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

Midwest Office Wisconsin

Berkadia Opens Office in Milwaukee, Adds Mortgage Banking Team Members

by Kristin Harlow May 13, 2019

MILWAUKEE — Berkadia has opened a new office in Milwaukee’s Third Ward. Commercial real estate finance veterans Mark Dellonte and Amy Barry will be based at the new office, which is located at 342 N. Water St. Dellonte will be responsible for enhancing Berkadia’s overall offerings, including FHA/HUD financing in Wisconsin and the Midwest. Dellonte formerly served as president and CEO of Love Funding Corp. Barry formerly worked at Fannie Mae. Both will report to Steve Ervin, senior vice president and head of HUD at Berkadia.

May 13, 2019

Development Midwest Office Wisconsin

J. Jeffers & Co. Breaks Ground on $60M Office Building in Milwaukee

by Kristin Harlow May 10, 2019

MILWAUKEE — J. Jeffers & Co. has broken ground on the Huron Building, an 11-story, Class A office development in Milwaukee. Located in the downtown’s Third Ward, the project will span 163,000 square feet. Law firm Husch Blackwell has pre-leased 48 percent of the property. Completion is slated for December 2020. J. Jeffers & Co. received a $39 million construction loan from Associated Bank and a $21 million equity investment, including $14 million raised on crowdfunding platform CrowdStreet. The developer will also own and operate the property. Madison, Wis.-based Stevens Construction is the general contractor.

May 10, 2019

Acquisitions Hospitality Midwest Wisconsin

Hospitality Properties Trust Acquires Milwaukee-Area Hotel for $30M

by Kristin Harlow May 9, 2019

WAUWATOSA, WIS. — Hospitality Properties Trust has acquired the 198-room Crowne Plaza Milwaukee West in Wauwatosa for $30 million. The full-service hotel, built in 2008, includes 6,100 square feet of meeting space, a health and fitness center, indoor pool, restaurant and lounge. IHG operates the property. Atlanta-based Peachtree Hotel Group was the seller, according to local media.

May 9, 2019

Industrial Leasing Activity Midwest Wisconsin

Menasha Packaging Renews 113,778 SF Industrial Lease in Cudahy, Wisconsin

by Kristin Harlow May 9, 2019

CUDAHY, WIS. — Menasha Packaging Co. has renewed its 113,778-square-foot industrial lease in Cudahy, about seven miles south of Milwaukee. The property is located at 6185 S. Ace Industrial Drive. Bill Langhoff of Colliers International brokered the lease transaction. The landlord was not disclosed. Menasha Packaging is an independent, retail-focused packaging and merchandising solutions provider.

May 9, 2019

Market Reports Midwest Midwest Market Reports Multifamily Wisconsin

Construction Is Booming for Milwaukee Multifamily Market

by Kristin Harlow May 9, 2019

It is widely acknowledged among commercial real estate professionals in the Milwaukee market that we are in the midst of a renaissance of sorts — certainly the most exciting period in the past few decades to be actively involved in the industry. From the Harbor District to the Deer District (the newly branded area around Fiserv Forum), new neighborhoods and exciting destinations are sprouting up. This resurgence continues to attract residents and developers who are quickly creating the critical mass necessary to make Milwaukee a viable 18-hour city. On the multifamily front, new supply that has come online in the past few years is driving both average rental rates and overall vacancy higher. As of the first quarter of 2019, the average rental rate in the metro Milwaukee market increased 0.8 percent from the previous quarter to $1,075, continuing an upward trend that saw a 2.2 percent annual increase at year-end 2018, according to real estate data provider CoStar. The vacancy rate hovered around 5.9 percent during this same period, slightly higher than the year-end 2018 level of 5.6 percent, but lower than the recent high of 6.1 percent established in 2017. The average rental rate in the first quarter …

May 9, 2019

Loans Midwest Multifamily Seniors Housing Wisconsin

Hunt Capital Partners Arranges LIHTC Financing for $34.4M Seniors Housing Development in Wisconsin

by Kristin Harlow May 6, 2019

FITCHBURG, WIS. — Hunt Capital Partners, in collaboration with Plesko Properties LLC, has arranged federal and state low-income housing tax credit (LIHTC) equity financing for the construction of Fitchburg Senior Apartments. Located in the Madison suburb of Fitchburg, the community will feature 160 affordable housing units for seniors who are age 55 and older. Units will be restricted to households who earn up to 80 percent of the area median income. The development team broke ground on Fitchburg Senior Apartments in March. The four-story community will provide 80 one-bedroom units and 80 two-bedroom units upon completion, which is slated for July 2020. The total development cost for Fitchburg Senior Apartments is $34.4 million. The development team was awarded $15 million in federal and state LIHTCs. Hunt Capital Partners facilitated the federal tax credits through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 27. Advantage Capital purchased the state LIHTC credits through Fund 27 as well. The Wisconsin Housing and Economic Development Authority (WHEDA) provided $23 million in taxable and tax-exempt construction and permanent financing and $1.5 million in soft financing. Plesko Properties, the project developer, selected Baker Tilly Virchow Krause LLP as the project consultant. Stevens Construction Corp. is …

May 6, 2019

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