MENOMONEE FALLS, WIS. — Founders 3 Real Estate Services has arranged the $2.8 million sale of Shenandoah Center in Menomonee Falls, about 20 miles northwest of Milwaukee. The 46,727-square-foot flex industrial facility is located on Whittaker Way. Ned Purtell and Paul McBride of Founders 3 represented the seller, Burke Business Park LLC. BW Management LLC was the buyer.
MILWAUKEE — Cambridge Landmark has purchased the Hyatt Regency hotel in downtown Milwaukee. The sales price was $37.3 million, according to the Milwaukee Business Journal. The 481-room, full-service hotel is connected to the Wisconsin Convention Center. The hotel will undergo a multi-million dollar renovation focused on upgrading the rooms, lobby, meeting space and other new amenities. The seller was not disclosed. Cambridge Landmark is a Miami-based investor.
FRANKSVILLE, WIS. — The Barry Company has arranged the sale of an 11,800-square-foot industrial building in Franksville, about 20 miles south of Milwaukee, for an undisclosed price. Former occupant Custom Painted Vehicles sold the property and has moved to a larger, neighboring facility. David Barry of The Barry Company represented the seller in the transaction. Gurtz Electric Co. purchased the building. The property is located near the Foxconn development area in the I-94 corridor. Foxconn, an electronics manufacturer, is expected to hire 13,000 workers for its Wisconsin facility, which is currently under construction.
MILWAUKEE — Sellars Absorbent Materials Inc. has signed a 134,000-square-foot lease at the former Lowe’s Home Improvement store located at 5800 W. Hope Ave. in Milwaukee. Built in 2004, the property has been vacant since Lowe’s closed the store in 2009. Phoenix Investors, which purchased the building in July 2016, plans to make structural and cosmetic upgrades to the property for Sellars’ distribution operations. Sellars is a Milwaukee-based manufacturer of paper towels, wipes and other absorbent materials. Samuel Dickman Jr., Samuel Dickman Sr. and Zach Noble of the Dickman Co. Inc. brokered the lease transaction.
MILWAUKEE — Janko Hospitality has opened a new Hyatt Place hotel at The Brewery District in Milwaukee. The 150-room, six-story hotel is located one block away from the new Milwaukee Bucks arena. The Brewery District is situated on the former home of the Pabst Brewing Complex. The select-service hotel boasts more than 1,700 square feet of meeting space and a fitness center. This is the first Milwaukee hotel to be operated by Janko Hospitality, which manages other select and full-service properties throughout the Midwest.
HARTLAND, WIS. — Carter Validus Mission Critical REIT Inc. has sold its Milwaukee Data Center in Hartland, about 30 miles west of Milwaukee, for $21 million. The 59,516-square-foot property sits on nearly eight acres. Landmark Infrastructure Operating Co. LLC purchased the asset. The company also recently sold a data center in Alpharetta, Ga., for $64 million. Carter Validus Mission Critical (CVMC) REIT I owns one remaining data center in Andover, Mass., but CVMC REIT II owns 27 data center properties as of the end of the first quarter.
MILWAUKEE — National General Insurance has signed a 31,315-square-foot office lease at Schlitz Park in Milwaukee. The 800,000-square-foot office complex is now fully leased. In 2011, Schlitz Park began undergoing a $30 million renovation. Since then, more than 20 new or expanded leases feature tenants such as the Milwaukee Bucks, UMB Fund Services, Infosys, AECOM, Badger Liquor, HSA Bank and Trusted Media Brands. Ned Purtell and Jenna Maguire of Founders 3 Real Estate Services represented Schlitz Park in the lease transaction. Chris Richards of Oakbrook Corp. represented National General Insurance, a personal lines insurance company headquartered in New York City. Schlitz Park is owned and managed by The Brewery Works Inc., the organization formed by the families that purchased the property in 1983.
PLEASANT PRAIRIE, WIS. — Colliers International has negotiated a 534,384-square-foot industrial lease renewal on behalf of Arvato Digital Services in Pleasant Prairie, approximately 37 miles south of Milwaukee. Located at 11500 80th Ave., the property features 20,000 square feet of office space, 40 exterior docks, four drive-in doors and a clear height of 32 feet. CenterPoint has owned the property since 2009. Fred Regnery and Jack Rosenberg of the Chicago office of Colliers represented Arvato in the lease transaction. Arvato distributes consumer products to retail store distribution centers as well as directly to consumers.
MILWAUKEE — Irgens has begun construction of BMO Tower in downtown Milwaukee. Four concrete pumps poured 6,700 cubic yards of concrete over the weekend to create the foundation for the 380,000-square-foot office tower. Completion is slated for late 2019. Located at 770 N. Water St., the tower will rise 20 stories. BMO Harris Bank and Michael Best have signed leases at the property. Colliers International is the leasing agent, J.H. Findorff & Son is the general contractor and Kahler Slater is the architect.
ASHWAUBENON, WIS. — Infinity Machine & Engineering Corp. has renewed its 34,100-square-foot industrial lease at 995 Waube Lane in Ashwaubenon, just south of Green Bay. Scott Revolinski of Founders 3 Real Estate Services represented the landlord, LCM Funds Real Estate LLC, in the transaction.