Wisconsin

Associated Bank Secures Construction Financing for Age-Restricted Property in Madison, Wisconsin

by Kristin Harlow June 12, 2019

MADISON, WIS. — Associated Bank has secured $4.7 million in new construction financing and $6.2 million in low-income housing tax credit equity for Point Place Senior Apartments in Madison. The new property will be situated on a 1.3-acre site at 7945 Tree Lane. The four-story community will contain 54 units, all of which will be restricted to persons age 55 and older. Three of the units will be market rate, while the rest are reserved for households earning between 30 and 60 percent of the area median income. Eleven units will be designated supportive housing for homeless persons with special needs with a priority on veterans. Construction is scheduled to begin this month with completion in May 2020. CommonBond Communities will develop and manage the building. The tax credit equity group of RBC Capital Markets is the tax credit syndicator for the project.

June 12, 2019

Industrial Leasing Activity Midwest Wisconsin

Silgan Containers Leases 525,000 SF Industrial Building in Kenosha, Wisconsin

by Kristin Harlow June 10, 2019

KENOSHA, WIS. — Silgan Containers has inked a deal to lease 525,000 square feet at an industrial building in Kenosha. The facility, known as Zilber Industrial 1, is located within Kenosha Corporate Park and owned by Zilber Property Group. Silgan, a metal food packaging provider, is scheduled to begin operations at the facility this month. Scott Furmanski of CBRE represented Silgan in the lease transaction. Michael Kleber of Zilber, in partnership with Whit Heitman and Sam Badger of CBRE, represented Zilber.

June 10, 2019

Development Midwest Multifamily Wisconsin

Evergreen, Legacy Open 64-Unit Mixed-Income Apartment Community in Milwaukee

by Kristin Harlow May 30, 2019

MILWAUKEE — Evergreen Real Estate Group and Legacy Midwest Renewal Corp. (LMRC) have opened Legacy Lofts in Milwaukee’s Lindsay Heights neighborhood. The 64-unit, mixed-income rental community, located at 1500 W. North Ave., is partially housed in the former Blommer Ice Cream Factory, a three-story structure that was built in 1928 and sat vacant for nearly two decades. The developers preserved the original building in accordance with National Park Service guidelines and converted it into 38 apartment units. A three-story addition to the factory houses another 26 units. Of the 64 units, 54 are affordable to households earning less than 60 percent of the area median income. Continuum Architects + Planners was the architect for the $13.9 million project. U.S. Bank, Associated Bank, the city of Milwaukee, the Wisconsin Housing and Economic Development Authority and IFF provided additional financial support. In addition to the residences, the project includes 1,565 square feet of street-level commercial space that houses the new offices of LMRC.

May 30, 2019

Acquisitions Midwest Retail Wisconsin

Cushman & Wakefield | Boerke Arranges Sales of Buildings Formerly Occupied by Babies ‘R’ Us, Toys ‘R’ Us in Wisconsin

by Kristin Harlow May 30, 2019

MADISON AND MILWAUKEE, WIS. — Cushman & Wakefield | Boerke has arranged the sale of a building formerly occupied by Babies ‘R’ Us in Madison and a building formerly occupied by Toys ‘R’ Us in Milwaukee. The 45,451-square-foot Babies ‘R’ Us sold for $3.2 million. The 38,000-square-foot Toys ‘R’ Us sold for $2.6 million. John Kuhn, Nathan Powers and David Tighe of Cushman & Wakefield | Boerke represented the sellers.

May 30, 2019

Acquisitions Midwest Retail Wisconsin

SRS Arranges $5M Sale of Walgreens-Occupied Property in Plymouth, Wisconsin

by Kristin Harlow May 29, 2019

PLYMOUTH, WIS. — SRS Real Estate Partners has arranged the $5 million sale of a single-tenant property occupied by Walgreens in Plymouth near Sheboygan. The 14,490-square-foot freestanding building is located at 2455 Eastern Ave. Built in 2004, the property is situated on 1.5 acres. Walgreens has 11 years remaining on its lease term. Dan Elliot and Sean Lutz of SRS represented the seller, Torrington Development Inc. MEI Realty purchased the building.

May 29, 2019

Acquisitions Midwest Retail Wisconsin

KW Commercial Negotiates $3.5M Sale of 44,911 SF Retail Center in Plover, Wisconsin

by Kristin Harlow May 29, 2019

PLOVER, WIS. — KW Commercial has negotiated the $3.5 million sale of Village Park at Plover, a 44,911-square-foot retail center in Plover near Stevens Point in the center of the state. The property, located at 3012 Village Park Drive, is home to a variety of retail, restaurant and office tenants. Matthew Klein of KW represented the buyer, Amsden LLC. Jeff Rowlett of Marcus & Millichap represented the undisclosed seller.

May 29, 2019

Industrial Leasing Activity Midwest Wisconsin

Smart Warehousing Leases 200,000 SF Industrial Facility in Germantown, Wisconsin

by Kristin Harlow May 28, 2019

GERMANTOWN, WIS. — Smart Warehousing has leased a 200,000-square-foot industrial facility at Zilber Property Group’s Germantown Gateway Corporate Park in Germantown, a northwest suburb of Milwaukee. The building, known as Zilber Industrial 3, is under construction and slated for completion this fall. Kansas City-based Smart Warehousing is a warehousing, fulfillment and logistical solutions company with operations located throughout the country. John Sharpe of Lee & Associates represented the tenant in the lease transaction. Michael Kleber of Zilber represented the landlord. Zilber recently completed a 706,000-square-foot build-to-suit for Briggs & Stratton Corp. at the 140-acre Germantown Gateway Corporate Park. The company is developing another 200,000-square-foot speculative building at the park.

May 28, 2019

Acquisitions Industrial Midwest Wisconsin

Colliers Brokers Sale of 163,000 SF Industrial Building in Ripon, Wisconsin

by Kristin Harlow May 23, 2019

RIPON, WIS. — Colliers International has brokered the sale of a 163,000-square-foot industrial building in Ripon in central Wisconsin. The sales price was not disclosed. The property is situated on 13 acres at 100 Creative Way and is served by the Wisconsin Southern Railroad. The buyer, Rogers & Rogers Inc., intends to occupy about one-half of the building and lease the other half to other companies within Ripon.

May 23, 2019

Acquisitions Midwest Multifamily Wisconsin

Berkadia Arranges $9.5M Sale of Multifamily Property in Milwaukee

by Jeff Shaw May 17, 2019

MILWAUKEE — Berkadia has arranged the sale of Franklin Park Apartments in Milwaukee for $9.5 million. The 128-unit multifamily property was 95 percent occupied at the time of sale. Ralph DePasquale, Parker Stewart and Alex Blagojevich of Berkadia represented the seller, Milwaukee-based Brickman Real Estate and Peloton Investors. Chicago-based Tricap Residential Group purchased the asset.

May 17, 2019

Market Reports Midwest Midwest Market Reports Retail Wisconsin

Creativity, Flexibility Are Paramount in Milwaukee’s Retail Market

by Kristin Harlow May 16, 2019

Milwaukee, a city known for beer, motorcycles and baseball, is currently in a position of shifting from what was once perceived as the normal retail marketplace into the new age of retail. This type of retail is ever-changing and has a deeper focus on experiential activities and artisanal food. These two words, “experiential” and “artisanal,” are frequently being used to describe where the retail landscape is heading. Online competitors, as well as changing consumer preferences, are driving out the traditional department store models and forcing retailers to adapt to this way of life or suffer struggling sales and inevitable store closures. Adaptive reuse The story of traditional retail being dead due to online retailers’ entrances into different market segments continues to invade publications throughout the country. While there may be some truth to that for certain retailers such as Toys ‘R’ Us, Babies ‘R’ Us, Shopko, Bon-Ton and Payless ShoeSource, an argument can be made that it was also their inability to adapt in the marketplace that led to their demise. These store closures affected numerous markets throughout the country and Milwaukee was no different in seeing several of these retailers close multiple locations across the metro area, leaving landlords …

May 16, 2019

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