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IndustrialLeasing ActivityMidwestWisconsin

Haribo Signs 157,656 SF Industrial Lease in Bristol, Wisconsin

by Kristin Harlow

BRISTOL, WIS. — Haribo of America Inc. has signed a 157,656-square-foot, full-building industrial lease at Bristol Highlands Commerce Center in Bristol near the Wisconsin-Illinois border. Chicago-based HSA Commercial Real Estate is the owner and developer. The first phase of Bristol Highlands, which was completed in 2020 and includes a 472,176-square-foot warehouse, is now fully leased. Haribo, known for its gummy bears, plans to occupy the space in the first quarter of 2022. Haribo’s first North American production plant is currently under construction in Pleasant Prairie, which is two miles from Bristol. Whit Heitman, Sam Badger and Jared Paff of CBRE represented Haribo in the lease transaction. Jeff Hoffman of Cushman & Wakefield | Boerke and Eric Fischer of Cushman & Wakefield represented ownership.

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AcquisitionsMidwestMultifamilyWisconsin

Berkadia Arranges $10.5M Sale of Multifamily Property in Menomonee Falls, Wisconsin

by Kristin Harlow

MENOMONEE FALLS, WIS. — Berkadia has arranged the $10.5 million sale of Shady Lane Apartments in Menomonee Falls, a northwest suburb of Milwaukee. The garden-style property, which consists of 56 units across seven buildings, was 98 percent occupied at the time of sale. Richard Evans, Ralph DePasquale, Pete Evans and Jack Maloney of Berkadia represented the seller, Wisconsin-based Hilgart Property Group. RMJ Acquisitions LLC was the buyer.

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AcquisitionsMidwestRetailWisconsin

Marcus & Millichap Arranges $3.1M Sale of Retail Property in Middleton, Wisconsin

by Kristin Harlow

MIDDLETON, WIS. — Marcus & Millichap has arranged the $3.1 million sale of Cornerstone Mall in Middleton, a northwest suburb of Madison. The 18,733-square-foot retail property is located at 2831 Parmenter St. and is 92 percent leased to tenants such as Hurts Donut Co. and Jet’s Pizza. Austin Weisenbeck, Sean Sharko and Marc Sitzer of Marcus & Millichap represented the seller, a Madison-based limited liability company. The buyer was undisclosed.

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AcquisitionsHospitalityMidwestWisconsin

Brick by Brick Capital Acquires Historic Four Seasons Island Resort in Pembine, Wisconsin

by Kristin Harlow

PEMBINE, WIS. — An affiliate of Chicago-based Brick by Brick Capital, in partnership with tech-enabled hotel operator Life House, has acquired the historic Four Seasons Island Resort in the Northeast Wisconsin town of Pembine. The purchase price was undisclosed. The deal represents the first hotel in Wisconsin for both Brick by Brick and Life House, and the first of several planned acquisitions across the upper Midwest. Originally built in 1905 by the Wisconsin-Michigan Railroad Co., the 70-acre resort was a popular destination for visitors arriving by railroad from Chicago during the summer months. The hotel is located on Miscauno Island along a scenic stretch of the Menominee River, which is the natural border separating Wisconsin from the Upper Peninsula of Michigan. Life House will operate a wide array of amenities, including four dining options, a nine-hole golf course, wedding and conference facilities, an indoor pool, fitness room, arcade, pontoon boat tours and cross-country ski rentals.

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Build-to-RentLoansMidwestNorthmarqWisconsin

Northmarq Provides $12.2M Freddie Mac Loan for Build-to-Rent Community in Oak Creek, Wisconsin

by Kristin Harlow

OAK CREEK, WIS. — Northmarq has provided $12.2 million in construction takeout financing for the recently completed first phase of Residences at Oak View in Oak Creek, just south of Milwaukee. The build-for-rent community, located at 10730 S. Howell Ave., includes 42 rental homes. Residents have access to a clubhouse with a fitness center, game room, community room and outdoor pool. The property was fully pre-leased within two months of the first home delivery and achieved occupancy stabilization within five months. Construction on a 41-home second phase is currently underway, with completion slated for summer 2022. Brett Hood of Northmarq arranged the 10-year loan, which features five years of interest-only payments followed by a 30-year amortization schedule. Northmarq originated the financing for the borrower, ModHomes, through its status as a Freddie Mac Optigo lender.

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AcquisitionsMidwestRetailWisconsin

Stan Johnson Co. Arranges $2.4M Sale of Property Net Leased to Sherwin-Williams in Milwaukee

by Kristin Harlow

MILWAUKEE — Stan Johnson Co. has arranged the sale of a 3,500-square-foot retail property net leased to Sherwin-Williams in Milwaukee for $2.4 million. The building is located at 1216 S. 1st St. and was constructed in 2018. Blaise Bennett of Stan Johnson represented the seller, a Wisconsin-based developer. A Texas-based private equity group was the buyer. The sales price represents a cap rate of 5.1 percent, a new record for a Sherwin-Williams property in the Midwest, according to Stan Johnson.

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Affordable HousingDevelopmentLoansMidwestMultifamilyWisconsin

Associated Bank Provides $16.9M in Financing for Development of Affordable Housing Community Near Madison

by Kristin Harlow

MT. HOREB, WIS. — Associated Bank has provided a $16.9 million financing package for the development of Landsby Ridge, a 51-unit affordable housing community at 400 W. Garfield St. in Mt. Horeb, about 20 miles southwest of Madison. Gorman and Co. LLC and Impact Seven are the developers. Landsby Ridge will include 46 units for residents who earn 30 to 60 percent of the area median income (AMI) along with five units that will be rented at market rates. Lutheran Social Services and Impact Seven will provide supportive services for 11 units that will be reserved at the 30 percent AMI threshold. In addition to co-developer, Gorman and Co. will serve as general contractor and property manager. Construction is underway, and completion is scheduled for the third quarter of 2022. Associated Bank provided a total of $9.2 million in loan proceeds, and Associated Community Development provided federal low-income housing tax credit equity of $7 million. Associated Bank also sponsored a $690,000 affordable housing project grant from the Federal Home Loan Bank of Chicago. Royal Bank of Canada is the tax credit syndicator. Bryan Schreiter of Associated Bank’s commercial real estate group managed the loan closings. Stefanie Bachrach of Associated Community …

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DevelopmentMidwestMultifamilyWisconsin

M&R Development Opens 270-Unit Luxury Apartment Complex in Madison, Wisconsin

by Kristin Harlow

MADISON, WIS. — M&R Development has opened Elevate, a 270-unit luxury apartment complex located at 5022 American Parkway in Madison. Elevate marks M&R’s second apartment project to open in Wisconsin this year, following the completion of 42 Hundred On The Lake in St. Francis this summer. Units at the four-story Elevate measure 590 to 1,254 square feet. Monthly rents range from $1,205 to $3,199. The centerpiece of the community is a two-story clubhouse, complete with an outdoor pool, grilling stations, fire pit and lounge seating. Inside, the clubhouse includes an entertainment kitchen, coffee bar, fitness center, yoga room, business center, pet washing station and package room. The project team included Stevens Construction and Poole & Poole Architecture. M&R co-developed Elevate with Campbell Capital Group LLC. RMK Management is overseeing leasing and property management.

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AcquisitionsIndustrialMidwestWisconsin

Founders 3 Brokers Sale-Leaseback of 146,560 SF Industrial Facility in Milwaukee

by Kristin Harlow

MILWAUKEE — Founders 3 Real Estate Services has brokered the sale-leaseback of a 146,560-square-foot industrial facility in Milwaukee for an undisclosed price. The property serves as a processing plant for tenant Klement’s Sausage Co. The facility features climate-controlled manufacturing space as well as significant cold and freezer storage space. Klement’s has occupied the building since its construction in 1989. Since then, the property has gone through extensive renovations and expansions in 1997, 2004 and 2019. Klement’s, a subsidiary of Tall Tree Foods, has signed a long-term lease for the facility. Bob Flood, Andy Hess and Kemp Collings of Founders 3 represented Tall Tree Foods in the transaction. Madison-based SARA Investment Real Estate was the buyer.

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AcquisitionsMidwestMultifamilyWisconsin

JVM Realty Acquires 480-Unit Luxury Apartment Complex in Kenosha, Wisconsin

by Kristin Harlow

KENOSHA, WIS. — JVM Realty Corp. has acquired The Reserve at Kenosha, a 480-unit luxury apartment complex in the southeastern Wisconsin town of Kenosha. The purchase price was undisclosed. The property includes 23 buildings across 68 acres. Amenities include two fitness centers, two pools, two car care centers, three dog parks, a pet spa and full-service kitchen. Formerly known as The Springs at Kenosha, the property’s final phase was completed in 2020. JVM’s central region team will manage the asset. Pete Evans and Ralph DePasquale of Berkadia Chicago, along with Richard Evans of Berkadia Milwaukee, represented the seller, Wisconsin-based Continental Properties Co. Inc.

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