Wisconsin

Cobalt Partners Breaks Ground on Loomis Crossing Mixed-Use Development in Greenfield, Wisconsin

by Kristin Harlow February 16, 2023

GREENFIELD, WIS. — Cobalt Partners has broken ground on Loomis Crossing, a new mixed-use development located at the Loomis Road interchange along I-894 in Greenfield, a southwest suburb of Milwaukee. Comprising more than 38 acres, the project will feature medical office, retail, luxury apartment units, a business park and The TURF Skatepark. Construction is underway on the 267-unit apartment component as well as a 40,288-square-foot medical office building. Cobalt is partnering with Milwaukee-based healthcare developer Hammes on the medical office component. Some physician groups, including Eye Physician Associates SC, have signed leases for the building, which is slated for completion later this year. Rinka is the architect and CG Schmidt is the construction manager. The Boerke Co. is handling leasing and marketing.

February 16, 2023

Development Industrial Midwest Wisconsin

Peak Underway on Construction of Bristol Business Park’s Building 4 in Wisconsin

by Kristin Harlow February 9, 2023

BRISTOL, WIS. — Peak Construction Corp. is underway on Building 4 within Bristol Business Park in Bristol, a city in Southeast Wisconsin. Janko Group is the developer. Peak completed construction of Buildings 2 and 3 in 2022. The industrial business park totals 225 acres and is fully entitled for up to 3 million square feet of development. So far, 2.4 million square feet is completed or under construction, of which 1.7 million square feet is leased. Constructed on a speculative basis, Building 4 will total 157,043 square feet and feature a clear height of 32 feet, 24 docks, two drive-in doors, 212 car parking spaces and a build-to-suit office space. Kelly P. Harris is the architect, Manhard Consulting is the civil engineer and Cushman & Wakefield is the leasing agent. Completion is slated for the third quarter of this year.

February 9, 2023

Acquisitions Midwest Multifamily Wisconsin

Midloch Investment Partners Acquires Three Apartment Properties in Wisconsin for $71M

by Kristin Harlow February 8, 2023

MADISON AND SHEBOYGAN, WIS. — Midloch Investment Partners and its joint-venture partners have acquired three apartment properties in Wisconsin for $71 million. Country Meadows is a 466-unit garden-style community in Madison. Mendocino Village and The Estates are both located in Sheboygan and total 186 units. Michloch plans to make energy-efficiency improvements to the properties. The seller was undisclosed.

February 8, 2023

Development Leasing Activity Midwest Office Wisconsin

Mosaic Construction Completes Renovation of Workspace for Expansive in Downtown Milwaukee

by Kristin Harlow February 7, 2023

MILWAUKEE — Mosaic Construction LLC has completed a renovation project for flexible workspace provider Expansive at 790 N. Milwaukee St. in downtown Milwaukee. This latest project follows five other renovations that Mosaic has completed for Expansive in downtown Chicago. At Expansive Milwaukee, Cathedral Square, Mosaic converted a roughly 4,500-square-foot, second-floor office space into four individual Club Suites, which are speculative suites with private offices and glass-enclosed conference rooms. Mosaic also installed new HVAC, flooring, glass walls and lighting fixtures. The six-story office building is located between the Milwaukee River and Milwaukee Bay, adjacent to Cathedral Square Park.

February 7, 2023

Acquisitions Midwest Multifamily Wisconsin

CBRE Arranges Sale of 784-Unit Multifamily Portfolio in Metro Milwaukee

by Kristin Harlow February 3, 2023

MILWAUKEE — CBRE has arranged the sale of an 11-property multifamily portfolio totaling 784 units in metro Milwaukee for an undisclosed price. The portfolio includes: Sunburst Apartments and Howard Green Apartments in Greenfield; Newbury Place Apartments in Oak Creek; and 376 units across eight assets in Shorewood and Milwaukee. A 2,520-square-foot building leased to Einstein Bros. Bagels in Shorewood was also included in the sale. Patrick Gallagher, Matson Holbrook and Gretchen Richards of CBRE represented the seller, Blankstein Enterprises and several affiliated entities. Blankstein is a family-owned investment and property management firm established in Milwaukee in 1932. Katz Properties was the buyer.

February 3, 2023

Development Midwest Office Top Stories Wisconsin

Northwestern Mutual Plans $500M Renovation of Downtown Milwaukee Headquarters Campus

by John Nelson February 3, 2023

MILWAUKEE — Northwestern Mutual, an American financial services and insurance organization, has announced plans to invest $500 million to improve its downtown Milwaukee headquarters. The principal part of the investment will go to the overhaul of its North Office Building, a 540,000-square-foot building located at 818 E. Mason St. overlooking Milwaukee Bay. As part of the company’s plans, employees will be relocated from Northwestern Mutual’s suburban campus in nearby Franklin over the next three to five years. Nearly 2,000 employees will transition to the reimagined downtown campus, which is designed to accommodate planned company growth. “We are doubling down on our Milwaukee campus by investing in the future of the workplace for Northwestern Mutual and a thriving downtown community,” says John Schlifske, chairman, president and CEO of Northwestern Mutual. “Our strategic investment will further our goal of creating an unparalleled campus experience, fostering connection and collaboration across employees, financial representatives and the community while attracting and retaining the next generation of talent right here in southeast Wisconsin.” Northwestern Mutual’s improvements include full interior and exterior renovations to mirror the company’s adjacent Tower and Commons building. The North Office Building was delivered in 1990 whereas Tower and Commons debuted in 2017. …

February 3, 2023

Industrial Leasing Activity Midwest Wisconsin

Phelps Pet Products Signs 179,000 SF Industrial Lease in Janesville, Wisconsin

by Kristin Harlow February 1, 2023

JANESVILLE, WIS. — Phelps Pet Products, a manufacturer of specialty dog treats, has signed a 179,000-square-foot industrial lease at 400 W. Venture Drive in Janesville, a city in southern Wisconsin. The brand-new building features 18 loading docks, 25 trailer parking stalls and 175 car parking spaces. Michael Prost and Sergio Chapa of Newmark represented the tenant. The name of the landlord was not disclosed.

February 1, 2023

Acquisitions Midwest Multifamily Wisconsin

Marcus & Millichap Negotiates $2.4M Sale of Apartment Building in Fond du Lac, Wisconsin

by Kristin Harlow January 24, 2023

FOND DU LAC, WIS. — Marcus & Millichap has negotiated the $2.4 million sale of St. Peter’s Place, a 46-unit apartment building in Fond du Lac, a city in eastern Wisconsin that is about 60 miles northwest of Milwaukee. Built in 1925 and renovated in 2009, the property features 27 one-bedroom units and 19 two-bedroom units averaging between 652 and 871 square feet. Matthew Whiteside of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company, and procured the buyer, an individual trust.

January 24, 2023

Acquisitions Industrial Midwest Minnesota Wisconsin

MAG Capital Partners Acquires Two Midwest Industrial Facilities in Sale-Leaseback

by Kristin Harlow January 17, 2023

LITCHFIELD, MINN. AND MONROE, WIS. — MAG Capital Partners LLC has acquired two industrial facilities totaling 205,410 square feet in Minnesota and Wisconsin in a sale-leaseback transaction with Monroe Truck Equipment Inc. The sales price was undisclosed. One of the properties totals 162,170 square feet and is located in Litchfield, Minn. The other spans 43,240 square feet and is situated in Monroe, Wis. Founded in 1958 in Wisconsin, Monroe Truck Equipment specializes in snow and ice control equipment, towing and service bodies. In 2021, the company joined Aebi Schmidt Group, a Switzerland-based infrastructure and terrain maintenance firm. Daniel Macks and Jonathan Wolfe of STREAM Capital Partners represented the seller. Led by Dax Mitchell and Andrew Gi, MAG Capital Partners is based in Dallas.

January 17, 2023

Development Loans Midwest Multifamily Wisconsin

JLL Capital Markets Secures $73.8M in Construction Financing for Multifamily Project in Madison, Wisconsin

by Jeff Shaw January 11, 2023

MADISON, WIS. — JLL Capital Markets has secured $73.8 million in construction financing for the development of Baker’s Place, a 206-unit, mass-timber apartment project in Madison. The financing included a $21.2 mezzanine debt investment from Pearlmark Mezzanine Realty Partners V LP, and a senior loan provided by Bank OZK. Mike Brady and Phil Galligan of JLL represented the borrowers, Wisconsin-based developers The Neutral Project and Compass Properties, as advisors in the project capitalization. Mark Witt of Pearlmark arranged the mezzanine financing. Upon completion, the property will comprise 14 stories, including 8,400 square feet of retail space. Plans for the development include green roofs, exposed mass timber, enhanced ventilation and natural materials, which are estimated to reduce carbon emissions by 42 percent relative to conventional construction techniques. Completion is scheduled for March of 2025.

January 11, 2023

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