MILWAUKEE — USG Realty Capital has begun construction of Elevation 1659, a 76-unit apartment community in Milwaukee. The opportunity zone project is being developed in partnership with Ogden & Co. Inc. Completion is slated for September 2023. Elevation 1659 will offer a lower carbon footprint than neighboring properties, according to the development team. USG is utilizing its Investors Choice OZ fund, which launched in June 2021. Since that time, the qualified opportunity zone fund has invested in four projects.
MOUNT PLEASANT, WIS. — In a sale-leaseback transaction, Likewise Partners LLC has acquired a 134,805-square-foot industrial property in the Milwaukee suburb of Mount Pleasant for $6.2 million. Located at 1901 Chicory Road, the building features a clear height of 26 feet. Wrought Washer Manufacturing Inc. was the seller. The company will continue to occupy the entirety of the building for storage and distribution. Travis Tiede and Barry Chavin of Newmark represented Wrought Washer. Raymond Zanca and Scott Modelski of Black Bear Capital arranged acquisition financing. The transaction marks the third acquisition for Likewise in Wisconsin.
HARTFORD, WIS. — Blue West Capital has negotiated the $2.9 million sale of Hartford Shops in Hartford, about 37 miles northwest of downtown Milwaukee. The 12,530-square-foot retail center is fully leased and is shadow anchored by Aldi. Some of the tenants include Dunkin’, H&R Block, Shopko Optical and Papa Murphy’s. Carly Kelly and Shawn Dickmann of Blue West Capital represented the seller, a Dallas-based private real estate company. The duo also procured the buyer, a Colorado-based private investor. The property sold at 95 percent of the list price.
OAK CREEK, WIS. — Thrive Foods, a manufacturer of freeze-dried products, has signed a 340,623-square-foot industrial lease at 9141 S. 13th St. in Oak Creek, just south of Milwaukee. The newly completed building, which is a build-to-suit manufacturing facility for Thrive, features LED lighting, 40 loading docks and 50 trailer parking stalls. Stephen Provancher of Newmark represented the tenant, while John Schlueter of Frontline Commercial Real Estate represented the undisclosed landlord.
KENOSHA, WIS. — Colliers Wisconsin has brokered the sale of a portfolio of eight light industrial buildings totaling 277,982 square feet in Kenosha for $33.2 million. The properties, constructed in phases between 1995 and 2007, are situated within the Business Park of Kenosha. The portfolio was 97 percent leased by 43 tenants at the time of sale. Some of the tenants include Sherwin-Williams, Fastenal, First Supply and Viking Electric. Tom Shepherd and Jennifer Huber-Bullock of Colliers represented the seller, an affiliate of Zilber Ltd. An Elmhurst, Ill.-based private buyer purchased the portfolio.
APPLETON, WIS. — Colliers Wisconsin has brokered the sale of a 70,414-square-foot shopping center in Appleton for $12.9 million. The fully leased property is situated adjacent to the Fox River Mall near Highway 41. Some of the tenants include JoAnn Fabrics, Dollar Tree, Kirkland’s and Chili’s. Adam Connor, Mark Pucci and Heather Dorfler of Colliers represented the seller, an Appleton-based investor group. Prairie Hill Holdings, a Chicago-based private real estate investment firm, was the buyer.
MARINETTE, WIS. — Newcap Inc. has completed Trolley Station Terrace in Marinette, about 55 miles north of Green Bay. The mixed-income housing development features 38 units for residents earning up to 60 percent of the area median income and seven market-rate units. The property also offers social services for veterans and persons with disabilities. Nine of the units are designated for veterans and individuals who have permanent developmental, physical, sensory, medical or mental health disabilities. Amenities include a community room, computer lab, reading room, storage units, dog wash and internet. The development team included Crown Court Properties Ltd. as co-developer, McGann Construction Inc. as general contractor, Dimension IV Madison Design Group as project architect and Lutheran Social Services as property manager. The total project cost was $10.2 million. Hunt Capital Partners provided $6.3 million in federal low-income housing tax credit equity through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 37. The fund includes eight investors, including CVS Health. Trolley Station Terrace also benefits from funds from the HOME Investment Partnerships Program, which is a federal block grant to state and local governments designed exclusively to create affordable housing for low-income households. Additionally, Merchants Capital Corp. provided a $1.8 …
MADISON, WIS. — JLL Capital Markets has brokered the sale of Stonewood Village in Madison for $40.8 million. The 272-unit, garden-style multifamily property features one- and two-bedroom units with an average size of 1,004 square feet. Amenities include a playground, pool and tennis courts. The value-add property was built in 1982. Wick Kirby, Amanda Friant and Jamie Fink of JLL represented the seller, Stonewood UI LLC, an affiliate of Banner Real Estate Group. Axiom Properties was the buyer. Matthew Schoenfeldt and Medina Spiodic of JLL originated a $29.8 million Fannie Mae acquisition loan on behalf of the buyer. The 10-year loan features a fixed interest rate.
MILWAUKEE — Colliers has negotiated the sale of Fair Park Business Center in Milwaukee for $14.6 million. Located at 620 S. 76th St., the 119,971-square-foot property is fully leased to six office and flex industrial tenants. The building was originally constructed in 1948 with additions and renovations occurring between 2006 and 2014. Some of the tenants include Children’s Hospital of Wisconsin, Lesaffre Yeast Corp. and Upper Iowa University. Tom Shepherd and Jennifer Huber-Bullock of Colliers represented the seller, SARA Investment Real Estate. A New York-based 1031 exchange investor was the buyer.
BROWN DEER, WIS. — JLL Capital Markets has brokered the sale of Bevy Apartments in Brown Deer, a northern suburb of Milwaukee. The sales price was undisclosed. Built in 2020, the multifamily property features both apartments and townhomes. Units average 961 square feet and come in a variety of studio, one- two- and three-bedroom floor plans. Amenities include a fitness center, outdoor terrace, clubroom, dog park and underground parking. Wick Kirby, Amanda Friant, Jeremy Weinstock and Jaime Fink of JLL represented the seller, Fiduciary Real Estate Development Inc. JVM Realty Corp. was the buyer.