Wisconsin

McShane Completes Construction of 177-Unit Luxury Apartment Project in West Allis, Wisconsin

by Kristin Harlow October 13, 2020

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.

October 13, 2020

Development Midwest Office Wisconsin

Dematic Opens 37,330 SF Office at The Mayfair Collection in Wauwatosa, Wisconsin

by Kristin Harlow October 13, 2020

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.

October 13, 2020

Acquisitions Data Centers Industrial Midwest Office Wisconsin

Joint Venture Purchases Historic Wells Building in Milwaukee for $7.2M

by Kristin Harlow October 12, 2020

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.

October 12, 2020

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Arranges $2.8M Sale of Value Inn Hotel in Kenosha, Wisconsin

by Kristin Harlow October 9, 2020

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.

October 9, 2020

Acquisitions Industrial Lee & Associates Midwest Wisconsin

Lee & Associates Brokers $1.1M Sale of Industrial Building Near Madison, Wisconsin

by Kristin Harlow October 9, 2020

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.

October 9, 2020

Acquisitions Midwest Restaurant Retail Wisconsin

SRS Arranges $2.8M Sale of Chick-fil-A Ground Lease in Delafield, Wisconsin

by Kristin Harlow October 8, 2020

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.

October 8, 2020

Loans Midwest Multifamily Wisconsin

Greystone Provides $9.3M Refinancing for Apartment Community in Metro Milwaukee

by Kristin Harlow October 6, 2020

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.

October 6, 2020

Industrial Leasing Activity Midwest Wisconsin

Littelfuse Signs 7,100 SF Industrial Lease in Madison, Wisconsin

by Kristin Harlow September 28, 2020

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.

September 28, 2020

Affordable Housing Loans Midwest Multifamily Wisconsin

Merchants Capital Originates $7.2M in Financing for New Affordable Housing Complex in Madison, Wisconsin

by Kristin Harlow September 25, 2020

MADISON, WIS. — Mortgage banking company Merchants Capital has utilized Freddie Mac’s unfunded forward commitment program to provide $7.2 million in financing for The Ace, a new affordable housing complex to be constructed in Madison. Following the 30-month construction forward commitment, the 15-year permanent loan features a 35-year amortization and a fixed interest rate. Additionally, Merchants Bank of Indiana is providing $16.9 million in construction financing on behalf of the co-developers, Movin’ Out Inc. and Commonwealth Development Corp. Merchants Capital affiliate Farmers-Merchants Bank of Illinois also secured an Affordable Housing Program grant award of $885,000. The Ace will include 70 units across two buildings. Fourteen of the units will be designated as supportive housing for individuals with disabilities, veterans or those at risk of homelessness. A total of 59 units will be reserved for residents who earn at or less than 60 percent of the county median income. A timeline for construction was not disclosed.

September 25, 2020

Affordable Housing Illinois Indiana Loans Midwest Multifamily Wisconsin

KeyBank Secures $51.5M in Acquisition Financing for Six-Property Affordable Housing Portfolio in Four States

by Kristin Harlow September 21, 2020

ILLINOIS, INDIANA, WISCONSIN AND TEXAS — KeyBank Real Estate Capital has secured $51.5 million in Fannie Mae financing for the acquisition of six affordable housing properties in four states. The properties include: Parkway Highlands in Green Bay, Wis.; Marian Heights in Alton, Ill.; Shelby’s Crest and Landing in Shelbyville, Ind.; Capitol Place in Springfield, Ill.; Broadway Place in South Roxana, Ill.; and Gardens of Mabank in Mabank, Texas. The portfolio totals 701 units. Tabare Borbon and Kyle Kolesar of KeyBank structured the financing on behalf of the borrower, Harmony Housing.

September 21, 2020

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