MILWAUKEE — Fidelity National Information Services Inc. (FIS) has signed a 124,550-square-foot office lease at Parkland Center in Milwaukee. The financial services technology and outsourcing services company will occupy the second and third floors of the Class A building, which was formerly home to Molina Healthcare of Wisconsin Inc. The building underwent an extensive renovation in late 2016, including a complete update of the lobby and the addition of a fitness center and full-service cafeteria. FIS joins neighboring tenant Global Industrial to bring the 222,704-square-foot building to an occupancy level of 67 percent. Ned Purtell and Patti Stevens of Founders 3 Real Estate Services represented the landlord, Griffin Capital Essential Asset REIT Inc., in the lease transaction. Erik Ozolins of Orion Realty Group and Kate Hanson of Founders 3 represented FIS.
HARTLAND, WIS. — Colliers International has brokered the $4.3 million sale of a 58,828-square-foot industrial building in Hartland, a western suburb of Milwaukee. Printing company JTS Direct LLC fully occupies the property, which is located at 1180 Walnut Ridge Drive. Tom Shepherd, Jennifer Huber-Bullock and Steve Sewart of Colliers represented the seller, SH 1180 Walnut Ridge LLC. Kashou Brothers LLC purchased the asset.
OSHKOSH, WIS. — Mid-America Real Estate Corp. has brokered the sale of Oshkosh Center II for $10.2 million. The 107,456-square-foot shopping center is located at the northeast corner of 20th Avenue and Koeller Street in Oshkosh, nearly 90 miles northwest of Milwaukee. Anchor tenants include Pick ’n Save and Office Max. The sale also includes a 4,150-square-foot outlot building for a total of 111,606 square feet. Carly Gallagher, Rick Drogosz and Dan Rosenfeld of Mid-America brokered the transaction on behalf of the seller, Marlin Properties. Cincinnati-based Midland Atlantic purchased the asset.
MILWAUKEE — Michels Corp., a utility and civil engineering firm based in Wisconsin, is planning to develop a $100 million mixed-use project on six acres of riverfront property in Milwaukee’s Harbor District. Dubbed RIVER 1, the development will include about 220,000 square feet of office space, 19,000 square feet of retail and restaurant space, 67 multifamily residences, a 103-room hotel, 1,000 underground parking spaces and riverwalk space. “What the Michels Family proposes on the banks of the Kinnickinnic River adds economic activity, public access to the water and a transformative new investment in the Harbor District,” says Milwaukee Mayor Tom Barrett. The project is situated at the corner of Becher and 1st streets and is bordered on two sides by a bend in the Kinnickinnic River. The site serves as the gateway into the Walker’s Point and Bay View neighborhoods and was the former home of Horny Goat Brew Pub, according to local media outlets. Michels will anchor an eight-story office building as part of the project’s first phase. Slated to break ground this fall, Phase I will also include buildings fronting 1st Street that will feature apartments, retail and a 103-room hotel. The first phase will also include a …
MILWAUKEE — Colliers International has brokered the sale of a 750,300-square-foot Caterpillar manufacturing campus in South Milwaukee. The sales price was $13.3 million, according to the Milwaukee Business Journal. Caterpillar used the eight-building campus, located at 1022 and 1100 Milwaukee Ave., for its global mining operations. The company is in the process of vacating the property, but still has an ongoing lease. Tom Shepherd, Jennifer Huber-Bullock, Steve Sewart and Sal Strehlow of Colliers represented the seller, New York-based OLP JV Milwaukee LLC. Samuel M. Dickman Jr. and Samuel D. Dickman of The Dickman Company Inc./CORFAC International represented the buyer, New York-based 1100 Milwaukee Ave. LLC. Reich Brothers Holdings LLC was the managing partner for the buyer.
JANESVILLE, WIS. — CBL Properties has sold Janesville Mall in southern Wisconsin to RockStep Capital for $18 million. Boston Store, Dick’s Sporting Goods, Kohl’s and Sears anchor the 600,000-square-foot mall. Other tenants include Bath & Body Works, American Eagle Outfitters, Claire’s, Finish Line, GameStop, Ulta Beauty, Victoria’s Secret and Yankee Candle. CBL will use proceeds from the sale to supplement cash flow, fund redevelopment programs and other capital improvements, and reduce debt. Don MacLellan and Rick Chichester of Faris Lee Investments represented both the buyer and the seller in the transaction.
WAUWATOSA, WIS. — Axilla Capital LLC has arranged a $5.6 million loan for the acquisition of the Holiday Inn Express in Wauwatosa. Originally completed in 1984, the 121-room hotel underwent a multi-million dollar renovation in 2017. The three-story property features a fitness center, business center and shuttle service. Tom Fleming of Axilla arranged the loan with a conventional bank on behalf of the undisclosed borrower.
Healthcare properties present a tremendous opportunity for real estate developers in the Milwaukee market and the upper Midwest. The national and regional healthcare real estate sectors remain on solid footing, according to the 2018 Healthcare Marketplace Report from Colliers International. The sector remains attractive in terms of both stability and diversification. There will always be a demand for healthcare services as the U.S. population continues to age at an unprecedented rate. A growing number of Milwaukee-based health systems have announced plans to expand in bids to gain or maintain market share. The merger of Aurora Healthcare with Advocate Health Care Network to create a single health system known as Advocate Aurora Health is a recent example. There’s been a significant expansion of and increased focus on the outpatient ambulatory environment. Health systems face significant capital expenditures in order to maintain aging hospitals. Alternative developments such as specialty outpatient facilities and micro hospitals have gained momentum and allow for expansion to remain competitive while efficient. With the emerging trend toward population health management, hospitals and health systems take on the financial risk of providing care for a certain population across a certain geography. Having to take on the additional risk of …
GREENFIELD, WIS. — NorthMarq Capital has arranged a $38.6 million loan through Freddie Mac for the refinancing of Rivershire and Riverwood Apartments in Greenfield, a southwest suburb of Milwaukee. Together, the apartment properties total 54 buildings and 432 units. Brett Hood of NorthMarq arranged the financing through Freddie Mac’s Green Advantage Program. The 10-year, fixed-rate loan features a 30-year amortization schedule. The undisclosed borrower originally developed the properties between 1989 and 1999. Over the past five years, the properties received $2.7 million in capital improvements that included a new clubhouse featuring an upgraded fitness center, an expanded community room and renovated leasing office.
LA CROSSE, WIS. — KeyBank Real Estate Capital has provided a $14.8 million loan through Fannie Mae for the refinancing of The Residences at Belle Square in La Crosse near the border of Minnesota. Built in 2016, the 93-unit, Class A apartment complex includes 30,000 square feet of retail space. Todd Linehan of KeyBank arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule. The borrower was not disclosed.