FRANKLIN, WIS. — JTL Carriers, a trucking company, has renewed its 3,230-square-foot office lease at Franklin Corporate Center in Franklin, a suburb of Milwaukee. The property is located at 9809 S. Franklin Drive. Jenna Maguire and Ned Purtell of Founders 3 Real Estate Services represented the landlord, SARA Investment Real Estate. With offices in Madison, Milwaukee, Minneapolis and St. Louis, SARA Investment Real Estate acquires, develops, leases, finances and manages properties throughout the Midwest. The company manages assets valued at more than $350 million.
RACINE, WIS. — Budd Van Lines Inc. has leased a 115,823-square-foot industrial building in Racine. The property is located at 6200 Regency West Drive. John Sharpe, Jeff Janda and Reid Bassinger of Lee & Associates represented Budd Van Lines, which is a moving and van company. Todd Hendricks of Darwin Realty represented the owner, Welbic III Racine 6200 LLC.
EAST TROY, WIS. — Marcus & Millichap has arranged the $2.7 million sale of the Quality Inn & Suites in East Troy, about 35 miles southwest of Milwaukee. Built in 1999, the 51-room hotel is located at 2921 O’Leary Lane. The property spans 38,660 square feet. Ebrahim Valliani, John Yurich, Allan Miller and Chris Gomes of Marcus & Millichap’s Chicago Oak Brook office marketed the hotel on behalf of the seller, a private investor. The team also secured and represented the buyer, a private investor. Todd Lindblom assisted on the transaction as the broker of record in Marcus & Millichap’s Wisconsin office.
MILWAUKEE — Prescient Capital has provided a $1.7 million bridge loan for a 132-unit multifamily portfolio in Milwaukee. The three properties include 2848 W. Wells St., 2904 W. Wisconsin Ave. and 2625-2635 W. Juneau Ave. The debt yield was 15 percent and the loan-to-value ratio was 37 percent. The borrower was undisclosed.
MILWAUKEE — JLL Capital Markets has brokered the sale of the Downer Avenue Retail Collection, two buildings that house 60,986 square feet of retail, office and residences in the heart of downtown Milwaukee. The sales price was undisclosed. Built in 1916, Downer East is home to Stone Creek Coffee, F45, Breadsmith, Downer Cleaners, Café Hollander, Downer Wine & Spirits and Robert Laurence Salon & Spa. Completed in 1912, Downer West features two multifamily units in addition to retail and office space occupied by Landmark Theatres, Pizza Man, Henry’s, Salon Nova, Optix on Denver, Boswell Book Co. and Starbucks. Both buildings were renovated in 2006. Amy Sands, Clinton Mitchell and Janice Sellis of JLL represented the seller, C-III Asset Management. Bridge33 Capital was the buyer.
ILLINOIS AND WISCONSIN — HSA PrimeCare, the national healthcare real estate division of HSA Commercial Real Estate, has sold a four-building medical office portfolio to Irvine, Calif.-based IRA Capital. The buildings, spanning a total of 107,828 square feet, are located in Illinois and Wisconsin. HSA PrimeCare will continue to manage the assets on behalf of IRA. Mike Wilson and Erik Foster of Avison Young represented HSA PrimeCare in the transaction. The properties include: Advocate Good Samaritan South in Downers Grove, Ill.; Hawthorn Surgery Center in Vernon Hills, Ill.; Advocate Aurora Health Beverly Clinic in Chicago; and Advocate Aurora Health Muskego Clinic in Muskego, Wis. IRA Capital is a private equity firm that invests capital for its own account and on behalf of its co-investment partners, which include pension funds, institutions, family offices and individuals. IRA primarily invests in commercial real estate assets throughout the United States, with an overweight concentration within the medical/healthcare sector.
KENOSHA, WIS. — Locally based developer Zilber Property Group has unveiled plans to redevelop the site of the former Dairyland Greyhound Park into a 240-acre mixed-use property. The property was a dog-racing track and facility in Kenosha, located south of Milwaukee near the Illinois border. The track closed roughly a decade ago. California-based Majestic Property Co. acquired the site in late 2017 with plans to build a 2 million-square-foot industrial park that never materialized. The site was also the proposed location of a Hard Rock casino project that was rejected by the state in 2015, according to Kenosha News, a local newspaper. Zilber is partnering with the Forest County Potawatomi Community, a federally recognized Native American tribe and owner of the land, on the project. “Given our history and tribal ties to the area, the Dairyland property purchase made a lot of sense,” says Jeff Crawford, tribal attorney general for the Potawatomi. “It also meets our goals of economic diversification.” The new redevelopment will be branded Greeneway and will include office, retail, industrial and multifamily uses. Specifically, plans currently call for roughly 2 million square feet of industrial space across several buildings, a multifamily community with up to 360 units …
BROOKFIELD, WIS. — The Boulder Group has arranged the sale of a PNC Bank ground lease in Brookfield for $2.5 million. The single-tenant, net-leased property is located at 12821 W. Bluemound Road. The original 20-year ground lease commenced in November 2012. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Northeast-based real estate investor. The Midwest-based buyer completed a 1031 tax-deferred exchange. There are 2,459 PNC Bank branches nationwide.
WISCONSIN — Wisconsin Gov. Tony Evers has extended the Safer at Home order until May 26. The order had previously been in place through April 24. The new extension includes a few changes, such as allowing more businesses and activities to open back up. Golf courses may open again, with restrictions on scheduling and paying tee times virtually. Public libraries can now provide curbside pick-up of books and other materials. Non-essential businesses can now perform minimum basic operations, including deliveries, mailings and curbside pick-up. In addition, essential businesses must increase cleaning practices and retail stores must limit the number of people in the store at one time. As of Sunday, April 19, there were 4,199 confirmed cases of COVID-19 and 211 deaths in Wisconsin.
ST. FRANCIS, WIS. — M&R Development has broken ground on 4200 On The Lake, a 236-unit luxury apartment community in St. Francis, a southern suburb of Milwaukee. M&R is co-developing the project with Campbell Capital Group LLC. Completion is slated for spring 2021. Located at 4200 S. Lake Drive, the development will feature a two-story clubhouse, 24-hour coffee bar, fitness center, yoga room, business center and self-service package room. A large courtyard will include a swimming pool with views of Lake Michigan. CIBC is providing project financing. Madison-based Stevens Construction is the general contractor. RMK Management will handle leasing and property management.