MENOMONEE FALLS, WIS. — IRA Capital has acquired North Hills Health Center in Menomonee Falls, located about 20 miles northwest of Milwaukee, for $60 million. The medical campus comprises two Class A buildings totaling 119,000 square feet that are fully leased to Froedtert Health, a five-hospital system and the primary teaching affiliate of the Medical College of Wisconsin. Froedtert provides a range of outpatient services at the North Hills facility, including an imaging center, fertility clinic, sleep center, women’s health center, pulmonary rehab facility, occupational medicine clinic and walk-in urgent care. The buildings also house two of the health system’s subsidiaries, Inception Health and Exceedent. The seller was undisclosed. The acquisition marks IRA’s 17th healthcare real estate purchase in the past six months totaling over $350 million.
PEWAUKEE, WIS. — Zilber Property Group has acquired a 165,000-square-foot industrial building in Pewaukee, located about 18 miles west of Milwaukee. The purchase price was undisclosed. The property is situated within a business park less than two miles north of I-94. It is currently vacant. Zilber plans to make various interior and exterior improvements to the building over the coming weeks. Scott Furmanski of CBRE represented the undisclosed seller. He will also market the property for lease on behalf of Zilber.
WEST ALLIS, WIS. — McShane Construction Co. has completed building The West Living, a 177-unit luxury apartment project in West Allis, a western suburb of Milwaukee. McShane constructed the community on behalf of developer, Mandel Group. The first level of the four-story complex is a parking structure. Units consist of studios, one-, two- and three-bedroom floor plans. Amenities include a club area, fitness center, dog park and rooftop patio. Zimmerman Architectural Studios served as architect. Units are currently available for move-ins. Monthly rents start at $909 for studios.
WAUWATOSA, WIS. — Software company Dematic has opened a 37,330-square-foot office at The Mayfair Collection in Wauwatosa, a suburb of Milwaukee. PREMIER Design + Build Group built out the 27,200 square feet on the first floor and added another 10,130 square feet by constructing a mezzanine level. The space can accommodate up to 200 employees and features seven conference rooms. TOA Architecture/Urban Design provided architectural and interior design services. Dematic is a logistics technology services firm that specializes in supply chain optimization. HSA Commercial is the owner and developer for The Mayfair Collection, a mixed-use project comprising residential, retail and office space.
MILWAUKEE — An affiliate of fifteenfortyseven Critical Systems Realty LLC, in partnership with Harrison Street, has acquired Milwaukee’s historic Wells Building. The purchase price was $7.25 million, according to the Milwaukee Business Journal. The 15-story, 165,000-square-foot building is located at 324 E. Wisconsin Ave. and dates back to 1901. The property has a long history as a communications center and once served as the Milwaukee headquarters for Western Union Telegraph Co. Today, the building serves as a carrier hotel and data center. A carrier hotel is a building in a downtown location that houses networks and cloud services. The buyer plans to make significant investments in the building’s power and cooling infrastructure. Ascendant Holdings LLC, a Wisconsin-based commercial real estate development and investment company, was the seller.
KENOSHA, WIS. — Marcus & Millichap has arranged the $2.8 million sale of a Value Inn hotel in Kenosha, about 35 miles south of Milwaukee. The 112-room property, built in 1988, will be converted into a Rodway Inn by Choice Hotels. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap secured and represented the buyer, a private investor. Seller information was not disclosed.
DEFOREST, WIS. — Lee & Associates has brokered the $1.1 million sale of a 16,000-square-foot industrial building in DeForest, just north of Madison. The property is located at 4159 Reardon Road. Blake George of Lee & Associates represented the seller, CHEEE Holdings LLC. The buyer, CAH CO DeForest LLC, will use the property as a vehicle maintenance facility for Hooper Corp.
DELAFIELD, WIS. — SRS Real Estate Partners has arranged the $2.8 million sale of a Chick-fil-A ground lease in Delafield, about 30 miles west of Milwaukee. The 5,012-square-foot, single-tenant building sits at 2980 Golf Court and opened in February of this year. Sheree Strome and Michael Berk of SRS represented the buyer, a Virginia-based private investor who completed a 1031 exchange. Jon Thoresen of Founders 3 Real Estate Services represented the seller, a Georgia-based developer. The cap rate was 3.96 percent.
OAK CREEK, WIS. — Greystone has provided a $9.3 million Fannie Mae loan for the refinancing of Country Oaks Apartments in Oak Creek, just south of Milwaukee. The 300-unit multifamily community features a swimming pool and a stackable washer and dryer in each unit. Clint Darby of Greystone originated the fixed-rate, 10-year loan, which features a 30-year amortization. The borrower was undisclosed.
MADISON, WIS. — Littelfuse has signed a 7,100-square-foot industrial lease at World Dairy Business Center in Madison. The manufacturer of electric-circuit protection equipment will occupy space at 2821 Dairy Drive. Camp Perret and John Walsh of Lee & Associates represented the landlord, Trowbridge Group. The property is now fully leased and being marketed for sale at an asking price of $3.3 million.