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AcquisitionsMidwestRetailWisconsin

JLL Arranges $19M Sale of Shopping Center in Wauwatosa, Wisconsin

by Kristin Harlow

WAUWATOSA, WIS. — JLL Capital Markets has arranged the sale of a 69,749-square-foot shopping center anchored by Pick ’n Save in Wauwatosa near Milwaukee for $19 million. The fully leased property was built in phases in 2008 and 2012. Other tenants include Mattress Firm, Firehouse Subs and Bubon Orthodontics. Clinton Mitchell, Amy Sands, Michael Nieder and Jaime Fink of JLL represented the seller, a partnership between Newport Capital Partners and Artemis. JRW Realty represented the buyer, ExchangeRight.

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AcquisitionsMidwestRetailWisconsin

Colliers Brokers $18.6M Sale of Grocery-Anchored Shopping Center in Green Bay, Wisconsin

by Kristin Harlow

GREEN BAY, WIS. — Colliers International has brokered the sale of Bayside Marketplace in Green Bay for $18.6 million. Anchored by Fresh Thyme, the 229,572-square-foot shopping center is located on South Oneida Street. Additional tenants include Joann, Dunham’s Sports, Xperience Fitness, Dollar Tree and OfficeMax. Adam Connor and Mark Pucci of Colliers Wisconsin and El Warner and Charley Simpson of Colliers Los Angeles represented the seller, Atlanta-based The Ardent Cos. An Austin, Texas-based private buyer purchased the asset.

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LoansMidwestMultifamilyWisconsin

Black Bear Capital Partners Arranges $20.2M Loan for Refinancing of Three Wisconsin Multifamily Properties

by Kristin Harlow

APPLETON, WAUSAU AND SCHOFIELD, WIS. — Black Bear Capital Partners (BBCP) has arranged a $20.2 million loan for the refinancing of three multifamily properties in Wisconsin. National Management LLC was the borrower. The properties include Bos Creek in Wausau, Metro Center in Schofield and Rangeview in Appleton. Together, the apartment communities total 324 units. Scott Modelski and Sam Koziol of BBCP arranged the Fannie Mae loan through PGIM Real Estate. The 10-year loan features a fixed interest rate of 3.17 percent.

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AcquisitionsMidwestRetailWisconsin

Marcus & Millichap Arranges $9.6M Sale of Pick ’n Save-Occupied Property in Monroe, Wisconsin

by Kristin Harlow

MONROE, WIS. — Marcus & Millichap has arranged the sale of a 61,136-square-foot property occupied by Pick ’n Save in Monroe, about 40 miles south of Madison. The net-leased asset sold for $9.6 million. Pick ’n Save recently signed a 10-year lease extension through the end of 2030. Jeff Rowlett of Marcus & Millichap represented the seller, a private investor, as well as the buyer, a REIT.

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IndianaIndustrialLeasing ActivityMidwestWisconsin

Two Tenants Sign Industrial Leases at HSA Commercial-Owned Properties

by Kristin Harlow

PLAINFIELD, IND. AND MOUNT PLEASANT, WIS. — Two new tenants have signed leases at industrial properties owned by HSA Commercial Real Estate in Indiana and Wisconsin. In the first transaction, Sedgwick leased 68,486 square feet at Gateway V, a facility within the 55-acre Gateway Business Park in Plainfield. The 262,758-square-foot property, which HSA developed in 2019, is now fully leased. Sedgwick is a provider of technology-enabled risk, benefits and integrated business solutions. In the second transaction, Ryder Last Mile Inc. moved into 75,290 square feet at 1570 International Drive in Mount Pleasant. The 116,600-square-foot building is one of three developed by HSA within the 184-acre Park 94. Ryder is a provider of last-mile logistics solutions for retail brands. Ned Frank, Pat Hake and Steve Sewart of Colliers International represented ownership in the Ryder lease, while Scott Furmanski and Karl Wiedenman of CBRE represented the tenant. Terry Busch and Jared Scaringe of CBRE represented ownership in the Sedgwick lease, while J.D. Graves of CBRE represented the tenant.

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AcquisitionsMidwestMultifamilyStudent HousingWisconsin

Becovic, Next Realty Acquire 232-Unit Apartment Portfolio Near Marquette University for $16.1M

by Kristin Harlow

MILWAUKEE — A joint venture partnership between Becovic and Next Realty has acquired a 14-building, 232-unit apartment portfolio within a one-mile radius of Marquette University in Milwaukee. The purchase price was $16.1 million. Units range from studios to four-bedroom floor plans. The portfolio was 95 percent leased at the time of sale. Taylor Grant of Park Equities represented the seller, Wiegand Enterprises LLC, which had owned the portfolio for roughly 20 years. Marquette University is home to nearly 12,000 students.

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DevelopmentMidwestMultifamilySeniors HousingWisconsin

Kraus-Anderson Begins Construction of $20M Senior Living Facility in Sparta, Wisconsin

by Kristin Harlow

SPARTA, WIS. — Kraus-Anderson has begun construction of Rolling Hills, a $20 million senior living and rehabilitation center located at 14400 County Highway B in the western Wisconsin community of Sparta. Designed by Community Living Solutions LLC, the 80,000-square-foot property will feature 50 skilled nursing beds, 24 CBRF assisted living units and 24 RCAC assisted living apartments. CBRF refers to community-based residential facility, which is a place where five or more unrelated people live together in a community setting and receive up to three hours of care per week. RCAC refers to residential care apartment complex, whereby residents have independent apartments with their own entrances, kitchens and bathrooms. Nursing, medical visits, therapy and short-term rehab services will be available onsite. Residents will have access to a beauty and barber shop, bistro, outdoor spaces and a variety of activities directed by Therapeutic Recreation Specialists. Completion of the project is slated for summer 2022.

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IndustrialMarket ReportsMidwestMidwest Market ReportsWisconsin

South Central Wisconsin’s Economic Engine Continues to Set the Pace

by Kristin Harlow

By William Mears, Coldwell Banker Commercial McGuire Mears & Associates What a difference a decade makes. While some may characterize the evolution of the development and investment climate of the Janesville-Beloit, Wisconsin metropolitan statistical area (MSA) with a population of 160,120 as an extreme makeover, others will note the area has been South Central Wisconsin’s best kept secret. Case in point: the numbers speak for themselves, and local real estate and economic development officials are bullish on this location’s growth trajectory. For starters, the area’s logistical friendly environment, its value-add real estate and workforce assets and its seasoned development team provide the right ingredients to facilitate development opportunities. Since 2010, the Janesville-Beloit MSA has added more than 12 million square feet of commercial and industrial space. Recognized brands such as Amazon, Kerry Foods, Fairbanks Morse Defense, SHINE Medical Technologies and Prent Corp. represent a sampling of the area’s business community. These companies and their 3,500+ counterparts drive the area’s annual GDP figure, which is nearly $7 billion. Industrial and warehousing demands from end-users seeking to leverage critical supply chain inputs are continually impacting the county’s real estate market. As a result, industrial vacancy rates are hovering around 2 percent, and …

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Market ReportsMidwestMidwest Market ReportsOfficeWisconsin

Industrial Companies Drive Boom in Milwaukee Office Growth

by Kristin Harlow

By Andrew Jensen Jr., Cushman & Wakefield | Boerke Milwaukee was once known as a city of industries and beer, the hometown of Allen-Bradley (now Rockwell Automation), Briggs & Stratton, Harley-Davidson, Johnson Controls, Master Lock, Rexnord and, of course, the Miller, Pabst and Schlitz brewing juggernauts. Today, Milwaukee’s economy is more diversified, and its industrial companies are quieter and not as flashy. But the area’s industrial firms are still central to its success and are now driving the area’s office market. In and near Milwaukee’s central business district (CBD), major recent office deals, all involving industrial users, include: ● Milwaukee Tool, based in the suburb of Brookfield, will soon expand into Milwaukee with a $30 million redevelopment of a vacant five-story, 333,000-square-foot office building. Milwaukee Tool will employ up to 2,000 people there, the largest-ever influx of jobs to the CBD by a suburban-based firm. The City of Milwaukee is providing up to $20 million in financing for the project. ● Utilities and infrastructure contractor Michels Corp., based in the small Wisconsin town of Brownsville, chose a riverfront development site 60 miles away in Milwaukee for an office expansion after considering Chicago and New York City. The $100 million project, …

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