ASHWAUBENON, WIS. — Shopko, a Wisconsin-based retailer, has announced the commencement of its liquidation sale. The company will close all of its stores. In January, Shopko filed for bankruptcy protection, but was unable to secure a buyer. Gordon Brothers will oversee the liquidation process, which is expected to conclude 10 to 12 weeks from now. The vast majority of Shopko’s stores are located in the Midwest, but the company also operates a number of locations in the western portion of the country. Shopko is evaluating a strategy for its optical business. The first Shopko store opened in Green Bay in 1962.
MOUNT PLEASANT, WIS. — Phoenix Investors has unveiled plans to convert its industrial facility located at 7505 Durand Ave. in Mount Pleasant into self-storage use. Phoenix plans to add up to 2,000 climate-controlled units at the 200,000-square-foot property. Store Here Self Storage will operate the facility.
IOWA AND WISCONSIN — HREC Investment Advisors has brokered the sale of a three-property Hampton Inn portfolio in Iowa and Wisconsin. The portfolio included a 135-room hotel in West Des Moines, a 122-room hotel in Appleton and a 119-room hotel in Brookfield. Denver-based Walker Reynolds acquired the select-service portfolio. HREC represented the seller, affiliates of The Raymond Group and North Central Group, both headquartered in Madison, Wis.
WAUKESHA, WIS. — New Perspective Senior Living is developing a 173,000-square-foot facility in Waukesha. The new community will offer 94 independent living and assisted living apartments as well as 34 memory care apartments. An official groundbreaking ceremony will take place this spring, with completion slated for summer 2020. Amenities will include a two-story lobby and reception area, three dining venues, an indoor pool, wellness center, beauty salon, activity center, movie theater and dance hall. Residents can also take advantage of weekly housekeeping, activity transportation, on-site physical therapy and wellness services. For those requiring additional assistance, care will be available 24 hours per day.
WAUKESHA, WIS. — Bernard Financial Group has arranged a $22 million loan for the acquisition of a 331,541-square-foot retail property in Waukesha. Neil Gorosh of Bernard arranged the CMBS loan on behalf of the borrower, SBV Fox River LLC. ATI Physical Therapy is one of the tenants.
MILWAUKEE — Love Funding has provided a $15 million bridge loan for the rehabilitation and mini-permanent financing of Brewery Lofts in Milwaukee. Originally built in 1882, the buildings were part of the Pabst brewery campus. Upon redevelopment, Brewery Lofts will offer 118 apartment units. Amenities will include a clubroom, business center, gaming area, fitness center and landscaped rooftop. Holly Bray of Love Funding secured the bridge financing. Love Funding’s parent company, Midland States Bank, provided the funding. The borrower, Milwaukee Pabst Holdings LLC, will receive federal and state historic tax credits for the redevelopment of the two buildings in addition to the bridge loan.
FOND DU LAC, WIS. — Marcus & Millichap has brokered the sale of Country Inn & Suites Fond du Lac, a 65-room hotel located about 65 miles north of Milwaukee. The property recently underwent a series of renovations. Jon Ruzicka, Jake Erickson and Jared Plamann of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was not disclosed. Minneapolis-based Country Inn & Suites is part of the Carlson Rezidor Hotel Group, a privately owned hotel firm with more than 1,370 properties in operation and under development in more than 110 countries.
RACINE, WIS. — Evergreen Real Estate Group has completed a $2 million renovation of Durand Plaza, a 72-unit affordable seniors housing community in Racine, approximately 25 miles south of Milwaukee. Evergreen acquired the property in October 2017 and has managed it since then. Durand Plaza comprises four two-story buildings originally constructed in 1970. In addition to the 72 residential units, the property includes a community room with television and shared kitchen, as well as an onsite laundry room. During the remodel, all buildings received new roofs and windows as well as mechanical improvements. Corridors, stairwells and common areas were refreshed with new carpet, paint and lighting. Exterior improvements included repaved parking lots, repaired sidewalks, masonry updates, new perimeter fencing, landscaping, a new monument sign and a new patio with seating that complies with the Americans with Disabilities Act (ADA).
MADISON, WIS. — Lamar Cos., in conjunction with Real Capital Solutions, has acquired East Town Plaza in Madison for an undisclosed price. The 216,785-square-foot shopping center is 83 percent leased. Tenants include Burlington, Marshalls, Ross Dress for Less, Jo-Ann Fabrics, DSW, Ulta and Party City. The property, built in 1999, is positioned along East Washington Avenue. The seller was not disclosed.
EAU CLAIRE, WIS. — Marcus & Millichap has brokered the sale of a 56-room Super 8 hotel in Eau Claire for $2.3 million. The two-story property is located at 1151 W. MacArthur Ave. Ebrahim Valliani, John Yurich, Michael Klar, Allan Miller and Chris Gomes marketed the property on behalf of the seller. Todd Lindblom assisted in closing this transaction as the broker of record in Wisconsin.