MILWAUKEE — The Boulder Group has brokered the sale of a 120,000-square-foot property occupied by grocer Pick ’n Save in Milwaukee. Retailers in the surrounding area include Starbucks, Domino’s Pizza, U.S. Bank, Dunkin’, McDonald’s, Napa Auto Parts and Culver’s. Jimmy Goodman and John Feeney of Boulder represented the seller, a Milwaukee-based real estate investor, and the buyer, a national private real estate company. There are more than eight years remaining on the Pick ’n Save lease.
MIDDLETON, WIS. — McShane Construction Co. has completed The Trotta Apartments in Middleton, a northwest suburb of Madison. The 126-unit apartment complex is situated on a site that previously housed a motel owned by the Trotta family. The four-story development offers a mix of market-rate units and workforce housing units. Income restrictions were not disclosed. Amenities include a clubroom, fitness room, dog wash, common room and three rooftop decks. Ramaker provided architectural services. The developer was Impact Seven, a Wisconsin-based affordable housing developer.
MADISON, WIS. — Repvblik LLC has purchased the Madison Plaza Hotel in Madison for an undisclosed price and plans to convert the hotel into workforce housing. Repvblik intends to fully renovate and repurpose the property into roughly 155 to 190 affordable studio and one-bedroom units. Completion is slated for 2023. Repvblik builds workforce housing for renters who earn 60 to 120 percent of the area median income (AMI). At the Madison property, rents will be affordable for those who earn 60 percent of AMI. In cooperation with HotelBrokerOne, Jameson & Co. brokered the sale of the 197-room hotel. Construction is expected to last 10 to 12 months.
STURTEVANT, WIS. — Ashley Capital has broken ground on two new speculative industrial buildings at Enterprise Business Park in Sturtevant, a southern suburb of Milwaukee. Buildings V and VI will each span 390,000 square feet and are slated for completion in the first quarter of 2023. Ashley is also renovating Building IV and expects to have it available for occupancy by the end of this summer. Upon full buildout, Enterprise Business Park will comprise six buildings totaling more than 2.1 million square feet. Current tenants include CNH, Fresenius, Andis and Ryder Logistics. Terence McMahon and Cody Ziegler of Cushman & Wakefield/Boerke Co., along with John Sharpe and Tom Boyle of Lee & Associates, are the leasing agents for the business park.
WAUSAU, WIS. — Hicks Ventures, a Houston-based privately held development company, has broken ground on a $28 million inpatient rehabilitation facility in central Wisconsin’s Wausau. The 42-bed, 53,000-square-foot project will rise two stories. In addition to rehabilitation services, the facility will also feature an inpatient dialysis suite. The project marks the first in a $100 million joint venture between Hicks and an institutional real estate investment manager formed in January to develop inpatient rehabilitation facilities and behavioral health hospitals.
WISCONSIN AND NORTH CAROLINA — Affiliates of Phoenix Investors have acquired three former manufacturing facilities totaling more than 1 million square feet in Wisconsin and North Carolina. Phoenix plans to make various capital improvements to each facility in the coming months. The first property was formerly home to Silgan Container Manufacturing Corp. and is located at 500 Libby St. in Waupun, about 70 miles northwest of Milwaukee. The 260,000-square-foot building features 10 dock doors and a freight elevator. Scott Furmanski of CBRE brokered the sale. The second transaction involved a 375,000-square-foot facility formerly occupied by Eaton Corp. in Necedah, a city in central Wisconsin. Adam Matson and Patrick Hanrahan of Newmark represented the seller, MVP Logistics. The sales price was $3 million. The third facility is a 410,000-square-foot property formerly occupied by Alamac American Knits in Lumberton, a city in southern North Carolina. The property features manufacturing, warehousing and office space as well as parking for up to 650 vehicles. Thomas Turner of Newmark brokered the sale.
HALES CORNERS, WIS. — Marcus & Millichap has arranged the $6 million sale of a 37,219-square-foot retail center in Hales Corners, about 14 miles southwest of Milwaukee. Dollar Tree and Health Hut anchor the fully leased property, which is located at 5602 S. 108th St. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a developer. The team also procured the buyer, a private investor that completed a 1031 exchange. The property sold at the full asking price.
MILWAUKEE — NAI Greywolf has brokered the sale of a 20,860-square-foot industrial building in Milwaukee for $1.5 million. Located at 8800 Dean Road, the property features a clear height of 19 feet, two docks and two drive-in doors. There is excess land that can be utilized for additional parking or storage. David Hodge of NAI Greywolf represented the undisclosed buyer. The seller was also undisclosed.
MADISON, WIS. — Lee & Associates has brokered the sale of a 30,000-square-foot industrial building in Madison for $2.7 million. The property is located at 5601 Manufacturers Drive. Blake George of Lee & Associates represented the seller, an entity doing business as Pony Express LLC. The buyer was IA Manufacturers LLC.
MISHAWAKA, WIS. — Social Cantina will open a 4,800-square-foot restaurant at The Mill at Ironworks Plaza, an apartment complex in downtown Mishawaka. The Mexican restaurant serves tequilas, fresh margaritas, craft beer and classic Mexican dishes. Finney Hospitality Group owns the restaurant brand. The Mill at Ironworks Plaza, completed in 2019, features 232 luxury apartment units with 13,000 square feet of retail space. Earlier this year, Sun King unveiled plans to open a 6,700-square-foot tap room at the property. Flaherty & Collins Properties, the property owner, is finalizing plans on a second phase that will bring an additional 230 luxury apartment units and riverfront retail space. Construction on Phase II is expected to begin in spring 2023.
