BELOIT, WIS. — Coldwell Banker Commercial McGuire Mears & Associates has arranged the sale of three industrial buildings and one office building totaling 247,214 square feet in Beloit, located in southern Wisconsin. The sales price was not disclosed. Toy and game company PlayMonster LLC occupies all the buildings. Bill Mears of Coldwell Banker represented the buyer, Badger Property Investments.
POYNETTE, WIS. — Marcus & Millichap has arranged the sale of a 17,873-square-foot retail property net leased to Piggly Wiggly in Poynette, about 27 miles north of Madison, for $2 million. The property, located along Highway 51, was built in 1998 as a build-to-suit for Piggly Wiggly. The grocery store’s lease was recently extended for 10 years through February 2028. Jeff Rowlette of Marcus & Millichap marketed the property on behalf of the seller and secured the buyer. Both were limited liability companies.
MILWAUKEE — Homewood Suites by Hilton has opened in downtown Milwaukee. The 94-suite hotel is located at 500 N. Water St. The hotel occupies a completely renovated historic building in downtown Milwaukee close to area attractions and convention space, the Wisconsin Center and the BMO Harris Bradley Center. Developed and owned by Button Block Holdings LLC and managed by Kinseth Hospitality Cos., the hotel features complimentary breakfast, Wi-Fi, a fitness center and indoor pool.
MADISON, WIS. — Reich Brothers Holdings LLC and Rabin Worldwide have partnered to redevelop the former Oscar Mayer plant in Madison. The partnership will sell the equipment within the facility at a live and online public auction onsite on Dec. 6-8. Oscar Mayer, a producer of hot dogs, bacon and cold cuts, had occupied the property since 1919, with the site serving as its headquarters from 1957 to 2016. Kraft Heinz announced the closure in 2015 and officially ceased production this summer. The campus features 1.7 million square feet on a 72-acre site. The plan is to redevelop the campus, including repurposing several existing buildings, with a balanced mix of light manufacturing, warehouse, distribution and office space.
BROOKFIELD, WIS. — Blue Vista Finance LLC has provided a $19.5 million loan for the refinancing of the Sheraton Milwaukee Brookfield Hotel in the Milwaukee suburb of Brookfield. The six-story hotel features 389 rooms. Built in 1972, the hotel underwent a $4.3 million renovation in 2014. The property features more than 19,000 square feet of meeting space, a 24-hour business center, fitness center, indoor and outdoor heated pools and The Craft Room restaurant. Located at 375 South Moorland Road, the hotel is just off I-94 and adjacent to the Brookfield Square Mall. Scott Hall, Jeff Bucaro and Aaron Lapping of HFF arranged the three-year loan on behalf of the borrower, LLJ Ventures. Loan proceeds will be used to pay off the hotel’s existing loan and to fund additional strategic capital improvements.
Milwaukee-area communities have woken up and embraced tax-increment financing (TIF) as a way to stimulate retail and commercial development. Unlike our neighboring state of Illinois, Wisconsin is not afforded the same luxury of allowing retail sales taxes to flow to municipalities, which allows for greater financial flexibility and helps offset the cost of infrastructure and municipal services as a result of retail development. Wisconsin municipalities do not impose local sales or use taxes on purchases of goods and services. Based on a 5.6 percent tax rate for average Wisconsin communities, 5 percent flows to the state, 0.5 percent flows to the county and 0.1 percent would flow to a specially created district, such as a stadium or entertainment venue. TIF allows cities or villages to finance commercial development in a designated area, called a tax incremental district (TID), to promote a tax base expansion and economic development. The property taxes within the TID are placed in a special fund and are used to pay for improvements within the district. When the property values rise within the TID, the taxes paid on the increased value can be used to pay back public project costs, which otherwise can’t occur. Developers eye mixed-use …
MADISON, WIS. — Royal Capital Group has begun development of The Flats at Grandview Commons in Madison. The $20.3 million affordable housing property will feature 94 units. The property will include six two-story buildings with 28 two-bedroom units and 66 three-bedroom units. Amenities will include a library, computer lab, meeting space and playground. The project is slated to open in fall 2018. The project team includes architect Engberg Anderson and general contractor Horizon Construction. ACC Management Group will manage the property. The Wisconsin Housing & Economic Development Authority provided $11 million in both construction and permanent financing, as well as approved the use of low-income housing tax credits. UnitedHealthcare provided $5.4 million in equity funding through a partnership with Cinnaire and Minnesota Equity Fund. The partnership plans to invest over $85 million to help build 13 new communities in Wisconsin and the Great Lakes region.
MOUNT PLEASANT, WIS. — Seda International Packaging Group has renewed its 61,162-square-foot industrial lease at Park 94 in Mount Pleasant, approximately 30 miles south of Milwaukee. The Italy-based manufacturer of food packaging products also owns a 323,610-square-foot building at Park 94 for its North American manufacturing and distribution center. Owned and developed by HSA Commercial Real Estate, Park 94 is a 184-acre business park. Roger Siegel of The Dickman Co. represented ownership in the lease transaction.
MILWAUKEE — Developer Janko Group and operator Janko Hospitality hosted a topping out ceremony for the Hyatt Place hotel under construction at The Brewery in Milwaukee on Thursday, Nov. 2. The 150-room, six-story hotel is slated to open in July 2018. Located at 800 W. Juneau Ave., the hotel is part of The Brewery neighborhood redevelopment project located on the site of the former Pabst Brewing Complex. The topping off ceremony took place on site in the hotel’s recently completed first floor. The Hyatt Place will feature a bar and lounge, 2,000 square feet of meeting space, fitness center and outdoor terrace.
SLINGER, WIS. — The Dickman Co. Inc./CORFAC International has arranged the sale of a 53,000-square-foot industrial building in Slinger, about 35 miles northwest of Milwaukee. The sales price was not disclosed. The property is located at 3767 Scenic Road. Scenic Cedar Creek LLC purchased the asset from the sellers, Robert and Ann Schoenke. Nick Keys, Samuel M. Dickman Jr. and Samuel D. Dickman of the Dickman Co. brokered the transaction.