WAUWATOSA, WIS. — Irgens has acquired 10701 Research Drive in Wauwatosa for an undisclosed price. The five-story, 130,000-square-foot office building is located at the intersection of Mayfair Road and Research Drive. Completed in 1995, the property was the inaugural development within the Milwaukee County Research Park. Irgens is planning to make substantial improvements to the facility, including new common area finishes and an amenity package. Blueprint’s medical office building team represented the seller, a REIT.
MIDDLETON, WIS. — Lee & Associates has brokered the sale of a one-acre site at 2644 Branch St. in Middleton, just northwest of Madison. The sales price and seller were undisclosed. John Walsh of Lee & Associates represented the buyer, Branch Street Properties LLC. The buyer plans to build a luxury apartment building rising three stories with 36 units.
OCONOMOWOC, WIS. — Wangard Partners has selected Greenfire to build its new Olympia Fields Apartments in Oconomowoc, about 34 miles west of Milwaukee. The development will include 178 luxury apartment units along with a pool and clubhouse. Seven buildings will house a variety of unit sizes, including studios, one-, two- and three-bedroom floor plans. The project will be built on the site of the former Olympia Resort, which is currently being demolished. Construction is expected to begin in October with completion slated for fall 2022. Kahler Slater will serve as architect and R.A. Smith as civil engineer.
WAUWATOSA, WIS. — IRA Capital has purchased an 11,200-square-foot ambulatory surgery center in Wauwatosa, about six miles west of Milwaukee. The purchase price was not disclosed. The property is fully occupied by Wauwatosa Surgery Center, a partner of Surgical Care Affiliates (SCA). The facility offers various outpatient services, including anesthesiology, general surgery and orthopedic surgery. IRA acquired the building in a sale-leaseback that was structured with SCA, which operates 230 ambulatory surgery centers across 35 states.
MILWAUKEE — JLL Capital Markets has brokered the sale of the Rexnord Power Transmission Headquarters building in downtown Milwaukee for $72.2 million. The 150,950-square-foot office building traded at a cap rate just under 5 percent. The property was fully renovated in 2020 to serve as Rexnord Power Transmission’s new headquarters. The building includes a seven-story parking garage and is fully leased. Sam DiFrancesca, Brian Shanfeld, Jason DeWitt, Steven Okon, Jeff Bramson, Jaime Fink, Bruce Miller and Pat Shields of JLL represented the seller, Klein Development Inc. An undisclosed third party was the buyer.
KENOSHA, WIS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Southport Plaza and Indian Trail Plaza in Kenosha for $43.5 million. A Florida-based private buyer purchased the two adjacent shopping centers, which total 407,367 square feet. Anchored by Kohl’s, Fresh Thyme and Hobby Lobby, the centers were 92 percent occupied at the time of sale. Southport Plaza was built in 1996 and Indian Trail Plaza was constructed in 2006. Both properties are located at the intersection of Green Bay Road and 75th Street. Craig Fuller, Scott Wiles, Erin Patton and Jared Shapiro of IPA represented the seller, a Chicago-based private equity firm. The team also represented the buyer, which secured permanent financing from a bank at a 76 percent loan-to-value ratio.
ST. FRANCIS, WIS. — M&R Development has opened 42 Hundred on the Lake, a 236-unit luxury apartment complex in St. Francis, five miles south of downtown Milwaukee. A ribbon-cutting ceremony took place Thursday, July 22. The community, which is located at 4200 S. Lake Drive, is more than 65 percent leased. Units range in size from 583 to 1,204 square feet and monthly rents range from $1,248 to $3,350. Amenities include a clubhouse, private lounge, business center, game room, fitness center, pet spa, package room, two outdoor courtyards, grilling stations, fire pits, lounge areas overlooking Lake Michigan and a pool with cabanas. RMK Management is overseeing leasing and property management.
MILWAUKEE — JLL Capital Markets has brokered the sale of Vim + Vigor in Milwaukee for $53 million. Constructed in 2019, the 274-unit apartment community is located in the city’s Brewery District, which was once home to Pabst Brewing Co. The property comprises two buildings and was more than 90 percent leased at the time of sale. Units range from 376 to 1,340 square feet. The property features 7,050 square feet of ground-floor retail space, a 237-parking garage, courtyard, fitness center, home brewing studio and conference rooms. Wick Kirby, Amanda Friant and Jaime Fink of JLL represented the sellers, Milhaus Development and The Davis Cos. Weidner Apartment Homes was the buyer.
WEST ALLIS, WIS. — JLL Capital Markets has arranged a $21.2 million loan for the acquisition of Six Points Apartments in West Allis, just west of Milwaukee. Built in phases between 2007 and 2010, the property features 178 units averaging 1,038 square feet. Amenities include a clubhouse, rooftop deck, business center, fitness center and heated underground parking. Brian Walsh of JLL led the team that represented the borrower, Spaulding Group. Prime Finance provided the three-year, floating-rate loan.
HSA Commercial Begins Development of Three Spec Warehouses Totaling 855,748 SF in Indiana, Wisconsin
PLAINFIELD, IND. AND CUDAHY AND BRISTOL, WIS. — HSA Commercial Real Estate has begun development of three warehouses totaling 855,748 square feet in metro Indianapolis and southeast Wisconsin. All of the developments are being built on a speculative basis. The first building is Gateway Industrial VI within the Gateway Business Park in Plainfield, a western suburb of Indianapolis. The 278,148-square-foot warehouse is the sixth building that HSA has developed in the 55-acre industrial park since 2004. Scheduled for completion in late 2021, it will feature a clear height of 32 feet, 28 truck docks and 621 parking spaces. The second project will span 130,600 square feet at 4850 S. Pennsylvania Ave. in Cudahy, a southern suburb of Milwaukee. The building, which replaces a vacant structure, is slated for delivery in June 2022. It will feature a clear height of 32 feet, 13 truck docks and 102 parking spaces. Lastly, HSA is developing its third warehouse within Bristol Highlands Commerce Center in Bristol, about 40 miles south of Milwaukee. The 447,000-square-foot building is scheduled for completion in early 2022. It will feature a clear height of 36 feet, 73 truck docks and ample parking for employees. Premier Design + Build Group …