Wisconsin

Boulder Group Arranges $18.2M Sale of Property Net Leased to Pick ‘n Save in Southeast Wisconsin

by Kristin Harlow August 14, 2017

WEST BEND, WIS. — The Boulder Group has arranged the sale of a single-tenant property net leased to Pick ‘n Save in West Bend, about 40 miles north of Milwaukee, for $18.2 million. The 63,160-square-foot property is located at 2518 W. Washington St. Constructed in 2010, the building features an on-site pharmacy. Pick ‘n Save has over 13 years remaining on its lease, which expires in December 2030. The lease also features a corporate guarantee from The Kroger Co. Pick ‘n Save is owned and operated by Roundy’s Supermarkets Inc., a wholly owned subsidiary of Kroger. Randy Blankstein and John Feeney of The Boulder Group represented the seller, a Midwest-based real estate investment firm. A West Coast-based real estate investment firm purchased the property.

August 14, 2017

Loans Midwest Multifamily Wisconsin

KeyBank Provides $23.8M Acquisition Financing for Affordable and Seniors Housing Communities in Madison, Wisconsin

by Kristin Harlow August 11, 2017

MADISON, WIS. — KeyBank Real Estate Capital has provided $23.8 million in Fannie Mae loans for the acquisition of Hanover Square Apartments and Prairie Park Senior Apartments in Madison. Hanover Square is an affordable housing property built in 2002. Of its 65 units, 57 are set aside for households earning from 30 to 60 percent of the area median income. Prairie Park is a seniors housing property constructed in 2003. Of its 96 units, 90 are set aside for seniors earning 30 to 60 percent of the area median income. KeyBank also refinanced Hollow Creek in Conroe, Texas. John Gilmore of KeyBank arranged the financing for the borrower, Harmony Housing.

August 11, 2017

Industrial Midwest Wisconsin

Dickman Co. Negotiates Sale of 12,208 SF Industrial Building in Germantown, Wisconsin

by Kristin Harlow August 10, 2017

GERMANTOWN, WIS. — The Dickman Co. Inc. has negotiated the sale of a 12,208-square-foot industrial building in Germantown, about 25 miles northwest of Milwaukee. The sales price was not disclosed. The property is located on Fulton Drive. Price Properties LLC purchased the building from Moldmakers Leasing & Investments LLC. Nick Keys, Samuel M. Dickman Jr. and Samuel D. Dickman brokered the transaction.

August 10, 2017

Midwest Retail Wisconsin

Colliers Brokers $5M Sale of Retail Center in Grand Chute, Wisconsin

by Kristin Harlow August 9, 2017

GRAND CHUTE, WIS. — Colliers International | Wisconsin has brokered the sale of Grand Plaza in Grand Chute, near Appleton, for $5 million. The 23,720-square-foot retail center is located at 3404-3456 W. College Ave. HuHot Mongolian Grill anchors the multi-tenant property, which is 100 percent leased. Mark Pucci of Colliers represented the sellers, 111 Mall Drive LLC and 1200 South Koeller Street III. Jeff Slinde of Slinde Realty represented the buyer, Carey & Slinde Enterprises LLC. The sale equates to approximately $211 per square foot.

August 9, 2017

Midwest Office Wisconsin

Irgens to Develop 379,400 SF Office Tower in Milwaukee

by Jeff Shaw August 2, 2017

MILWAUKEE — Irgens, a Milwaukee-based developer and operator, will develop the BMO Harris Financial Center, a 25-story, 379,400-square-foot office tower in Milwaukee. The project is valued at roughly $175 million and includes the development of 12,000 square feet of ground-floor retail space. The company recently acquired a seven-story parking deck located on Wells Street between North Water Street and North Broadway that will be demolished to provide space for the new office property. Both the building and a 647-space parking ramp are scheduled for a December 2019 completion. Chicago-based BMO Harris Bank will occupy seven floors for a total footprint of 124,000 square feet in the office tower, which will serve as its Wisconsin headquarters. A pair of Wisconsin-based firms, J.H. Findorff & Son Inc. and Kahler Slater, will serve as general contractors and architects, respectively, on the project.

August 2, 2017

Midwest Net Lease Retail Wisconsin

Marcus & Millichap Arranges $1.3M Sale of Retail Property Net Leased to Starbucks in Tomah, Wisconsin

by Kristin Harlow July 27, 2017

TOMAH, WIS. — Marcus & Millichap has arranged the sale of a retail property net leased to Starbucks in Tomah in central Wisconsin for $1.3 million. The 2,100-square-foot building is located at 224 Buan Ave. Starbucks has 10 years remaining on its lease. Mark Ruble, Zack House and Jamie Medress of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Todd Lindblom, also of Marcus & Millichap, assisted in closing the transaction. The buyer was not disclosed.

July 27, 2017

Healthcare Midwest 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

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