Wisconsin

Orthopedic Institute of Wisconsin Signs 9,573 SF Medical Office Lease in Wauwatosa, Wisconsin

by Kristin Harlow July 26, 2017

WAUWATOSA, WIS. — The Orthopedic Institute of Wisconsin has signed a 9,573-square-foot lease at a three-story office building to be redeveloped in Wauwatosa. HSA Commercial Real Estate owns the building, located at 3077 Mayfair Road. The Orthopedic Institute will open a 7,125-square-foot flagship clinic in the western portion of the building’s ground level with a patient drop-off area and parking. The institute, which will also utilize space on the building’s third level for administrative operations, is scheduled to open the new facility in April 2018 after relocating from an existing office nearby. HSA Commercial purchased the property in 2015 in partnership with Innovative Capital Advisors. Construction is scheduled to start in August for interior improvements. Chris Thomas of Evanston, Ill.-based TOA Architecture and Urban Design is responsible for the project design, and Itasca, Ill.-based Premier Design + Build will serve as the general contractor. Jim Cavanaugh of CBRE represented the Orthopedic Institute in the lease transaction.

July 26, 2017

Industrial Midwest Wisconsin

Dickman Co. Brokers Sale of 117,546 SF Industrial Building in Milwaukee Suburb

by Kristin Harlow July 24, 2017

BROWN DEER, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of a 117,546-square-foot industrial building in Brown Deer, a suburb of Milwaukee. The sales price was not disclosed. The property is located at 8900 N. 55th St. STAG III Milwaukee 2 LLC purchased the property from 55th Street Industrial LLC. Samuel M. Dickman Jr., Samuel D. Dickman and Roger B. Siegel of Dickman Co. brokered the transaction.

July 24, 2017

Market Reports Midwest Midwest Market Reports Office Wisconsin

Millennial Workforce Drives Development Wave in Downtown Milwaukee

by Kristin Harlow July 20, 2017

There’s never been a better time to live and work in downtown Milwaukee. With the recession in the rearview mirror, a massive resurgence in the multifamily and office sectors has originated in Wisconsin’s largest city. Since 2011, 2,500 multifamily units have been completed, with an additional 1,500 units under construction and 2,000 proposed. The office market has seen a similar trend with nearly 2 million square feet of new development being created, the bulk of which is Northwestern Mutual Life Insurance Co.’s new $450 million, 32-story office tower. After decades of decline, downtown Milwaukee is experiencing a surge in population growth largely attributed to the development influx. This has changed the makeup of the city’s job market and molded a new workforce hinged on modern factors. With an increase in residents migrating to urban areas to work and reside, companies are shifting gears to tap into this ever-evolving talent market. Catering to millennials Known as the job-hopping generation, millennials are the focus of companies’ recruiting tactics. Combined with competitive compensation packages, businesses have begun leveraging their chief incentive: the physical office space. A prime example of this development, the Third/Fifth Ward on the city’s southeastern side has become one of …

July 20, 2017

Industrial Midwest Wisconsin

Dickman Co. Brokers Sale of 51,600 SF Industrial Building in Oak Creek, Wisconsin

by Kristin Harlow July 19, 2017

OAK CREEK, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of a 51,600-square-foot industrial building in Oak Creek, 12 miles south of Milwaukee. The property is located at 440 W. Bell Court. Tower 9 Commercial – Oak Creek LLC purchased the building from K & Z Partners LLC. Samuel D. Dickman and Samuel M. Dickman Jr. of Dickman Co. brokered the transaction.

July 19, 2017

Affordable Housing Florida Michigan Midwest Multifamily Southeast Texas Top Stories Wisconsin

KeyBank Provides $142.4M Financing for Six-Property Affordable Housing Portfolio in Texas, Florida, Midwest

by Kristin Harlow July 14, 2017

TEXAS, FLORIDA, WISCONSIN AND MICHIGAN — KeyBank Real Estate Capital has provided $142.4 million in loans for a six-property affordable housing portfolio across Texas, Florida and the Midwest region. The loans were used for a variety of purposes, including refinancing, acquisitions and renovations. KeyBank provided $115.7 million in Fannie Mae loans for Limestone Canyon, a 260-unit apartment complex, and Parkside Crossing, a 218-unit apartment complex, both located in Austin, Texas; Sendero Ridge, a 384-unit apartment property located in San Antonio, Texas; Arcade Apartments, a 75-unit apartment building in Racine, Wis.; and Pasco Woods, a 200-unit complex in Wesley Chapel, Fla. All properties reserve at least 50 percent of units for tenants making 60 percent or less of the area median income. KeyBank provided an additional $14.8 million bridge-to-HUD loan for Lakestone Apartments in Ann Arbor, Mich. The 144-unit property consists of one-, two- and three-bedroom units designated for those earning 50 to 60 percent of the area median income. Built in 1998, the apartment building features amenities such as a clubhouse, pool, recreation center, basketball court, computer center and laundry facilities. Harmony Housing, a nonprofit organization, was the borrower. KeyBank also provided an $11.9 million loan to the organization to …

July 14, 2017

Loans Midwest Multifamily Wisconsin

ASC Arranges $3.9M Refinancing Loan for Multifamily Property in Milwaukee

by Kristin Harlow July 11, 2017

MILWAUKEE — American Street Capital (ASC) has arranged a $3.9 million loan for the refinancing of a 112-unit multifamily property in Milwaukee. Located in the Timmerman West neighborhood, the property consists of seven two-story buildings with a retail component. Amenities include a pool, running paths, underground parking, laundry facilities and on-site property management. The complex was built in 1984. Igor Zhizhin of ASC arranged the non-recourse loan through a Fannie Mae DUS lender.

July 11, 2017

Midwest Office Wisconsin

CBRE Arranges $66.5M Sale of Office Building in Milwaukee

by Kristin Harlow July 10, 2017

MILWAUKEE — CBRE Capital Markets has arranged the sale of Manpower’s headquarters in Milwaukee for $66.5 million. The 280,000-square-foot office building is located at 100 Manpower Place. The Class A property is fully net leased through August 2031 to Manpower Group Inc., a human resources consulting firm. Guy Ponticiello, Paul Lundstedt, Bill Bonifas and Maury Vanden Eykel of CBRE represented the seller, Riverbend Place. Bentall Kennedy purchased the building in partnership with Warba Bank.

July 10, 2017

Midwest Office Wisconsin

Colliers Brokers $1.5M Sale of Office Property in Milwaukee

by Kristin Harlow July 7, 2017

MILWAUKEE — Colliers International | Wisconsin has brokered the sale of a 23,796-square-foot office property in Milwaukee for $1.5 million. The building is located at 600 N. Broadway in the East Side commercial historic district. Anchor tenants at the property include End, Hierseman & Crain LLC, Mahler Enterprises and Bronfman E.L. Rothschild LP. Tom Shepherd and Cory Sovine of Colliers International | Wisconsin represented the seller, 600 North Broadway Partners LLC. Bruce Westling of NAI MLG Commercial represented the buyer, 600 North Broadway LLC, an affiliate of J. Jeffers & Co.

July 7, 2017

Midwest Multifamily Seniors Housing Wisconsin

MBH Brokers Sale of 114-Unit Seniors Housing Portfolio in Wisconsin

by Kristin Harlow July 6, 2017

JANESVILLE AND SHEBOYGAN, WIS. — MBH Investment Real Estate LLC has brokered the sale of Janesville Regency House and Sheboygan Regency House in Wisconsin. The sales price was not disclosed. Janesville Regency House is a 55-unit seniors housing property in Janesville, about 40 miles south of Madison. Constructed in 1990 and located at 100 N. Franklin St., the three-story apartment building sits on a 1.2-acre site. One- and two-bedroom units range in size from 675 square feet to 880 square feet. Sheboygan Regency House is a 59-unit seniors housing property in Sheboygan, located in eastern Wisconsin. Built in 1989 and located at 919 Wisconsin Ave., the four-story apartment building also features one- and two-bedroom units. Both properties were 100 percent occupied at the time of sale. Matson Holbrook of MBH brokered the transaction on behalf of the seller, Doneff Asset Co. LLC.

July 6, 2017

Loans Midwest Multifamily Wisconsin

Walker & Dunlop Arranges $20M Construction Loan for Age-Restricted Apartment Complex in Shorewood, Wisconsin

by Kristin Harlow July 5, 2017

SHOREWOOD, WIS. — Walker & Dunlop Inc. has arranged a $20 million loan for the construction of The Oaks of Shorewood near Milwaukee. The apartment complex, designed for active seniors 55 and older, will consist of four buildings with 34 one-bedroom units and 67 two-bedroom units. Amenities include a spa and outdoor pool, yoga and fitness center, fireside lounge, theater, library, business center, community room and underground parking. Sherman Associates is developing the $26 million project, slated for completion in 2018. Jeff Schmidt and Tim Cotter of Walker & Dunlop arranged the three-year loan. TCF Bank provided the loan.

July 5, 2017

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