JANESVILLE, WIS. — Chase Properties has acquired Pine Tree Plaza in Janesville, about 70 miles southwest of Milwaukee. The purchase price was undisclosed. The 184,834-square-foot shopping center is home to tenants such as TJ Maxx, HomeGoods, Michaels, Old Navy and Petco. The property was 82 percent leased at the time of sale. Ben Snyder and Zack Bates of Matthews Real Estate Investment Services brokered the transaction, which marks Chase’s sixth acquisition within its Chase Properties Retail Opportunities Fund IV. Chase is an Ohio-based owner and operator of shopping centers.
Wisconsin
SUN PRAIRIE AND WAUNAKEE, WIS. — Trilogy Health Services has taken over operations at Sun Prairie Senior Living in Sun Prairie and Waunakee Valley Senior Living in Waunakee, the company’s first properties in Wisconsin. The last time Trilogy expanded into a new state was in 2006 when the company added The Oaks at Northpointe Woods in Battle Creek, Mich., to its roster of campuses. Trilogy now operates nearly 130 senior living communities across five states. Waunakee Valley offers residents independent living, assisted living, skilled nursing and rehabilitation services. Sun Prairie offers assisted living, skilled nursing and rehabilitation services.
MILWAUKEE — NewPoint Real Estate Capital has provided $20.6 million in construction financing for Michigan Street Commons, a 99-unit affordable housing community in Milwaukee. Kenosha-based Bear Real Estate Group is developing the project, which is slated for completion in spring 2024. Michigan Street Commons is being built on the western border of a larger redevelopment project spearheaded by Bear Real Estate Group and Kacmarcik Enterprises. Plans call for an 11-acre mixed-use sports and entertainment district, known as Iron District MKE, that will include a hotel, event space and a soccer stadium that will serve the USL Championship League and Marquette University. Michigan Street Commons will rise five stories on a development site that currently contains a parking lot. Of the total units, 30 percent will be reserved for residents who earn up to 50 percent of the area median income (AMI), 40 percent will be designated for those who earn up to 60 percent of AMI and the remaining 30 percent will be reserved for those who earn up to 70 percent of AMI. Amenities will include a community room, fitness center, storage units and underground parking. Cesar Diaz of NewPoint originated the loan, which was structured as NewPoint Impact …
SHOREWOOD, WIS. — JLL Capital Markets has arranged the sale of and acquisition financing for the Oaks of Shorewood, a 101-unit active adult community in Shorewood, a northern suburb of Milwaukee. Weidner Apartment Homes acquired the asset from Sherman Associates. The four-story, age-restricted building offers a mix of one- and two-bedroom units averaging 1,115 square feet. The Oaks of Shorewood is near Lake Michigan, the Milwaukee River, Hubbard Park & Beer Garden and the 50-acre Estabrook Park and Village’s main drive, which is known for eclectic boutiques and trendy restaurants. JLL worked on behalf of the new owner to originate a Fannie Mae loan to fund the purchase. Tom Wilson and Mike Brady of JLL represented the borrower, while Amanda Friant, Wick Kirby, Mox Gunderson and Jaime Fink of JLL represented the seller.
HUDSON, WIS. — Kraus-Anderson Construction has completed a new 250,000-square-foot manufacturing facility for Hunt Electric at 924 Daily Road in Hudson, a city along the Minnesota-Wisconsin border. Hunt Electric is a national electrical design, build and maintenance firm. In 2020, the company moved its 150,000-square-foot prefabrication operations, called “Little Baer,” to Hudson. The firm then purchased 17 acres next to the plant to build “Big Baer,” the new 250,000-square-foot facility. Big Baer will operate alongside the existing Little Baer facility. Pope Design Group designed the property, which features office and storage space in addition to manufacturing space.
HUDSON, WIS. — Kraus-Anderson Construction has completed a new 250,000-square-foot manufacturing facility for Hunt Electric at 924 Daily Road in Hudson, a city along the Minnesota-Wisconsin border. Hunt Electric is a national electrical design, build and maintenance firm. In 2020, the company moved its 150,000-square-foot prefabrication operations, called “Little Baer,” to Hudson. The firm then purchased 17 acres next to the plant to build “Big Baer,” the new 250,000-square-foot facility. Big Baer will operate alongside the existing Little Baer facility. Pope Design Group designed the property, which features office and storage space in addition to manufacturing space.
NEW RICHMOND AND SPARTA, WIS. — Starbucks has signed two new retail leases in Wisconsin. Each lease totals 2,460 square feet. The first property is located at 124 Grant Way in New Richmond, about 45 miles northeast of Minneapolis. The other is at 630 S. Black River St. in Sparta, about 28 miles east of La Crosse. Tony Colvin of Mid-America Real Estate represented Starbucks. The landlords for both properties were Jacques Holdings LLC and OLH II LLC.
MILWAUKEE — Crow Holdings has unveiled plans for the South Cargo Logistics Hub at Milwaukee Mitchell International Airport. The proposed, on-tarmac air cargo facility will total 288,000 square feet and feature 74 docks and 99 trailer stalls. Crow will develop the facility on behalf of the airport. David Prell and Scott Furmanski of CBRE will market the project for lease. The project, which is undergoing the approval process, is slated for completion in the second half of 2024. According to a news release, the proposed project would serve as an option for cargo tenants looking to avoid the much higher congestion and costs associated with centering operations out of the Chicago O’Hare International Airport. The project site was home to the 440th Air Reserve Base from the 1950s until July 2010 when it was formally deeded back to the county upon the closure of the base by the Department of Defense. The site has remained physically unchanged since then. The airport has been marketing the site to real estate developers for several years. Crow has led and financed all efforts to date and will continue to do so after the project progresses through permits and any potential remediation.
GREENFIELD, WIS. — Cobalt Partners has broken ground on Loomis Crossing, a new mixed-use development located at the Loomis Road interchange along I-894 in Greenfield, a southwest suburb of Milwaukee. Comprising more than 38 acres, the project will feature medical office, retail, luxury apartment units, a business park and The TURF Skatepark. Construction is underway on the 267-unit apartment component as well as a 40,288-square-foot medical office building. Cobalt is partnering with Milwaukee-based healthcare developer Hammes on the medical office component. Some physician groups, including Eye Physician Associates SC, have signed leases for the building, which is slated for completion later this year. Rinka is the architect and CG Schmidt is the construction manager. The Boerke Co. is handling leasing and marketing.
BRISTOL, WIS. — Peak Construction Corp. is underway on Building 4 within Bristol Business Park in Bristol, a city in Southeast Wisconsin. Janko Group is the developer. Peak completed construction of Buildings 2 and 3 in 2022. The industrial business park totals 225 acres and is fully entitled for up to 3 million square feet of development. So far, 2.4 million square feet is completed or under construction, of which 1.7 million square feet is leased. Constructed on a speculative basis, Building 4 will total 157,043 square feet and feature a clear height of 32 feet, 24 docks, two drive-in doors, 212 car parking spaces and a 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 is slated for the third quarter of this year.