Wisconsin

Love Funding Provides $15M Loan for Brewery Lofts Project in Milwaukee

by Kristin Harlow March 5, 2019

MILWAUKEE — Love Funding has provided a $15 million bridge loan for the rehabilitation and mini-permanent financing of Brewery Lofts in Milwaukee. Originally built in 1882, the buildings were part of the Pabst brewery campus. Upon redevelopment, Brewery Lofts will offer 118 apartment units. Amenities will include a clubroom, business center, gaming area, fitness center and landscaped rooftop. Holly Bray of Love Funding secured the bridge financing. Love Funding’s parent company, Midland States Bank, provided the funding. The borrower, Milwaukee Pabst Holdings LLC, will receive federal and state historic tax credits for the redevelopment of the two buildings in addition to the bridge loan.

March 5, 2019

Country-Inn-Suites-Fond-du-Lac-Wisconsin

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Brokers Sale of 65-Room Country Inn & Suites Hotel in Fond du Lac, Wisconsin

by Taylor Williams March 1, 2019

FOND DU LAC, WIS. — Marcus & Millichap has brokered the sale of Country Inn & Suites Fond du Lac, a 65-room hotel located about 65 miles north of Milwaukee. The property recently underwent a series of renovations. Jon Ruzicka, Jake Erickson and Jared Plamann of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was not disclosed. Minneapolis-based Country Inn & Suites is part of the Carlson Rezidor Hotel Group, a privately owned hotel firm with more than 1,370 properties in operation and under development in more than 110 countries.

March 1, 2019

Development Midwest Multifamily Seniors Housing Wisconsin

Evergreen Completes $2M Renovation of Affordable Community in Racine, Wisconsin

by Taylor Williams February 28, 2019

RACINE, WIS. — Evergreen Real Estate Group has completed a $2 million renovation of Durand Plaza, a 72-unit affordable seniors housing community in Racine, approximately 25 miles south of Milwaukee. Evergreen acquired the property in October 2017 and has managed it since then. Durand Plaza comprises four two-story buildings originally constructed in 1970. In addition to the 72 residential units, the property includes a community room with television and shared kitchen, as well as an onsite laundry room. During the remodel, all buildings received new roofs and windows as well as mechanical improvements. Corridors, stairwells and common areas were refreshed with new carpet, paint and lighting. Exterior improvements included repaved parking lots, repaired sidewalks, masonry updates, new perimeter fencing, landscaping, a new monument sign and a new patio with seating that complies with the Americans with Disabilities Act (ADA).

February 28, 2019

Acquisitions Midwest Retail Wisconsin

Lamar Cos. Acquires 216,785 SF Shopping Center in Madison, Wisconsin

by Kristin Harlow February 26, 2019

MADISON, WIS. — Lamar Cos., in conjunction with Real Capital Solutions, has acquired East Town Plaza in Madison for an undisclosed price. The 216,785-square-foot shopping center is 83 percent leased. Tenants include Burlington, Marshalls, Ross Dress for Less, Jo-Ann Fabrics, DSW, Ulta and Party City. The property, built in 1999, is positioned along East Washington Avenue. The seller was not disclosed.

February 26, 2019

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Brokers $2.3M Sale of Super 8 Hotel in Eau Claire, Wisconsin

by Kristin Harlow February 22, 2019

EAU CLAIRE, WIS. — Marcus & Millichap has brokered the sale of a 56-room Super 8 hotel in Eau Claire for $2.3 million. The two-story property is located at 1151 W. MacArthur Ave. Ebrahim Valliani, John Yurich, Michael Klar, Allan Miller and Chris Gomes marketed the property on behalf of the seller. Todd Lindblom assisted in closing this transaction as the broker of record in Wisconsin.

February 22, 2019

Acquisitions Midwest Office Wisconsin

Colliers Brokers Sale of Six-Building Office Portfolio in Metro Milwaukee for $37.7M

by Kristin Harlow February 21, 2019

MILWAUKEE AND WAUKESHA, WIS. — Colliers International has brokered the sale of a six-building office portfolio in Milwaukee and Waukesha for $37.7 million. The 392,021-square-foot portfolio includes a mix of single- and multi-tenant buildings. At the time of sale, the portfolio was 92 percent leased to 23 tenants, including Von Briesen & Roper, Morgan Stanley, Aurora Health Care and DentaQuest. Tom Shepherd of Colliers represented the seller, LSOP WI LLC. Felton Properties was the buyer. Colliers will handle property management services on behalf of the buyer.

February 21, 2019

Development Midwest Mixed-Use Wisconsin

City of Wauwatosa Approves Master Development Agreement for Future Phases of The Mayfair Collection in Wisconsin

by Kristin Harlow February 8, 2019

WAUWATOSA, WIS. — The city of Wauwatosa has approved the terms of a development agreement that will facilitate future phases of The Mayfair Collection, a 69-acre mixed-use project. HSA Commercial Real Estate is the developer. By demolishing existing warehouse buildings and installing additional infrastructure improvements, the agreement supports the creation of seven development sites, which can accommodate up to 750 additional residential units and 360,000 square feet of office space. Demolition and site work are scheduled to begin this summer, with development sites available as soon as spring 2020. Recent additions to The Mayfair Collection include a 146-room Hilton Homewood Suites and a 269-unit luxury apartment building. Both are located adjacent to more than 500,000 square feet of retail space anchored by Whole Foods Market and Nordstrom Rack.

February 8, 2019

Acquisitions Midwest Office Wisconsin

TPG Real Estate, Crestlight Capital Purchase Schlitz Park Office Campus in Milwaukee

by Kristin Harlow February 7, 2019

MILWAUKEE — TPG Real Estate and Crestlight Capital have purchased the Schlitz Park office campus in Milwaukee for an undisclosed price. The joint venture acquired the 32-acre office property from The Brewery Works Inc., the development and ownership group led by the Grunau and Sampson families. After a $30 million, multi-year renovation, Schlitz Park reached full occupancy in mid-2018. Tenants include US Bank, UMB Fund Services, HSA Bank, Aurora Health Care and the Milwaukee Bucks. The property originally served as the brewery for Joseph Schlitz Brewing Co.

February 7, 2019

Leasing Activity Midwest Office Wisconsin

Law Firm Signs 7,248 SF Office Lease at Milwaukee’s BMO Tower

by Kristin Harlow February 5, 2019

MILWAUKEE — Andrus Intellectual Property Law LLP has signed a lease to occupy 7,248 square feet at BMO Tower in Milwaukee. The intellectual property law firm will occupy the space on the 22nd floor. The company was founded in Milwaukee in 1939. BMO Tower is a 25-story Class A office development under construction. Approximately 160,000 square feet of office space and 12,000 square feet of retail space remain available for lease. Anchor tenants include BMO Harris Bank, Michael Best & Friedrich and Heartland Advisors. David Pudlosky and Michael Streit of JLL represented Andrus in the lease transaction. Mike Wanezek of Colliers International represented the landlord, Irgens.

February 5, 2019

Leasing Activity Midwest Office Wisconsin

Heartland Advisors to Relocate to Milwaukee’s BMO Tower

by Kristin Harlow January 30, 2019

MILWAUKEE — Heartland Advisors has unveiled plans to relocate to BMO Tower in the heart of Milwaukee’s central business district. The independent investment firm, which manages mutual funds, will occupy 10,873 square feet on the 12th floor. Alyssa Geisler of CBRE represented Heartland in the lease transaction. Mike Wanezek of Colliers International represented the owner, Irgens. Located at 790 N. Water St., BMO Tower is a 25-story office building currently under construction. The property is expected to open in December. Anchor tenants include BMO Harris Bank and Michael Best & Friedrich. Approximately 160,000 square feet of office space and 12,000 square feet of retail space remain available for lease.

January 30, 2019

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