KENOSHA, WIS. — Principle Construction has completed a new 12,560-square-foot showroom and outdoor pool park for Doheny’s, a pool and spa distributor, at 5307 Green Bay Road in Kenosha. Doheny’s purchased the property, which is down the block from its original location. Principle updated the interior and exterior image of the building and designed and constructed an outdoor pool display. The building totals 17,275 square feet, including the 12,560-square-foot showroom, 3,370 square feet of warehouse space and 920 square feet of office space. Constructed in 1990 and renovated in 2003, the facility needed several updates to bring it to modern standards, according to Principle. On the exterior, Principle re-built the parking lot and created a pool park with space to display six full-size pools. Partners in Design was the project architect.
Wisconsin
MANITOWOC, WIS. — Axiom Realty has acquired Park Plaza, a 110,266-square-foot shopping center in Manitowoc, an eastern Wisconsin city along Lake Michigan. The purchase price was undisclosed. The property was 71.6 percent occupied at the time of sale. Erin Patton of Institutional Property Advisors brokered the sale. Time Equities Inc. was the seller. Prior to closing, Axiom negotiated a long-term lease extension with Hobby Lobby and completed lease negotiations with a national outlet provider for 28,894 square feet, bringing overall occupancy to 97.9 percent. Some of the other tenants include Community First Credit Union, Family Dollar and Cricket Wireless.
THIENSVILLE, WIS. — Marcus & Millichap has arranged the $5.7 million sale of Grand Avenue Apartments in Thiensville, a northern suburb of Milwaukee. The 47-unit multifamily property is situated on nearly four acres on Grand Avenue. The original building was constructed as a school in 1920 and totals 18,668 square feet. The rear building was constructed in 1986 and totals 34,560 square feet. The complex offers a mix of one- and two-bedroom units, many of which are townhome style. Blake Hanlon and Mark Peltin of Marcus & Millichap represented the seller, a family office, and procured the buyer, a local real estate investor.
LA CROSSE, WIS. — Marcus & Millichap has arranged the sale of a 107-room Home2 Suites by Hilton hotel in La Crosse, a city in southwest Wisconsin on the Mississippi River. The sales price was undisclosed. Built in 2016, the four-story property features an indoor pool, business center and fitness center. Ebrahim Valliani, Michael Klar and Dan Danielak of Marcus & Millichap represented the seller, while Valliani and Klar procured the buyer. Both the buyer and seller were regional hotel ownership groups. Chris Gomes and Allan Miller of Marcus & Millichap provided additional support for the transaction, and Todd Lindblom, broker of record in Wisconsin, assisted in closing the sale.
MADISON, MIDDLETON AND FRANKLIN, WIS. — KeyBank Real Estate Capital (KBREC) has arranged $98 million in fixed-rate Freddie Mac loans for the refinancing of three multifamily properties in Wisconsin. Axiom Properties was the borrower. The Meadows in Madison is a 404-unit complex built in 1979 and renovated in 2008. The property consists of 16 residential buildings along with two pool buildings and two sheds. The $39.6 million loan features a 10-year term, 35-year amortization schedule and five years of interest-only payments. Springtree Apartments is a 272-unit, garden-style property in Middleton. Built in 1970, the community features one-, two- and three-bedroom units with 39 garage parking spaces and 338 surface parking spaces. The $29.4 million loan features a five-year term, 35-year amortization schedule and two years of interest-only payments. Mission Hills Apartments is a 271-unit, garden-style community in Franklin. Built in 1971 and renovated in 2015, the property features 10 buildings as well as a community pool and pool equipment building. The loan features a seven-year term, 35-year amortization schedule and two years of interest-only payments. Samantha Miller and Tom Reynolds of KBREC arranged the financing.
MILWAUKEE — Local commercial real estate veteran Matt Hunter has launched Hunter Real Estate LLC in Milwaukee. Hunter most recently served as an executive vice president at JLL. Hunter Real Estate will focus on representing local, privately owned companies on both the tenant and landlord side across all property types. The firm’s office is on the 26th floor of the Associated Bank River Center building, located at 111 E. Kilbourn Ave.
CUDAHY, WIS. — Colliers has brokered the sale of a 10-building industrial portfolio known as Mitchell Industrial Park in Cudahy, a southern suburb of Milwaukee. The sales price was undisclosed. The portfolio totals 879,704 square feet and is 99 percent leased to 22 tenants, including DHL, National Packaging Services, Menasha Packaging and Fastenal. The buildings, constructed over the course of several decades, range in size from 24,000 to 212,000 square feet. The assets are located on the immediate southeast corner of Milwaukee Mitchell International Airport. Tom Shepherd, Jennifer Huber-Bullock, Bill Langhoff, Joe Langhoff, Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller, an affiliate of Oak Realty Group Inc. A joint venture between DRA Advisors and Capital Partners purchased the portfolio. According to Colliers, the deal marked the largest industrial sale year to date in Wisconsin in terms of both size and value.
GERMANTOWN, WIS. — Mid-America Real Estate Corp. has negotiated the sale of Germantown Plaza in the Milwaukee suburb of Germantown for an undisclosed price. The 63,750-square-foot shopping center is home to Aldi, Petco and Michaels, which have all operated at the property since 2003. Rick Drogosz, George Ghattas and Dan Rosenfeld of Mid-America represented the seller, Crown Group. HJ Development was the buyer.
HUDSON, WIS. — Transwestern Real Estate Services has brokered the sale of a 7.1-acre industrial outdoor storage property in Hudson, about 30 miles east of Minneapolis. The asset is located at 2310 O’Neil Road. Chris Weirens of Transwestern represented the seller, Rajean LLC. Interstate Development purchased the asset for an undisclosed price.
PLEASANT PRAIRIE, WIS. — Dermody Properties has broken ground on LogistiCenter at Pleasant Prairie, a rail-served logistics park in southeast Wisconsin. WestRock, a sustainable packaging company, has signed a build-to-suit lease to occupy more than 580,000 square feet within the park. The project site was previously home to a power plant and sits adjacent to substations that can deliver power capacity and provide freshwater service from Lake Michigan. LogistiCenter at Pleasant Prairie is expected to include three buildings totaling 2.4 million square feet with the flexibility to accommodate build-to-suits ranging from 250,000 to 1.8 million square feet.