Wisconsin

HSA Commercial Begins Construction on Four Spec Warehouses Totaling 1.9 MSF in Illinois, Wisconsin

by Kristin Harlow November 22, 2022

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 …

November 22, 2022

Development Midwest Multifamily Student Housing Wisconsin

CRG Buys Land Near University of Wisconsin-Madison, Plans 534-Bed Student Housing Development

by Kristin Harlow November 22, 2022

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.

November 22, 2022

Industrial Market Reports Midwest Midwest Market Reports Wisconsin

Tenants Turn to Third-Party Logistics in Milwaukee Market

by Kristin Harlow November 17, 2022

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 …

November 17, 2022

Acquisitions Midwest Retail Wisconsin

Mid-America Brokers Sale of 178,784 SF Shopping Center in Brookfield, Wisconsin

by Kristin Harlow November 10, 2022

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.

November 10, 2022

Loans Midwest Multifamily Wisconsin

Marcus & Millichap Capital Corp. Arranges $11.4M Acquisition Loan for Wisconsin Multifamily Property

by Kristin Harlow November 9, 2022

PORT WASHINGTON, WIS. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $11.4 million loan for the acquisition and renovation of Harbor Ridge Apartments in Port Washington, about 27 miles north of Milwaukee. The 112-unit multifamily property is located on Westport Drive. Michael Hughes of MMCC arranged the five-year loan, which features two years of interest-only payments, a 4.75 percent interest rate and an 80 percent loan-to-value ratio. The lender was undisclosed.

November 9, 2022

Civic Development Midwest Wisconsin

Kraus-Anderson Completes $13.5M Expansion to St. Croix Falls High School in Wisconsin

by Kristin Harlow November 8, 2022

ST. CROIX FALLS, WIS. — Kraus-Anderson Construction has completed a $13.5 million expansion project at St. Croix Falls High School in western Wisconsin. Designed by DSGW, the 28,300-square-foot project consisted of three separate additions to the school. The first component was a 21,100-square-foot fine arts center, which will host theatrical productions, musicals and concerts as well as serve as a large group learning space. The second component was a 6,400-square-foot fitness center and the third was a 300-square-foot wash bay addition to the existing garage.

November 8, 2022

Acquisitions Industrial Midwest Wisconsin

Founders 3 Brokers Sale of Two Industrial Buildings in Menomonee Falls, Wisconsin

by Kristin Harlow November 8, 2022

MENOMONEE FALLS, WIS. — Founders 3 Real Estate Services has brokered the sale of two industrial buildings totaling 75,163 square feet in Menomonee Falls, a northwest suburb of Milwaukee. The sales price was undisclosed. Bob Flood of Founders 3 represented the seller, Kohl’s Inc. Flood will market the properties for lease or sale on behalf of the buyer, Luther Group.

November 8, 2022

Acquisitions Midwest Retail Wisconsin

Bowlero Corp. Acquires Sabre Lanes in Menasha, Wisconsin

by Kristin Harlow November 7, 2022

MENASHA, WIS. — Bowlero Corp. (NYSE: BOWL) has acquired the Sabre Lanes bowling alley in Menasha, about 37 miles southwest of Green Bay. The purchase price and seller were undisclosed. The transaction represents Bowlero’s third acquisition in Wisconsin this year. Sabre Lanes is home to 48 lanes, event spaces, a full kitchen and multiple bars. Bowlero assumed management and operation of the property beginning Saturday, Nov. 5.

November 7, 2022

Acquisitions Midwest Office Wisconsin

Colliers Brokers Sale of Historic Office Building in Milwaukee

by Kristin Harlow November 4, 2022

MILWAUKEE — Colliers has brokered the sale of the Global Water Center in Milwaukee for an undisclosed price. The historic office building totals 86,156 square feet and is 87 percent leased to 14 tenants. The property was originally constructed in 1904 for the Molitor Paper Box Co. After Molitor relocated, machinery manufacturer The Murphy Specialty Co. occupied the building until 1938. In 2013, the building was redeveloped in partnership with the Milwaukee Water Council, a nonprofit organization. Since the summer of 2020, the property has welcomed new tenants such as Xylem Water Solutions, Beckhoff Automation, OpenGov and Diverge Translational Science Laboratory. Tom Shepherd and Jennifer Huber-Bullock of Colliers represented the seller, Water Accelerator LLC. The buyer was 247 Freshwater LLC, an affiliate of SixSibs Capital Corp.

November 4, 2022

Leasing Activity Midwest Office Wisconsin

US Bureau of Land Management Signs 8,797 SF Office Lease in Milwaukee

by Kristin Harlow October 26, 2022

MILWAUKEE — The U.S. Department of the Interior’s Bureau of Land Management (BLM) has signed a 15-year lease for 8,797 square feet on the 11th floor of Two-Fifty, an office tower in Milwaukee. The property rises 20 stories and spans 200,000 square feet at 250 E. Wisconsin Ave. within the city’s central business district. The BLM is responsible for sustaining the health, diversity and productivity of public lands. Ned Purtell and John Davis of Founders 3 Real Estate Services represented the landlord, Buffalo Grove, Ill.-based Millbrook Real Estate Co. Since purchasing Two-Fifty in 2015, Millbrook has invested more than $8.5 million in improvements, including a new tenant lounge, conference center and lobby renovation. The building is currently home to tenants such as HNTB, Associated Bank and the Milwaukee Bar Association.

October 26, 2022

Newer Posts

Older Posts