KENOSHA, WIS. — Marcus & Millichap has brokered the sale of Safe Storage Club, a 24,480-square-foot self-storage facility in Kenosha. The sales price was undisclosed. The property features 348 parking spaces. Brett Hatcher, Gabriel Coe and Nathan Coe of Marcus & Millichap represented the seller, a limited liability company. The team also secured and represented the buyer, an individual trust. The sale closed above list price.
BARABOO, REEDSBURG AND WYOCENA, WIS. — Greywolf Brokerage, a division of Greywolf Partners Inc., has negotiated the sale of a three-property portfolio of gas stations and convenience stores in Wisconsin for $1 million. The properties are located at 516 Ash St. in Baraboo, 306 E. Main St. in Reedsburg and 123 S. Washington St. in Wyocena. Together, the assets total 6,144 square feet. Steve Turner of Greywolf Brokerage represented the seller. Buyer and seller information was not provided.
MADISON, WIS. — Von Maur has opened an 82,000-square-foot department store at West Towne Mall in Madison. Von Maur backfills a space formerly home to Boston Store. CBL Properties, the owner of West Towne Mall, says that the new Von Maur store is one of only two department store openings in the country this year. West Towne Mall spans 828,602 square feet and is home to tenants such as Total Wine & More, Dave & Busters, Dick’s Sporting Goods, JC Penney, Athleta, Pandora, Pottery Barn, Sephora, Williams-Sonoma and The Cheesecake Factory.
APPLETON, WIS. — Prairie Hill Holdings Fund I LP has acquired the Shops at Fox River in Appleton for $12.9 million. The 70,414-square-foot retail center is home to 11 tenants such as JoAnn Fabrics, Dollar Tree and Kirkland’s. The property is adjacent to the Fox River Mall, which is Wisconsin’s largest mall. The seller was undisclosed. Prairie Hill is a commercial real estate investment manager that owns and manages retail and industrial properties throughout the Midwest on behalf of its investors.
OSHKOSH, WIS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $12.6 million loan for the refinancing of The Brio Building in Oshkosh. The newly developed project features 60 apartment units and 10,000 square feet of retail space that is fully leased to a community-owned grocery store. Robert Bhat of MMCC arranged the Fannie Mae loan, which features a 75 percent loan-to-value ratio, a fixed interest rate of 4.8 percent for 10 years, five years of interest-only payments and a 30-year amortization schedule.
MILWAUKEE — Associated Bank has structured a $6 million construction loan and $9.6 million in Low-Income Housing Tax Credit equity for the renovation of Townhomes at Carver in Milwaukee. The affordable housing community consists of 35 buildings. The Housing Authority of the City of Milwaukee originally developed the 122-unit property in 2001. Of the 122 units, 102 are restricted to households earning 30 to 60 percent of the area median income and 20 units are market rate. Additionally, 51 units benefit from a project-based Section 8 contract. Improvements will include new flooring; updates of bathroom and kitchen cabinets, countertops and fixtures; replacement of furnaces, air conditioners and hot water heaters; and window, siding and roofing updates. Completion is slated for 2023. Stefanie Bachrach and Teresa Rubio of Associated Community Development LLC, the bank’s community development corporation, managed the current loan and equity closings.
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.