PLEASANT PRAIRIE, WIS. — Marcus & Millichap has brokered the $2.5 million sale of a Super 8 hotel in Pleasant Prairie, about 35 miles south of Milwaukee. Built in 1984, the 60-room hotel is located at 7601 118th Ave. at the intersection of Highway 50 and I-94. Ebrahim Valliani, John Yurich, Allan Miller and Chris Gomes of Marcus & Millichap marketed the hotel on behalf of the seller, a private investor. the team also secured and represented the buyer, a private investor.
WEST ALLIS, WIS. — Founders 3 Real Estate Services has brokered the sale of Lincoln Center II and III in West Allis for a combined $10.1 million. The multi-tenant office buildings total 120,997 square feet. They are located at 2514 S. 102nd St. and 10150 W. National Ave. in suburban Milwaukee. The properties are home to 24 tenants, including Cognex, Verizon Wireless and Eye Care Specialists. Andy Hess, Ned Purtell and Patti Stevens of Founders 3 represented the seller, Lincoln Center Office Property Group LLC, which is an affiliate of SARA Investment Real Estate. J. Ross & Associates represented the buyer and is part of the ownership group.
KENOSHA, WIS. — The Boulder Group has negotiated the $3.2 million sale of an 8,010-square-foot property net leased to Firestone in Kenosha in Southeast Wisconsin. The single-tenant building is located at 3190 Market Lane. There are 18 years remaining on Firestone’s lease. Randy Blankstein and Jimmy Goodman of Boulder represented the Midwest-based buyer, which completed a 1031 exchange. A Southwest-based real estate investor was the seller. Firestone handles all aspects of auto care.
KENOSHA, WIS. AND KANNAPOLIS, N.C. — KKR (NYSE: KKR), a global investment firm based in New York City, has acquired two e-commerce distribution centers totaling approximately 2.5 million square feet for $260 million. One of the properties is located in Kenosha, approximately 30 miles south of Milwaukee. The other is in Kannapolis, approximately 25 miles northeast of Charlotte. In a release, KKR said that the properties were both 100 percent leased to a “high-quality, investment-grade tenant on a long-term basis.” Multiple news outlets, including both the Milwaukee Business Journal and the Charlotte Business Journal, report that Amazon is the occupant of both facilities. Regarding the Wisconsin facility, KKR acquired the 1.5 million-square-foot complex for $176 million, or $115 per square foot, according to the Milwaukee Business Journal. Prologis sold the two-building property, which is located off Interstate 94. The 1 million-square-foot facility in North Carolina is known as CLT 3 and sold for $84 million. The seller was not disclosed. “The current environment will lead to continued acceleration of e-commerce penetration which drives demand for large, modern distribution centers like the ones we are acquiring,” says Roger Morales, partner and head of Americas acquisitions at KKR. “Logistics real estate represents …
MILWAUKEE — Target has unveiled plans to open a 128,512-square-foot, two-story store at Bayshore in Milwaukee. The retailer will occupy the space within a former Boston Store. Construction is now underway, but the opening date has not yet been determined. Mid-America Real Estate – Wisconsin LLC represented both Target and Bayshore ownership in the lease transaction. Bayshore is an open-air shopping center that features a variety of retail shops, restaurants, offices and multifamily units. Cypress Equities is the owner.
STURTEVANT, WIS. — Ashley Capital has begun development of a 397,000-square-foot speculative industrial building at Enterprise Business Park in Sturtevant, located 27 miles south of Milwaukee. It is the third building to be constructed at the park, which will comprise over 1.3 million square feet of Class A industrial space upon completion. The new building is slated for completion in December. It will feature a clear height of 36 feet. John Sharpe and Tom Boyle of Lee & Associates and Terry McMahon and Cody Ziegler of Cushman & Wakefield | Boerke are exclusive marketing agents for the property. Berghammer Construction Corp. is the general contractor. Ashley Capital, a privately owned industrial real estate investment and development firm, has offices in Atlanta, Chicago, Detroit and New York.
KENOSHA, WIS. — Zilber Property Group has broken ground on a 23,359-square-foot speculative industrial building within the Business Park of Kenosha in Southeast Wisconsin. Known as Zilber Industrial 4, the facility will feature a clear height of 24 feet, two dock positions, one drive-in door and 26 car parking spaces. Completion is slated for this fall. The project team includes Partners In Design Architects, Riley Construction and Pinnacle Engineering Group. Sergio Chapa and Michael Prost of Newmark Knight Frank will market the building for lease.
SUPERIOR, WIS. — The Boulder Group has arranged the $1.6 million sale of a 4,566-square-foot property net leased to BMO Harris Bank in Superior in northwest Wisconsin. The single-tenant building is located at 1425 Tower Ave. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based investor. The buyer, a private investor, completed a 1031 tax-deferred exchange. There are 13 years remaining on BMO’s lease.
BEAVER DAM, WIS. — Colliers International has brokered the sale of a single-tenant retail building to be occupied by Verizon Wireless in Beaver Dam, about 40 miles northeast of Madison. The sales price was undisclosed. Completed this year, the 3,000-square-foot build-to-suit sits at 107 Frances Lane along Highway 151. Joe Eldredge of Colliers brokered the transaction. Beaver Dam VZ LLC purchased the building from an undisclosed seller.
OAK CREEK, WIS. — Marcus & Millichap has arranged the $5.9 million sale of the La Quinta Inn Milwaukee Airport, a 99-room hotel in Oak Creek, about 15 miles south of Milwaukee. The property is located at 7141 S. 13th St. near the General Mitchell International Airport. The three-story hotel was built in 1989. Ebrahim Valliani, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a limited liability company.