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.
MILWAUKEE — Senior Living Investment Brokerage (SLIB) has negotiated the sale of eight seniors housing properties in metro Milwaukee for an undisclosed price. The communities feature a total of 449 units. Occupancy averages 84 percent. Jason Punzel, Ryan Saul and Bradley Clousing of SLIB handled the transaction. The seller was a private owner that acquired the communities as value-add deals. The buyer was an experienced assisted living company with an existing portfolio in the Southeast that was looking to expand in the Midwest.
GREEN BAY, WIS. — NAI Greywolf has negotiated the sale of two seniors housing communities in Green Bay. Dawn Davis of NAI Greywolf represented the seller. The portfolio included Bishop’s Court Community, a 69-bed assisted living facility with memory care, and Allouez Sunrise Village, which is a 49-unit residential care apartment complex. The combined 125,711-square-foot portfolio is located on the same campus. The buyer and price were not disclosed.
BROOKFIELD, WIS. — Mid-America Real Estate Corp. has brokered the sale of Brookfield Marketplace in suburban Milwaukee for an undisclosed price. The 90,374-square-foot shopping center is home to Pick ’n Save, Panera Bread, First Midwest Bank, U.S. Cellular, Allstate and Sylvan Learning. Rick Drogosz and Dan Rosenfeld of Mid-America represented the sellers, General Capital Group and Thompson Cos. Jack Stead of Northstar REIS represented the buyer, Grocery Management Partners LLC.
KENOSHA, WIS. — Colliers has arranged the sale of a 270,290-square-foot distribution center in Kenosha for an undisclosed price. The newly constructed building is located at 10200 55th St. The property features a clear height of 32 feet, 28 exterior docks, two drive-in doors and parking for 249 cars. Jeff Devine and Steve Disse of Colliers represented the seller, Panattoni Development Co. Pritzker Realty Group was the buyer.
MENOMONEE FALLS, WIS. — The board of directors of Kohl’s Corp. (NYSE: KSS) has entered into exclusive negotiations with Franchise Group Inc. (FRG) for a period of three weeks in relation to FRG’s proposal to acquire Kohl’s for $60 per share. The purpose of the exclusive period is to enable FRG and its financing partners to finalize due diligence and financing arrangements and for the parties to complete the negotiation of binding documentation. The transaction remains subject to approvals of the board of directors of both companies. Menomonee Falls-based Kohl’s says it remains focused on selecting the path that maximizes value for all Kohl’s shareholders. Kohl’s operates more than 1,100 stores in 49 states. Its stock price closed at $42.12 per share Monday, June 6, down from $54.34 per share one year ago. FRG is a holding company of a collection of brands, including the Vitamin Shoppe.