Wisconsin

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.

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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 …

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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.

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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. 

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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.

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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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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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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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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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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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