RACINE, WIS. — Inland Private Capital Corp. (IPC), with joint venture partner Devon Self Storage Holdings (US) LLC, has completed the development of a 765-unit self-storage property located in Racine, roughly 25 miles south of Milwaukee. The property is one of 10 self-storage projects being developed on behalf of the IPC-sponsored Self-Storage Qualified Opportunity Fund LLC. Comprising 80,655 square feet upon completion, the building previously housed a moving company and was acquired for redevelopment in November 2021. The redevelopment was completed in under 12 months.
Subtext Begins Development of 536-Bed Student Housing Community Near University of Wisconsin-Madison
MADISON, WIS. — Subtext has begun development of VERVE Madison, a 536-bed student housing community located within walking distance of the University of Wisconsin-Madison campus. The project will rise 12 stories at 506 W. Johnson St. Completion is slated for fall 2024. In addition to fully furnished units, VERVE Madison will feature 19,000 square feet of amenity space with a rooftop pool, outdoor terrace, fitness center, coffee bar, study lounge, dog walk and pet spa. Stevens Construction Corp. is the general contractor and ESG is the architect.
MADISON, WIS. — Northmarq has brokered the sale of a four-property multifamily portfolio totaling 1,288 units in Madison for an undisclosed price. The properties include Carolina Apartments, The Monticello, Monona Lakeview and Country Meadows. They were built from 1956 to 1992. Parker Stewart and Dominic Martinez of Northmarq represented the seller, who was the original developer of The Monticello and Carolina Apartments as well as the long-term owner of the other two communities. A Wisconsin-based investor purchased The Monticello, Carolina Apartments and Monona Lakeview. A Chicago-based investor purchased Country Meadows, which totals 466 units.
SHEBOYGAN, WIS. — Marcus & Millichap has brokered the sale of the Champion Storage portfolio in Sheboygan, about 55 miles north of Milwaukee. The sales price was undisclosed. The portfolio totals five properties and 1,167 units. At the time of sale, the portfolio was 95 percent occupied. The facilities feature both climate-controlled and non-climate-controlled units as well as outdoor parking spaces and portable container units. Sean Delaney of Marcus & Millichap represented the seller, JGSS LLC, and the buyer, Rogers Equity Group IV LLC.
BROOKFIELD, WIS. — Armstrong & Associates Market Research, a third-party logistics market research company, has signed a five-year lease for 2,345 square feet at Bishops Woods Office Park in the Milwaukee suburb of Brookfield. The property is located at 13400 Bishop’s Lane. Katrina Gee of NAI Greywolf represented the tenant. The landlord was not provided.
MIDDLETON, WIS. — Greywolf Brokerage, a division of Greywolf Partners Inc., has brokered the $4 million sale of Pheasant Branch Senior Apartments in Middleton, a suburb of Madison. The 45,166-square-foot building contains 47 units. The property was fully occupied at the time of sale and sold slightly above the listing price. Dawn Davis of Greywolf represented the seller. Buyer and seller information was not provided.
WAUKEGAN, MT. PLEASANT AND KENOSHA, WIS. — HSA Commercial has begun construction on four speculative warehouses totaling 1.9 million square feet along the I-94 corridor between metro Chicago and Milwaukee. Delany Commerce Center II in Waukegan, Ill., will span 218,500 square feet. Completion is slated for July 2023. Situated adjacent to a facility that HSA developed in 2014, the building will feature a clear height of 36 feet, 28 truck docks, four drive-in doors and parking for 300 cars. Harris Architects is the project architect, PREMIER Design + Build Group is the general contractor and Manhard Consulting is the civil engineer. Colliers is marketing the property for lease. Building IV at Park 94 will span 226,148 square feet in Mt. Pleasant, Wis. HSA completed its first phase of the industrial park in 2009. Scheduled for completion in July 2023, the new building will feature a clear height of 36 feet, 52 truck docks, two drive-in doors and parking for 37 trailers and 286 cars. CBRE is marketing the building for lease. HSA also broke ground on the first of three planned buildings at Bristol Highlands Commerce Center West in Kenosha, Wis. The developer is scheduled to deliver the 550,647-square-foot warehouse …
MADISON, WIS. — CRG has purchased a land site near the University of Wisconsin-Madison campus with plans to build a 534-bed student housing project named Chapter at Madison. Construction is expected to begin in December on the 10-story building. Completion is slated prior to the 2024-2025 academic year. Amenities will include a fitness center, private study spaces and conference rooms, a rooftop terrace and underground parking garage. The site is currently home to the former Buckingham’s Bar & Grill, Faith Community Bible Church, the former Fraboni’s Italian Specialties and Delicatessen and two rental houses. All the buildings have been acquired and are slated for demolition. Financing comes from Old National Bank, Johnson Bank and Bremer Bank.
By David Hodge, NAI Greywolf The demand for commercial industrial real estate was exceedingly strong in the Milwaukee market leading up to the onset of COVID-19. The economy and labor markets were also strong and incentives for onshoring spurred on this growth. Post-pandemic commercial industrial product continues its upward trend. The catalyst for this, however, is international supply chain disruptions. The reaction to this unfortunate circumstance is the accumulation of higher inventories of raw material and finished goods. The resulting impact is high demand, especially for warehouses, in an extremely low vacancy rate environment. Demand beating inventory According to Catylist, in the second quarter of 2022, the Milwaukee market’s vacancy rates were 3.3 percent for all commercial industrial products. This is largely due to the continued lack of available inventory. High demand in part has spurred increases in rental rates to approximately $5.98 per square foot triple net. While this is good news for landlords who look to capitalize, it presents challenges for tenants who are expanding their operations. The other factor driving rental rates is the rapid increase in interest rates. The upcoming election may also affect the rates in the later part of the fourth quarter of …
BROOKFIELD, WIS. — Mid-America Real Estate Corp. has brokered the sale of Shoppers World of Brookfield, a 178,784-square-foot shopping center in the Milwaukee suburb of Brookfield. The sales price was undisclosed. Tenants at the fully leased property include Ross Dress for Less, Burlington, Xperience Fitness and Best Buy Outlet. Metro Market, operated by Kroger Co., shadow anchors the property. Ben Wineman, Emily Gadomski and Dan Rosenfeld of Mid-America represented the seller, an affiliate of New Orleans-based private investment firm, PMAT. Brandon Goodman, Spencer Strong, Sage Shepard and Nate Monson of Colliers represented the buyer, a private investor completing a 1031 exchange. PMAT purchased the center in 2019 when it was 78 percent occupied.