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.
MILWAUKEE — North Shore Healthcare (NSHC) has signed a 10-year office lease at HUB640, a redeveloped mixed-use building located at 640 N. 4th St. in Milwaukee. NSHC will occupy approximately 23,000 square feet on the building’s second floor. The move will enable NSHC to consolidate its fast-growing workforce. Dan Jessup and Nick Hepner of JLL represented the landlord, North Wells Capital LLC, in the lease transaction. Colliers International represented NSHC. North Wells Capital acquired the building in 2017 and has embarked on a major transformation of the property, which dates back to the late 1800s. The project is set to open late this spring.
SAN FRANCISCO, NEW YORK CITY AND MENOMONEE FALLS, WIS. — Prominent retailers Gap Inc., Macy’s Inc. and Kohl’s have announced separately that they’re planning to furlough a majority of employees at their stores and some distribution centers beginning this week in response to the COVID-19 outbreak. Combined, the total number of affected employees is nearly 290,000, according to the Los Angeles Times. The three retailers have extended their temporary store closures indefinitely to stop the spread of the novel coronavirus. The Centers for Disease Control and Prevention (CDC) reported that the United States has 140,904 confirmed cases of COVID-19 and 2,405 related deaths as of Monday, March 30. Until stores begin to reopen, the companies will pause payments to a majority of their staff while still offering applicable benefits to those affected. Luxury retailer Neiman Marcus is also reportedly furloughing most of its 14,000 employees. Gap (NYSE: GPS) has announced that its leadership team and board of directors will take a temporary reduction in pay. Gap’s brands, which include Gap, Old Navy, Banana Republic, Athleta, Hill City, Janie and Jack and Intermix, will still be available through the company’s online platform. “After taking the extraordinary measures of temporarily closing all …
KENOSHA, WIS. — JLL Capital Markets has negotiated the $2.4 million sale of a 4,500-square-foot, single-tenant retail building net leased to Giordano’s restaurant in Kenosha. Completed in late 2019, the property is located at 7060 Green Bay Road. It is the first Giordano’s location in Wisconsin. Chicago-based Giordano’s, famous for deep dish pizza, opened in 1974 and operates nearly 70 locations. Alex Sharrin, Nicholas Kanich and Larry Kilduff of JLL represented the seller, Speedwagon Properties. JLL also procured the buyer, a Chicago-based family.
