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.
When it comes to location identification for development, you have to think creatively. In a highly competitive market like Milwaukee, mixed-use projects offer a great opportunity to showcase creativity, take advantage of complementary uses and drive tremendous value for clients and investors. The success of a mixed-use project lies in location. A high-profile location will help attract businesses, which then helps build traffic. Ideally, you want to think outside the box to generate repeat visits with businesses that will help sustain that traffic. An innovative mix of retail, restaurant, hospitality, office and even healthcare can greatly enhance a development. Mixed-use retail developments create new opportunities for healthcare projects. Health systems and physician practices are choosing to prioritize locations they may not have previously considered. There’s been a significant expansion of and increased focus on the outpatient ambulatory environment. The trend of developing specialty outpatient facilities, ambulatory surgery centers and micro-hospitals continues to gain momentum and allows for expansion to remain competitive while maintaining efficiency. An outpatient facility brings traffic. Finding a high-visibility location where customers are already engaging increases the convenience factor. Built-in traffic drivers like restaurants and retail help with trip assurance. For example, after wrapping up a clinic …
GREEN BAY, WIS. — Mag Mile Capital has arranged a $1.6 million loan for the refinancing of a 12,900-square-foot retail property at 2066 Central Drive in Green Bay. Aveda Salon is one of the tenants. Mac Dobson of Mag Mile Capital arranged the five-year loan on behalf of the private borrower, Michael Nass. The loan features a 5.45 percent rate and a 25-year amortization schedule. The borrower plans to use the funds to refinance a maturing loan and buy out a partner in the property. The lender was not disclosed.
MINNEAPOLIS AND MILWAUKEE — R2 Cos. and Skydeck LLC have acquired an 11-building, 525,000-square-foot office portfolio in Minneapolis and Milwaukee. The Minneapolis properties are located in the Northeast Arts District. Tenants include Blu Dot, Tactile Medical, Anagram International, Object Partners, AON, Sociable Cider Werks, Bauhaus Brew Labs and Dogwood Coffee.The Milwaukee property is The Tannery, a creative office campus in the Walker’s Point submarket. Advocate Aurora Health anchors the property. The portfolio was 95 percent leased at the time of sale. The buyer plans to make significant improvements via new amenities such as bike rooms, fitness centers and dedicated outdoor space. The purchase price was in excess of $60 million.
KENOSHA, WIS. — Logistics Property Co. LLC (LPC) has broken ground on a 1 million-square-foot industrial development in Kenosha. The 67-acre site is situated just off I-94, less than 50 miles from Chicago. The speculative development, known as 94 Logistics Park, is slated for completion by the end of summer 2019. Building One will span 750,000 square feet for regional distribution use. Building Two will span 288,000 square feet and will be geared toward manufacturing and local distribution companies. Fred Regnery, Ned Frank and Steve Sewart of Colliers International will market the development for lease.
KENOSHA, WIS. — Zilber Property Group has leased a 42,235-square-foot industrial building to Paasche Airbrush Co. in Kenosha. Located in the Business Park of Kenosha, the recently constructed facility features a clear height of 28 feet and is located near I-94. Established in 1904, Paasche Airbrush is a family-owned and operated manufacturer of artist airbrushes, industrial spray guns and spray booths. Brett Kroner and Keith Puritz of Cushman & Wakefield represented the tenant in the lease transaction. Michael Kleber, Sergio Chapa and Mike Prost of Newmark Knight Frank represented Zilber Property Group.
APPLETON, WIS. — Altitude Trampoline Park has signed a 33,247-square-foot lease to open its first Wisconsin facility in Appleton. The property is located at 4914 Integrity Way. The indoor trampoline park will include a ropes course, ninja course, rock wall, extreme dodge ball, zip lines and foam pits. John Day of The Woodmont Company and Patrick Owens of Transwestern represented the tenant in the lease transaction. Mark Pucci and Adam Figurin of Colliers International represented the landlord, Alliance Development.
WISCONSIN RAPIDS, WIS. — The Boulder Group has arranged the $5.2 million sale of a single-tenant property net leased to Pick ‘n Save in Wisconsin Rapids. The 46,608-square-foot property is located at 900 E. Riverview Expressway. Wisconsin Rapids is in the central part of Wisconsin.Pick ‘n Save recently expanded its lease for 10 years. The store is scheduled to undergo a $2 million interior remodeling in 2019. The property was originally constructed in 1980. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate company. A West Coast-based real estate fund purchased the asset.
MILWAUKEE — Korb + Associates Architects and structural engineering firm Thornton Tomasetti have unveiled the design for a proposed 21-story timber tower in downtown Milwaukee. New Land Enterprises is the developer for the 410,000-square-foot project known as Ascent. The multifamily building will include street-level retail space. At 238 feet tall, the tower is poised to become the tallest timber structure in the western hemisphere, according to Thornton Tomasetti. Mass timber structures help absorb carbon dioxide and save energy. They performs as well as, or better than, traditional materials in fire, earthquake and wind conditions, according to the project team. Construction is expected to begin in the fall of 2019.