MILWAUKEE — The Dickman Co. Inc./CORFAC International has negotiated the sale of a 23,100-square-foot industrial building in Milwaukee for an undisclosed price. The property is located at 5800 W. Douglas Ave. Overseas Hardwood Co. Inc. purchased the building from Jonco Properties. Samuel Dickman Jr. and Zach Hansen of Dickman brokered the transaction.
MILWAUKEE — Gorjian Acquisitions has purchased two retail properties in Milwaukee for an undisclosed price. A private seller sold both properties as a portfolio. Bradley Square, located on North 76th Street, spans 19,545 square feet. The building is 86 percent occupied by tenants that include a State Farm insurance office, podiatry office, mortgage office and a senior day care. The other property, Teutonia Square, is fully occupied and spans 8,303 square feet.
OCONOMOWOC, WIS. — Mag Mile Capital has originated a $9.9 million CMBS loan for the acquisition of a Staybridge Suites hotel in Oconomowoc. The 128-room property is located at 1141 Bule Ribbon Drive. Mac Dobson and Prabhat Jayara of Mag Mile Capital originated the loan on behalf of the borrower, KGNMP Hotels LLC. The 10-year, fixed-rate loan features a 5.75 percent interest rate and a 25-year amortization.
OAK CREEK, WIS. — National Health Investors Inc. (NHI) has agreed to finance the development of Ignite Medical Resort Oak Creek, a 144-bed skilled nursing facility just south of Milwaukee in Oak Creek. NHI’s commitment totals $25.4 million. Construction on the facility is underway, with an expected completion of second-quarter 2020. A tenant entity owned by affiliates of Villa Healthcare and Ignite Medical Resorts will operate the community once completed. A 12-year lease term begins post-construction with two 10-year renewals and a 2 percent annual escalator. In addition, there is a $2 million earn-out based on the operator meeting certain operating metrics in 2024 and 2025.
MILWAUKEE — Berkadia has arranged the sale of Avenir Apartments on Jefferson in Milwaukee for $22.7 million. The 104-unit apartment community includes 7,045 square feet of retail space. Located at 1437 N. Jefferson St., the property features studio, one- and two-bedroom floor plans. Ralph DePasquale, Alex Blagojevich and Parker Stewart of Berkadia represented the seller, an entity managed by Wangard Partners. Weidner Apartment Homes purchased the asset.
GERMANTOWN, WIS. — Founders 3 Real Estate Services Inc. has brokered the sale of a 162,230-square-foot industrial building in Germantown for an undisclosed price. The building, located within Willow Creek Business Park, serves as the headquarters for DiscountRamps.com with 18,610 square feet designated as office space. The seller, Weas Development, completed construction of the building in September. Andy Hess and Bob Flood of Founders 3 brokered the transaction on behalf of the seller. An affiliate of STAG Industrial Inc. purchased the building.
EAU CLAIRE, WIS. — Commonwealth Development has completed a $95 million mixed-use project known as Confluence in Eau Claire. Located at the intersection of the Eau Claire and Chippewa rivers, the project consists of two buildings and a public plaza. The first building, completed in 2016, is Haymarket Landing. The $35 million, 235,000-square-foot building consists of 119 student housing units and 33,000 square feet of retail space. The second building, the Pablo Center at the Confluence, is a $60 million facility that includes a 1,229-seat theater, 400-seat black box theater, visitor’s center, innovation center and art gallery, as well as rehearsal rooms, recital halls and classrooms. The University of Wisconsin-Eau Claire and local arts organizations will share the Pablo Center. Market & Johnson served as the contractor.
CUDAHY, WIS. — National Packaging Services has renewed its 78,778-square-foot industrial lease in Cudahy, a southern suburb of Milwaukee. The property is located at 2150 E. College Ave. Bill Langhoff of Colliers International brokered the lease transaction. National Packaging Services is based in New Jersey.
WEST MILWAUKEE AND HARTLAND, WIS. — Zilber Property Group has acquired two industrial buildings in metro Milwaukee for an undisclosed price. The first is a 120,452-square-foot building located at 5000 Electric Ave. in West Milwaukee. Mainetti RTS fully occupies the property. The second is a 35,051-square-foot building at 1115 Cottonwood Ave. in Hartland. Axis Automation fully occupies the property, which is located within the Cottonwood Commerce Center. James Young of JLL represented the seller in the West Milwaukee transaction. Michael Kleber of Zilber represented Zilber.
STURTEVANT, WIS. — Fresenius USA Manufacturing has leased 83,000 square feet at Enterprise Business Park in Sturtevant. Fresenius, a German medical care company with operations around the globe, manufactures medical devices and operates dialysis centers. Fresenius is the third company to occupy Enterprise II, along with West Logistics and Andis Corp. The 376,000-square-foot building has 84,000 square feet available for lease. Travis Tiede and Barry Chavin of MLG Commercial represented Fresenius in the lease transaction. John Sharpe of Lee & Associates and Terry McMahon and Cody Ziegler of Cushman & Wakefield-Boerke Co. represented landlord Ashley Capital. Ashley has three more building sites within the park and plans to develop a 438,309-square-foot industrial building known as Building IV in spring 2019.