NEW BERLIN, WIS. — Ogden & Co. Inc. has brokered the sale of Parc Vue Apartments in New Berlin, about 15 miles southwest of Milwaukee, for $2.5 million. The 30-unit property consists of two buildings and is located at 12415 W. Greenfield Ave. Dave Tighe and Sue Sardina of Ogden represented the seller, Greenfield-124-Needham LLC. Tighe, along with Mike Seramur, represented the buyer, Parc Vue LLC.
WAUKESHA, WIS. — CBRE has negotiated an 11,320-square-foot office lease for Von Briesen & Roper SC in Waukesha, a suburb of Milwaukee. The law firm will occupy space on the fourth floor of Crossroads Corporate Center VIIA, located at 20975 Swenson Drive. Matt Hunter of CBRE represented Von Briesen in the lease transaction. Alyssa Geisler and John Mazza of CBRE represented the landlord, Somerset Properties.
OCONOMOWOC, WIS. — Walker & Dunlop has arranged an $11.8 million loan for the refinancing of Summit Center Marketplace in Oconomowoc, about 34 miles west of Milwaukee. The 72,858-square-foot property consists of retail, office and medical office space. The property sits on 11 acres and consists of five freestanding buildings built between 2004 and 2006. Aurora Health Care anchors the property. Other tenants include Rosatti’s, The UPS Store and Anytime Fitness. Tim Cotter and Jeff Schmidt of Walker & Dunlop arranged the 10-year loan, which includes a 30-year amortization schedule. Principal Commercial Capital provided the loan.
EAST TROY, WIS. — Binswanger has brokered the sale of a 132,000-square-foot industrial building in East Troy, approximately 37 miles southwest of Milwaukee. The property is located at 2061 Young St. Wisconsin Oven Corp., a manufacturer of industrial ovens and heating equipment, purchased the building. Constructed in 1970, the facility features 25-foot clear heights, multiple cranes, 4,000 square feet of office space, two drive-in doors and one rail door. Zach Binswanger of Binswanger and Wade Micoley of Micoley.com represented the seller, Plymouth Tube Co.
The Milwaukee-area apartment market wasn’t the only real estate sector to benefit from continued job growth and household formation in 2016. The optimistic employment outlook, together with an influx of millennials who, according to Gallup, are spending more on nonessentials, has benefitted the local retail market as well. It’s a trend that we expect to continue in 2017. Filling a retail void A market that historically has been largely underserved in terms of new retail development has essentially reversed its standing, with approximately 1.6 million square feet delivered in the last two years alone, according to CoStar Group. A more diversified economy less susceptible to the highs and lows of other markets, taken together with Milwaukee’s public-private partnerships and lower real estate taxes compared with neighboring states, has created a pro-development environment that appeals to retailers and developers alike. Known for its older stock of shopping centers, the region has seen a surge in redevelopment activity, particularly in the suburbs, where previously underutilized assets are being rebranded and reimagined. In November 2016, HSA Commercial acquired the 217,346-square-foot Brookfield Fashion Center in Brookfield, just west of Brookfield Square Mall. Built in 1986, the center houses stalwart tenants that have been retained …
WAUWATOSA, WIS. — Jimmy John’s has signed a 1,349-square-foot retail lease at State Street Station in Wauwatosa, about seven miles west of Milwaukee. The property is located at 7460 W. State St. Adam Dreier of Mid-America Real Estate-Wisconsin LLC represented the tenant in the lease transaction. Andrew Prater, also of Mid-America, represented the undisclosed landlord.
WEST ALLIS, WIS. — Five Below has signed a 9,586-square-foot retail lease at West Allis Towne Centre in West Allis, six miles west of Milwaukee. The shopping center is located at 6768 W. Greenfield Ave. Tony Colvin and Dan Cohen of Mid-America Real Estate-Wisconsin LLC represented the tenant in the lease transaction.
JANESVILLE, WIS. — Upper Lakes Foods has entered into a 100,063-square-foot industrial lease in Janesville, about 40 miles south of Madison. The distributor of fine food products will occupy the space located at 4298 Capital Circle. Bill Langhoff of Colliers International brokered the lease transaction.
MILWAUKEE — North Wells Capital, the investment management affiliate of Urban Innovations Ltd., has acquired a 428,652-square-foot mixed-use property in downtown Milwaukee for $25 million. The building is located at 331 W. Wisconsin Ave. in the Westown neighborhood. The building is home to Boston Store and its corporate offices, The Bon-Ton Stores Inc. and Boston Lofts apartments. The iconic building was constructed in the late 1800s. Boston Store, a department store, has occupied the building for nearly 100 years, with 123,434 square feet of retail space on the first and second floors. Bon-Ton’s corporate headquarters occupy 170,358 square feet on the third through fifth floors. Boston Lofts consists of 74 apartment units spanning 134,860 square feet on the top floors. Patrick Gallagher of CBRE represented the seller, WISPARK LLC. Urban Innovations will provide property management services for the building. The Mandel Group will continue to manage the Boston Lofts.
WALWORTH, WIS. — Marcus & Millichap has arranged the sale of a retail property net leased to Burger King in Walworth southern Wisconsin for $1.1 million. The 3,140-square-foot building is located at 106 State Road 67. Burger King fully remodeled the property last year and signed a new 20-year lease. Nathan Coe and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a developer. Todd Lindblom of Marcus & Millichap also assisted in the sale transaction.