Wisconsin

Westmount Realty Capital Recapitalizes 6.1 MSF Industrial Portfolio in Metro Chicago, Milwaukee

by Kristin Harlow January 28, 2022

CHICAGO AND MILWAUKEE — Westmount Realty Capital is partnering with a fund managed by the real estate group of Ares Management Corp. to recapitalize a 51-asset industrial portfolio totaling 6.1 million square feet in the Chicago and Milwaukee metro areas. Westmount and Ares acquired the portfolio of logistics, bulk distribution and last-mile properties from a Partners Group-Westmount joint venture. The portfolio is nearly 99 percent leased to a roster of 123 tenants. Michael Caprile of CBRE and Josh McArtor of Eastdil Secured represented the seller.

January 28, 2022

Acquisitions Midwest Retail Wisconsin

Mid-America Negotiates $9.3M Sale of Retail Center in Greenfield, Wisconsin

by Kristin Harlow January 27, 2022

GREENFIELD, WIS. — Mid-America Real Estate Group has negotiated the $9.3 million sale of 84South Small Shops in Greenfield, a southern suburb of Milwaukee. Built in 2018, the 17,805-square-foot retail center is located along Layton Avenue. Tenants include Men’s Hair House, Hand & Stone Massage and Facial Spa, MOD Pizza, FedEx Office and Café Zupas. Dan Rosenfeld of Mid-America Real Estate Wisconsin LLC represented the seller, Cobalt Partners. E&K Land LLC was the buyer.

January 27, 2022

Acquisitions Midwest Multifamily Wisconsin

Next Realty Buys 64-Unit Multifamily Property in Suburban Milwaukee

by Kristin Harlow January 12, 2022

WAUWATOSA, WIS. — An affiliate of Next Realty has purchased Dolphin Square Apartments in Wauwatosa, a suburb of Milwaukee. The purchase price was undisclosed. Located at 10300 W. Bluemound Road, the multifamily property includes 64 units and 88 parking spaces. Next Realty plans to complete a renovation program that was started by the previous owner. Founders 3 Real Estate brokered the sale. Landmark Credit Union provided acquisition financing.

January 12, 2022

Loans Midwest Multifamily Northmarq Wisconsin

Northmarq Arranges $40.2M for Recapitalization of Two Apartment Communities in Wisconsin

by Kristin Harlow January 5, 2022

BROOKFIELD, WIS. — Northmarq has arranged $40.2 million to recapitalize Artisan at Georgetown Square and Foxhaven Apartments in Brookfield near Milwaukee. The borrower completed development of Artisan at Georgetown Square in January 2021. The property includes 99 units that were fully leased at the time of loan closing. Foxhaven was developed in three phases between 1987 and 1994. The borrower acquired the asset in 2000. Brett Hood of Northmarq arranged the financing through Freddie Mac. Loan proceeds for Artisan at Georgetown Square retired a $15.6 million construction loan and returned equity to the borrower. For Foxhaven, the borrower received a $20.4 million loan, which retired maturing agency debt.

January 5, 2022

Acquisitions Industrial Midwest Wisconsin

Zilber Acquires 125,000 SF Industrial Property in Beloit, Wisconsin

by Kristin Harlow January 3, 2022

BELOIT, WIS. — Zilber Property Group has acquired a 125,000-square-foot industrial facility located at 2350 Springbrook Court in the southern Wisconsin town of Beloit. The purchase price and seller were undisclosed. WestRock, a global packaging solutions company, fully occupies the property, which features a clear height of 20 feet, 11 dock positions, 15 trailer stalls, one drive-in door and additional land for expansion. Rachel Agba represented Zilber on an internal basis.

January 3, 2022

Civic Development Midwest Wisconsin

Kraus-Anderson to Wrap Up $42M Renovation of La Crosse Center in Wisconsin This Month

by Kristin Harlow December 17, 2021

LA CROSSE, WIS. — The Madison office of Kraus-Anderson (KA) is about to complete construction of the $42 million renovation and expansion of La Crosse Center. The civic center is located at 400 La Crosse St. in the western Wisconsin town of La Crosse. The center has remained open during construction, which is scheduled for completion by the end of the year. Designed by ISG Architects, the two-year renovation project expands the sports, entertainment and event center into 120,000 square feet of multipurpose space. There is a new 12,892-square-foot ballroom and 7,226-square-foot atrium along with seven meeting rooms and office space. The project also includes a rooftop terrace and a new lobby with a staircase to the ballroom level. KA renovated the existing arena with new seating; a higher-quality sound system; ADA-compliant platforms and railings; and upgraded and enlarged dressing rooms, locker rooms, restrooms and concession stands. In addition to sporting events and concerts, La Crosse Center will host weddings, conferences and trade shows.

December 17, 2021

Development Midwest Mixed-Use Wisconsin

Irgens to Redevelop Former United Healthcare Property Near Milwaukee

by Kristin Harlow December 16, 2021

WAUWATOSA, WIS. — Irgens has received approval from the Milwaukee Regional Innovation Center Inc. for its redevelopment of the former United Healthcare office building located at 10701 Research Drive in Wauwatosa near Milwaukee. Irgens will transform the nearly 14-acre site into a mixed-use development fronting Mayfair Road at the entrance to the Milwaukee County Research Park. In addition to significant renovations to the current office building on the site, the revitalization will include new retail, medical office and residential components. The United Healthcare office building was the inaugural project at the Milwaukee County Research Park in 1995, according to Irgens. Construction inside the five-story, 130,000-square-foot building is scheduled to commence in January. Interior improvements will include a new lobby, renovated restrooms, new building amenities and updated finishes. Exterior improvements will start in late spring and will include new and reconfigured parking areas as well as extensive landscape upgrades. Irgens plans to subdivide the remaining land. The retail component will consist of an 8,000-square-foot, single-story building. A planned medical office building will rise two stories and span 43,000 square feet. Lastly, the multifamily component will include 185 apartment units. Municipal approval is still required and a timeframe for that is yet …

December 16, 2021

Acquisitions Industrial Midwest Wisconsin

Coldwell Banker Commercial Arranges $12.1M Sale of Industrial Building in Janesville, Wisconsin

by Kristin Harlow December 14, 2021

JANESVILLE, WIS. — Coldwell Banker Commercial has arranged the $12.1 million sale of a 150,000-square-foot industrial building in Janesville, about 75 miles southwest of Milwaukee. Built in 2016 and located at 4260 Capital Circle, the property features a clear height of 30 feet, 12 exterior docks and two drive-in doors. The tenant, IPM Foods, completed a lease renewal and expansion earlier this year. Following the expansion of warehouse space and a freezer, the building will measure 170,000 square feet. Bill Mears and Adam Schultz of Coldwell Banker Commercial McGuire Mears & Associates represented the seller, Badger Property Investments. The buyer was not provided.

December 14, 2021

Acquisitions Midwest Retail Wisconsin

Matthews Brokers $10.7M Sale of Home Depot-Occupied Property in Racine, Wisconsin

by Kristin Harlow November 29, 2021

RACINE, WIS. — Matthews Real Estate Investment Services has brokered the $10.7 million sale of a Home Depot-occupied retail property in Racine. The asset is located at 2429 S. Green Bay Road near the High Ridge Shopping Center. Rob Goldberg and Ben Snyder of Matthews represented the seller, a national private investor. An unnamed REIT was the buyer.

November 29, 2021

Loans Midwest Multifamily Wisconsin

Aries Capital Arranges $21.9M in Joint Venture Equity for Multifamily Development in Glendale, Wisconsin

by Kristin Harlow November 23, 2021

GLENDALE, WIS. — Aries Capital has arranged $21.9 million in joint venture equity on behalf of Cypress Equities for The Bayshore Residences in Glendale, a northern suburb of Milwaukee. The $73 million, 311-unit luxury apartment complex will be situated within Bayshore Town Center and adjacent to the recently redeveloped shopping destination known as Bayshore. The four-building project will include studios to three-bedroom units along with a pool and shared courtyard spaces. North American Development Group was the joint venture partner. A timeline for construction was not provided.

November 23, 2021

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