PLEASANT PRAIRIE, WIS. — Greenstone Partners has brokered the sale of a three-acre retail development site situated near I-94 in Pleasant Prairie for an undisclosed price. The site is an outparcel to Seasons at River View, a 300-unit apartment development completed in 2022, as well as a future senior living development covering 20 acres. Brewster Hague of Greenstone Partners represented the buyer, a Chicago-based investor.
PLATTVILLE, WIS. — Hibbett Sports has signed a 4,875-square-foot retail lease at the Shoppes at Plattville. The property is located at 1845 Progressive Parkway in Plattville, a city in Southwest Wisconsin. Scott Satula of Mid-America Real Estate represented the landlord, an entity doing business as Prairie Sun Properties 1845 LLC.
HAYWARD, WIS. — Kraus-Anderson (KA) has begun a $49.7 million renovation of four schools for Hayward Community School District in Hayward, a city in Northwest Wisconsin. Designed by DSGW Architects, the project includes Hayward’s high school, middle school, intermediate school and primary school. In April 2022, KA assisted the district in passing a $49.7 million referendum to improve safety and security, increase learning opportunities for students, and upgrade aging building systems. The high school will receive two additions totaling 36,000 square feet and a 164,000-square-foot renovation. Highlights include a new commons area, front office, gymnasium with elevated track and strength training area, and a new secure entry to control visitor access. The 87,000-square-foot remodel of the middle school will encompass new flooring, carpets, paint, doors, windows, chalkboards, whiteboards and interior wall reconfigurations. The cafeteria will be remodeled and the kitchen, band and music areas will be reconfigured for better flow. The 66,000-square-foot project for the intermediate school includes new gymnasium bleachers and lockers, countertops, doors, window blinds, carpet and marker boards. The 81,000-square-foot project for the primary school features an interior renovation and the addition of a new 8,526-square-foot gymnasium. The projects are slated for completion at various points in …
ONALASKA, WIS. — CORTA Development has acquired a building formerly occupied by Shopko in Onalaska, a city in western Wisconsin. The firm has begun a redevelopment of the property, which is part of East Towne Plaza. New retailers joining the center include TJ Maxx, HomeGoods, Sierra, Ulta Beauty and Five Below. CORTA expects to complete the project prior to the end of the year. Mid-America Real Estate-WI LLC brokered the sale of the Shopko building. Mid-America has also represented CORTA in the previous acquisitions of vacant Shopko stores in Fond du Lac, Sheboygan and West Bend over the past 18 months.
GLENDALE, WIS. — Founders 3 Real Estate Services has negotiated the $5.4 million sale of an 86,750-square-foot industrial building in the Milwaukee suburb of Glendale. The property sits on 3.5 acres at 6100 N. Baker Road. Scott Revolinski and Brett Deter of Founders 3 represented the seller, Grandview Park Partners LLC. The buyer was an entity doing business as 2022 Florist LLC.
BROOKFIELD, WIS. — Caribou Coffee has signed a lease to open as the inaugural tenant at a new mixed-use development in the Milwaukee suburb of Brookfield. The project is a redevelopment of a former Pepino’s restaurant and a tax preparation office located at the intersection of Capitol and Calhoun roads. Construction is underway, and Caribou Coffee is slated to open this summer. Bill Quinlivan of Colliers | Wisconsin is marketing the property for lease.
MILWAUKEE — iBorrow has provided a $15.1 million loan for the refinancing of a 499,759-square-foot light industrial manufacturing property in Milwaukee. The property consists of five buildings that are occupied by eight tenants. Built in 1950 and renovated in 2020, the facility features nine dock-high doors, 25 grade doors and seven rail doors. iBorrow provided the original loan on the property in January 2021. The undisclosed borrower refinanced and sold a separate three-building vacant office parcel on the site.
By Adam Connor, Colliers When the pandemic hit in 2020, most of the media jumped to write articles about the downfall of retail properties and how shoppers were going to get all their goods flown from drones from their Amazon overlords. The reality is that every day, normal people shop at grocery stores, go work out at the gym, and buy lunch or dinner somewhere. Now that 2020 is far behind us, the 2023 retail landscape in the Milwaukee region looks much different. Most of the retail space, including the mid-box and big-box vacancies, have been backfilled and, as a result, owners saw healthy rent growth in their assets. With the lack of construction over the past five to seven years, retailers are now competing for high quality space and paying a premium in rent to be located there. With only 134,000 square feet under construction and a 12-month absorption of 660,000 square feet, quality space is in high demand. Asking rents are up 7 percent to $14.80 since the second quarter of 2020 and vacancy is down to 5 percent. Development The Milwaukee area has some large development projects that are underway, including Fiserv moving its corporate headquarters back …
APPLETON, WIS. — Blue West Capital has brokered the sale of a single-tenant industrial building totaling 46,862 square feet in Appleton for an undisclosed price. Located at 3009 N. Zuehlke Drive, the property is fully leased to Hajoca Corp., which operates as Able Distribution at this location. The tenant is a wholesale distributor of plumbing, heating and cooling, pool and industrial supplies. Carly Kelly of Blue West Capital represented the buyer, a private real estate investment fund based in the Midwest. A Wisconsin-based real estate company was the seller.
By Tony Colvin and Michael Fitzgerald, Mid-America Real Estate In the absence of significant new construction, the evolution of the retail real estate market in Milwaukee is largely being driven by the conversion and demolition of existing spaces. Some prominent places are being reimagined in creative ways that often include multifamily and other uses in addition to retail. HUB640 in downtown Milwaukee is a perfect example. A historic building formerly occupied by a Boston Store, the property is being transformed by North Wells Capital and Urban Innovations Management. The new mixed-use project will feature Kohl’s as the retail anchor tenant, loft apartments and office space occupied by Fiserv’s corporate headquarters. Other corporate office users, including Milwaukee Tool and Northwestern Mutual, also are betting on the central business district (CBD), with Milwaukee Tool relocating upwards of 1,200 employees, and Northwestern Mutual redeveloping and enlarging its headquarters. At the same time, new multifamily high-rises are remaking the architecture of Milwaukee including the river and lakefronts. The 25-story Ascent opened last year, and 333 North Water (31 stories) and Couture (44 stories) are on the horizon. Additionally, Iron District MKE is an 11-acre mixed-use sports and entertainment development slated to be phased in …