Wisconsin

Zilber Property Group Breaks Ground on 23,359 SF Spec Industrial Building in Kenosha

by Kristin Harlow June 26, 2020

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.

June 26, 2020

Acquisitions Midwest Retail Wisconsin

Boulder Group Negotiates $1.6M Sale of Property Net Leased to BMO Harris Bank in Wisconsin

by Kristin Harlow June 24, 2020

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.

June 24, 2020

Acquisitions Midwest Retail Wisconsin

Colliers International Brokers Sale of 3,000 SF Single-Tenant Retail Building in Wisconsin

by Kristin Harlow June 15, 2020

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.

June 15, 2020

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Arranges $5.9M Sale of La Quinta Hotel in Wisconsin

by Kristin Harlow June 11, 2020

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.

June 11, 2020

Market Reports Midwest Midwest Market Reports Retail Wisconsin

Reimagined Milwaukee Retail Scene Meets Consumer Lifestyle Needs

by Kristin Harlow June 11, 2020

By Ray Balfanz, Outlook Management Group What does Milwaukee bring to mind? Beer? Cheese? TV’s “Happy Days?” Perhaps the city chosen as the site for the 2020 Democratic National Convention? Yes, that’s us — being recognized and happy about it. But since I began penning this piece in March, we’ve experienced a world of change in the realities of group gatherings: we can hardly have 10 people in a group now, let alone thousands of delegates filling our new Fiserv Forum. It’s anybody’s guess how long the multi-trillion-dollar brick-and-mortar retail industry will be effectively shuttered and how the industry will have changed when it’s over. So without a crystal ball, I’m sharing Milwaukee’s story of how our retail developments have kept relevant for our consumers, while hoping for the best possible outcome once we’re on the other side of this coronavirus pandemic. “A great place on a great lake” our tourism slogan once proclaimed — and indeed it is. Milwaukee is a largely undiscovered gem with excellent quality of life and endless spots at which to spend your hard-earned cash: a prolific culinary scene, first-rate arts offerings and vibrant retail. From the reimagined Drexel Town Square, to redeveloped Bayshore, to …

June 11, 2020

Acquisitions Midwest Retail Wisconsin

Boulder Group Arranges $28M Sale of Property Net Leased to Pick ‘n Save in Metro Milwaukee

by Kristin Harlow June 8, 2020

MENOMONEE FALLS, WIS. — The Boulder Group has arranged the $28 million sale of a 103,611-square-foot property net leased to Pick ‘n Save in Menomonee Falls within metro Milwaukee. Constructed in 2011, the single-tenant building is located on Appleton Avenue. There are approximately 11 years remaining on the lease, which is guaranteed by Kroger. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate company. A West Coast-based real estate investment company purchased the asset. Roundy’s, now a subsidiary of Kroger, owns Pick ‘n Save.

June 8, 2020

Industrial Loans Midwest Wisconsin

Associated Bank Provides $10.5M Construction Loan for Warehouse in New Berlin, Wisconsin

by Kristin Harlow June 8, 2020

NEW BERLIN, WIS. — Associated Bank has provided a $10.5 million loan to WRP New Berlin II for the construction of a 192,800-square-foot warehouse in New Berlin, a suburb of Milwaukee. The project will be located at the intersection of West Small and Moorland roads. Completion is slated for fall 2021. The borrower is a fund managed by Lake Forest, Ill.-based Westminster Capital. Ted Notz of Associated Bank managed the loan and closing.

June 8, 2020

Development Industrial Midwest Wisconsin

HSA Commercial Real Estate Breaks Ground on 1 MSF Industrial Park in Bristol, Wisconsin

by Kristin Harlow June 4, 2020

BRISTOL, WIS. — HSA Commercial Real Estate, in partnership with Washington Capital Management, has broken ground on the first phase of the 68-acre Bristol Highlands Commerce Center in Bristol near I-94 and the Wisconsin-Illinois border. The first two speculative buildings are slated for completion in the fourth quarter. One is a 157,656-square-foot warehouse with 31 truck docks, and the other is a 472,216-square-foot distribution center with 72 truck docks. Jeff Hoffman and Chad Vande Zande of Cushman & Wakefield | Boerke, along with Eric Fischer of Cushman & Wakefield in Chicago, are marketing the facilities for lease. Premier Design + Build Group is the general contractor, Partners in Design Architects is the architect and Pinnacle Engineering is the civil engineer.

June 4, 2020

Midwest Wisconsin

Wisconsin Cancels State Fair Due to COVID-19

by Kristin Harlow June 1, 2020

WEST ALLIS, WIS. — The annual Wisconsin State Fair, scheduled to take place Aug. 6-16 in West Allis, has been cancelled due to COVID-19. The fair is the largest event in the state, drawing more than 1 million people each year. The financial implications associated with hosting a fair with significantly reduced attendance and implementing safety measures could be detrimental to the future of State Fair Park, according to the board of directors. Previously purchased admission tickets can be used for the 2021 Wisconsin State Fair, which is scheduled to take place Aug. 5-15. Refunds are available through June 30.

June 1, 2020

Affordable Housing Loans Midwest Multifamily Wisconsin

Associated Bank Structures $23.6M Construction Financing Package for Affordable Housing Project in Madison

by Kristin Harlow June 1, 2020

MADISON, WIS. — Associated Bank has structured a $23.6 million financing package for the construction of a new affordable housing development in Madison that will serve veterans and their families. The financing included a $13.4 million construction loan and $9.4 million of low-income housing tax credit equity. The bank also sponsored a $750,000 affordable housing project grant from the Federal Home Loan Bank system. Bryan Schreiter of Associated Bank managed the loan and closing. The development, named Valor on Washington, will be situated at 1322 E. Washington Ave. Gorman & Co. is the developer, general contractor and property manager. Construction is underway with completion slated for September 2021. The 59-unit, six-story project will include 12 supportive housing units reserved for those making no more than 30 percent of the area median income. Lutheran Social Services will provide supportive services for these units. Dryhootch, a nonprofit dedicated to safe housing for veterans, will also provide a variety of services for residents.

June 1, 2020

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