KENOSHA, WIS. — MLG Capital has purchased Market Square, a 330-unit apartment community in Kenosha. The purchase price and seller were undisclosed. Located at 3100 Market Lane, the property was built in 2017 and 2019. The acquisition marks MLG’s first in Kenosha and brings the firm’s total number of units owned in Wisconsin to more than 3,300. This is the 64th property acquired as part of MLG’s Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners.
ALBANY, WIS. — Marcus & Millichap has brokered the $1.1 million sale of a 9,100-square-foot retail property occupied by Dollar General in Albany, a city in southern Wisconsin. The net-leased building is located at 614 N. Cincinnati St. Dollar General remains on its original 15-year lease for the location. Mitch Grant and Nicholas Kanich of Marcus & Millichap represented the seller, a limited liability company. The buyer was a private investor based in Arizona.
LA CROSSE AND STURGEON BAY, WIS. — Starbucks has inked two new retail leases in Wisconsin totaling 2,460 square feet each. The first property is located at 2552 Rose St. in La Crosse, while the second is at 911 Green Bay Road in Sturgeon Bay. Tony Colvin of Mid-America Real Estate represented the tenant in each lease. The respective landlords were Eagle Bay Partners LLC and 911 Green Bay Road Partners LLC.
FRANKLIN, WIS. — Berkadia has brokered the $43.5 million sale of Statesman Apartments in Franklin, about 10 miles south of downtown Milwaukee. The 180-unit apartment community is located at 2950 W. Statesman Way near I-94. Built in 2019, the property features six buildings as well as underground parking, a clubhouse, fitness center and outdoor pool.Ralph DePasquale and Pete Evans of Berkadia represented the seller, Milwaukee-based Zilber Residential Group. The buyer was an affiliate of Chicago-based Banner Real Estate Group.
DARLINGTON, WIS. — Kraus-Anderson will soon break ground on Memorial Hospital of Lafayette County, a $64.8 million replacement hospital and clinic building in Darlington, a city in Southwest Wisconsin. The current facility has provided a full range of acute care inpatient and outpatient services since 1952. Designed by Eppstein Uhen Architects, the 80,000-square-foot hospital will feature a new emergency department, diagnostic imaging, surgical services with two operating rooms, a procedure room, medical and surgical unit, pharmacy, rehabilitation and a vision clinic with a retail eye shop. The project will also include space for behavioral health and mindfulness sessions as well as a 3,600-square-foot standalone building that will house two residency units and a garage for maintenance storage. The project received various loans, all of which will be paid for by the proceeds of the hospital. The project was also awarded $14 million in additional grant funds. Completion is slated for fall 2024. The current facility will remain in operation during construction.
DRESSER, WIS. — MAG Capital Partners LLC has acquired a four-building industrial property in a sale-leaseback transaction with CORE Industrial Partners. Located at 700 Kelly Ave. in Dresser, a city in Northwest Wisconsin, the property totals 107,660 square feet. The facility will continue to be fully occupied by Cadrex Manufacturing Solutions, a mechanical solutions provider. Cadrex consists of 11 complementary acquisitions that CORE has integrated into a precision manufacturing platform. The property at 700 Kelly Ave. is the longtime home of sheet metal fabricator Tenere Inc., which was acquired by Cadrex in July 2022. JC Asensio, Briggs Goldberg and Andrew Sandquist of Newmark represented CORE.
ILLINOIS AND WISCONSIN — BWE has arranged a $5.2 million acquisition loan for a three-property industrial portfolio in Illinois and Wisconsin. Likewise Partners acquired the portfolio. Christopher Carroll and Max Miller of BWE arranged the loan through a Minnesota-based credit union. The three infill properties are located in Menomonee Falls, Wis., Appleton Wis.; and Machesney Park, Ill. The portfolio totals 79,152 square feet and is fully leased, with 92 percent of the space occupied by the Engman-Taylor Co., an industrial distributor.
BRISTOL, WIS. — Peak Construction Corp. is underway on Building 8 at Bristol Business Park in Bristol, a city in Southeast Wisconsin. Janko Group is the developer. Peak previously completed Buildings 2 and 3 in 2022 and is continuing with site work and construction for Building 4. The 225-acre business park is fully entitled for up to 3 million square feet of industrial space, of which 2.4 million square feet has already been completed or is under construction. Of the 2.4 million square feet, 1.7 million square feet is currently leased. Building 8 is a 323,970-square-foot speculative facility featuring a clear height of 36 feet, 38 docks, four drive-in doors, 242 car spaces, 55 trailer spaces and build-to-suit office space. Kelly P. Harris is the architect, Manhard Consulting is the civil engineer and Cushman & Wakefield is the leasing agent. Completion of Building 8 is slated for the fourth quarter.
RACINE, WIS. — Marcus & Millichap has negotiated the $3.4 million sale of Warwick Business Court in Racine, about 30 miles south of Milwaukee. The 24,500-square-foot office building is situated on Warwick Way. At the time of sale, the property was 89 percent occupied and anchored by three medical tenants. The building was constructed in 2000 and renovated within the last three years. Brett Rodgers, Frank Roti and Alex Sacks of Marcus & Millichap represented the seller, a limited liability company. The team also secured and represented the buyer, a private investor.
CEDARBURG, WIS. — NAI Greywolf has arranged the sale of a 15-bed community-based residential facility (CBRF) in Cedarburg, about 20 miles north of Milwaukee. The sales price was undisclosed. There are nine private rooms and three semi-private rooms. Dawn Davis of NAI Greywolf represented the seller. Further terms of the transaction were not provided. According to the Wisconsin Department of Health Services, a CBRF hosts five or more unrelated people who live together in a community setting. Services offered include room and board, supervision and support services. Up to three hours of nursing care can be given per week.
