MILWAUKEE — MLG Capital has acquired Frederick Lofts in Milwaukee for $16 million. The 100-unit multifamily complex is located in The Brewery neighborhood. Amenities include a resident clubhouse, fitness center, yoga room, media room, underground parking and rooftop deck. MLG Capital plans to upgrade the unit interiors in order to maintain the property’s Class A status.
NEW BERLIN, WIS. — Founders 3 Real Estate Services has arranged the sale of a 21,761-square-foot industrial building in New Berlin for $1.8 million. The property is located at 5462-5482 S. Westridge Drive. Brett Deter of Founders 3 represented the buyer, Olive Square Realty LLC. WLC Properties LLC was the seller.
MILWAUKEE — North Wells Capital LLC has received a $26.6 million loan for the ongoing renovation and redevelopment of the former Bon-Ton headquarters in Milwaukee. Meridian Capital Group arranged the loan with A10 Capital. North Wells acquired the 429,000-square-foot property in May 2017 and renamed it HUB640 after its address at 640 N. 4th St. North Wells is gutting and renovating the building to provide offices for multiple companies, and is marketing the first floor to new retailers. The $26.6 million loan provides long-term financing for the company’s purchase of the property and secures money to build out interior spaces for future tenants. The 120-year-old building served as the corporate headquarters for The Bon-Ton Stores, and as the flagship site of one of its retail brands, The Boston Store, since completion. Bon-Ton filed for bankruptcy in 2018 and was sold and liquidated.
TORONTO — WPT Industrial Real Estate Investment Trust, a publicly traded company based in Toronto, has increased its U.S. holdings by agreeing to acquire a 13-property logistics portfolio for approximately US$226 million. The industrial buildings total 2.2 million square feet and are situated in infill submarkets across the United States. The property names and addresses were not disclosed, but WPT says the portfolio will increase its scale in Chicago, Milwaukee and Minneapolis. The portfolio also includes assets in three new markets for the REIT, including Los Angeles and Miami. Additionally, WPT has confirmed that eight of the assets are leased to a single tenant and the other five are leased to multiple tenants. “We are very pleased to source a high-quality portfolio acquisition that advances the REIT’s strategic priorities to add scale and diversification with a focus on markets and properties that have the greatest potential to drive long-term growth,” says Scott Frederiksen, CEO of WPT. WPT plans to fund the acquisition with cash on hand and proceeds from its senior unsecured credit facility. In anticipation of the purchase, WPT has received lender commitments to amend and extend the credit facility from US$300 million to $450 million. The REIT expects …
STURTEVANT, WIS. — Nordic Realty Partners has purchased a 19,500-square-foot industrial building located at 9900 Durand Ave. in Sturtevant, about 30 miles south of Milwaukee, for an undisclosed price. The property includes 5,000 square feet of office space and 14,500 square feet of warehouse space. Nordic plans to make capital improvements and lease the space to one or more tenants. Titan Inc., a machinery manufacturing and testing firm recently acquired by Burke Porter Group, formerly occupied the building. The company is relocating to a larger facility. NAI MLG Commercial represented the seller in the transaction.
ASHWAUBENON, WIS. — Shopko, a Wisconsin-based retailer, has announced the commencement of its liquidation sale. The company will close all of its stores. In January, Shopko filed for bankruptcy protection, but was unable to secure a buyer. Gordon Brothers will oversee the liquidation process, which is expected to conclude 10 to 12 weeks from now. The vast majority of Shopko’s stores are located in the Midwest, but the company also operates a number of locations in the western portion of the country. Shopko is evaluating a strategy for its optical business. The first Shopko store opened in Green Bay in 1962.
MOUNT PLEASANT, WIS. — Phoenix Investors has unveiled plans to convert its industrial facility located at 7505 Durand Ave. in Mount Pleasant into self-storage use. Phoenix plans to add up to 2,000 climate-controlled units at the 200,000-square-foot property. Store Here Self Storage will operate the facility.
IOWA AND WISCONSIN — HREC Investment Advisors has brokered the sale of a three-property Hampton Inn portfolio in Iowa and Wisconsin. The portfolio included a 135-room hotel in West Des Moines, a 122-room hotel in Appleton and a 119-room hotel in Brookfield. Denver-based Walker Reynolds acquired the select-service portfolio. HREC represented the seller, affiliates of The Raymond Group and North Central Group, both headquartered in Madison, Wis.
WAUKESHA, WIS. — New Perspective Senior Living is developing a 173,000-square-foot facility in Waukesha. The new community will offer 94 independent living and assisted living apartments as well as 34 memory care apartments. An official groundbreaking ceremony will take place this spring, with completion slated for summer 2020. Amenities will include a two-story lobby and reception area, three dining venues, an indoor pool, wellness center, beauty salon, activity center, movie theater and dance hall. Residents can also take advantage of weekly housekeeping, activity transportation, on-site physical therapy and wellness services. For those requiring additional assistance, care will be available 24 hours per day.
WAUKESHA, WIS. — Bernard Financial Group has arranged a $22 million loan for the acquisition of a 331,541-square-foot retail property in Waukesha. Neil Gorosh of Bernard arranged the CMBS loan on behalf of the borrower, SBV Fox River LLC. ATI Physical Therapy is one of the tenants.