The developer signed a ground lease with the county. At the end of the term, the county will have the option for all improvements to become its property. Crow has expanded the size of the new facility by nearly 50,000 square feet for a total of 337,000 square feet, which is consistent with the 2022 Airport Master Plan prepared by Milwaukee County. Crow will also deliver a new garage for the Milwaukee County Highway department. The project scope has also grown to include large-scale repairs to the roughly 16 acres of public taxiway area directly adjacent to the project. This added work will enable modern wide-body cargo traffic to operate in this part of the airport on a consistent basis for the first time, according to a release. The increased size will facilitate the simultaneous parking of up to five Boeing 777-8F, or equivalent, plane parking positions along with a …
MILWAUKEE — Marcus & Millichap has negotiated the sale of Southport Apartments in Milwaukee for an undisclosed price. The 87-unit multifamily property is located at 2536 W. Warnimont Ave. and features a mix of one- and two-bedroom floor plans. Matthew Whiteside of Marcus & Millichap represented the sellers, Devo Southport LLC and 905 East Meinecke Ave LLC, and procured the buyer, 3 Sharks Properties LLC. Todd Lindblom, broker of record in Wisconsin, assisted in closing the transaction. The buyer plans to enhance units and common areas.
MADISON, WIS. — Developer Subtext and Harrison Street have completed VERVE Madison, a 12-story student housing development located two blocks from the University of Wisconsin-Madison. ESG Architecture & Design served as the architect for the 536-bed, 142-unit community. The project team also included Stevens Construction Corp., civil engineer JSD Professional Services and landscape architect Damon Farber. Harrison Street served as the lead investor, while Old National Bank was the lender. The 278,143-square-foot property offers fully furnished one-, two-, three-, four- and five-bedroom units. The rooftop features a pool, hot tub, cabanas and gardens. Additional amenities include a multipurpose turf and game zone, fitness center with sauna, second-floor terrace courtyard and study areas. VERVE Madison is fully leased.
ILLINOIS, IOWA, MICHIGAN AND WISCONSIN — TPG Angelo Gordon has acquired a 780,000-square-foot, seven-building manufacturing portfolio in a sale-leaseback transaction with Douglas Dynamics Inc., a manufacturer and upfitter of commercial work truck attachments and equipment. The transaction involves the company’s facilities in Huntley, Ill.; Manchester, Iowa; Madison Heights, Mich.; Milwaukee; and Rockland, Maine. The transaction is valued at $64.2 million, and Douglas Dynamics is expected to receive net proceeds of approximately $50 million. The company intends to use the net proceeds to pay down its term loan debt and for other corporate purposes. The initial lease for the assets is 15 years, with two 10-year options to renew.
MADISON, WIS. — CRG has completed Chapter Madison, a 534-bed student housing development neighboring the University of Wisconsin-Madison. Located in the heart of Madison’s historic Greenbush neighborhood and designed by Lamar Johnson Collaborative, the 10-story project features 165 units in various floor plans ranging from studios to five bedrooms. Amenities include a fitness center, yoga studio, private study spaces and a rooftop terrace. The development also features a cultural exhibit that pays homage to the area’s heritage through murals and a first-floor corridor display. Chapter Madison is fully leased.
SHEBOYGAN, WIS. — Burlington Stores Inc. has signed a 22,000-square-foot retail lease at Memorial Mall in Sheboygan, about 55 miles north of Milwaukee. The property is located at 3347 Kohler Memorial Drive. Mike Fitzgerald and Dan Rosenfeld of Mid-America Real Estate represented the landlord, Meijer Stores LP.