Opus Development Corp. plans to expand its Shoppes at Fox River development, at 1200 Sunset Dr. on the southwest side of Waukesha.

The project will add about 74,000 square feet of retail space for seven tenants, said city planner Doug Koehler. The expansion will be added to the northeast corner of the shopping center adjacent to the Pick 'n Save store, he said.

Tenants for the project have not been announced officially. However, one commercial real estate source said that T.J. Maxx, Ulta Beauty, Rue 21 and Charming Charlie are some of the tenants showing interest in the project.

Mid-America Real Estate is handling the leasing for the project. Mid-America principal Dan Rosenfeld declined to comment for this story.

Other existing tenants at the shopping center include Target, Petco, Dollar Tree, Famous Footwear, Buffalo Wild Wings, Chili's, CVS, Maurices, Noodles & Company, Dollar Tree and Associated Bank.

The Shoppes at Fox River was built at the former Fleming Cos. property northwest of Sunset Drive and Champan Drive. Opus started construction of the project in 2008. It was one of the few retail develoments built in the metro Milwaukee area during the Great Recession.

At the end of 2010 Opus sold a large portion of the shopping center to Farmington Hills, Mich.-based Ramco-Gershenson Properties Trust for $23.8 million. The deal consisted of 135,484 square feet of space that was attached to the Target store and in four free-standing multi-tenant retail buildings. The deal did not include the 132,382-square-foot Target store, the CVS store building the Chili's restaurant building or the vacant land in the development. Target, CVS and Chili's own its buildings and Opus retained ownership of the vacant land in the project.

Mandel Group Inc. announced that it will hold a groundbreaking ceremony on Feb. 16 for the second phase of its North End development.

Mandel Group also announced that it has closed on the financing for that project and on for its LightHorse | 4041 mixed-use development in Shorewood.

The North End is a multi-phase development by Mandel Group along the Milwaukee River at Water and Pleasant streets in downtown Milwaukee. The first phase of the project, completed in 2009, was a five-story building with 83 apartments and 12,000 square feet of retail space. The second phase of the North End, to break ground on Feb. 16, will have 155 apartments, of which 20 percent will be offered at “affordable” rents. It will consist of two buildings, one along the river and the other along East Pleasant Street.

The LightHorse | 4041 project is a mixed use development on Oakland Avenue in Shorewood. The 6-story building will have 84 apartments, including 20 percent which will be offered at “affordable” rents, and an 18,000-square-foot Walgreens store. That project will also begin construction this month. RE Enterprises LLC is a co-developer for the project.

Mandel Group said that the Wisconsin Housing and Economic Development Authority (WHEDA) recently completed the sale of $54.6 million of tax-exempt Midwest Disaster Area Bonds to private investors. The proceeds of the bond offering are being used to fund the first mortgage loans for the North End’s second phase and the LightHorse project. An additional $7.75 million of tax-exempt bonds was placed directly by Mandel Group with private investors.

Like many developers, Mandel Group has had to be more creative in putting together financing for projects since bank financing for developments has become extremely tight since the Great Recession.

“This was one of the more involved financings we’ve completed thus far, indicative of the challenges with capital formation in the real estate space” said David A. Pavela, chief financial officer for Mandel Group, Inc. “None of the larger real estate transactions in the market involving new construction have been able to fund without some form of enhanced debt and equity sourcing, originating through public or quasi public involvement in the private real estate marketplace.”

The North End project will be built by Ray Hintz/CAS Construction Services. LightHorse | 4041 will be built by Pewaukee-based VJS Construction Services Inc. Both projects were designed by Engberg Anderson Design Partnership.

U.S. Bank and The Brewery Works Inc., the developers of downtown Milwaukee’s Schlitz Park office complex, announced today that they have closed on financing for the renovation of the project’s signature RiverCenter Building and three other office buildings on the Schlitz Park campus.

U.S. Bank is providing two loans totaling $45 million. About $15 million is for new construction for the first two phases of the $30 million Schlitz Park redevelopment project, announced last year, and the remaining $30 million is for refinancing, said Schlitz Park co-owner and developer Gary Grunau.

The work financed by the U.S. Bank loans includes renovations to the 500,000-square-foot RiverCenter Building and renovation of the two Bottlehouse buildings on the campus.

Overall, the Schlitz Park renovation includes remodeling 350,000 square-feet of office space and common areas, adding fitness and conference centers and other tenant amenities, including parks and green spaces. Developers of the project will pursue US Green Building Council LEED EB (Existing Building) certification for all renovated buildings.

“As Milwaukee’s largest bank, we are thrilled to be such a big part of this signature economic development project,” said Steve McGuire, Wisconsin market manager for commercial real estate at U.S. Bank. “We have a long history of investment in this community and despite a tough economy, we’ve not pulled back on that commitment.”

“U.S. Bank is an important partner in our efforts to re-energize downtown development, recruitment and employment by creating an office community that meets the needs to today's blended work and lifestyles,” said Grunau. “The bank shares our vision for a vibrant downtown diverse in talent and services. Their funding demonstrates their optimism, confidence and belief in a new future for downtown Milwaukee and the surrounding area.”

The Potawatomi Business Development Corp. (PBDC), which is the economic diversification arm of the Forest County Potawatomi tribe, today unveiled plans to build a new, $36 million, 45,000-square-foot, multi-tenant wholesale data center. The project will be built as part of the tribe’s effort to redevelop the 11-acre Concordia Trust Property site at the intersection of 33rd and State Streets in Milwaukee.

Construction is expected to begin in April and be complete by the second quarter of 2013.

"As part of PBDC's mission to diversify the tribes' portfolio beyond gaming, we believe building and operating a data center is an attractive opportunity that will serve a growing and unmet need in the southeastern Wisconsin business community," said Pepi Randolph, chief executive officer of the Potawatomi Business Development Corp.  "Currently, there is not a data center in the area that has the level and scale of technology that we plan to provide. Our data center would be part of an intelligent approach to addressing the region's IT needs that will help keep Milwaukee relevant, progressive, and attractive from an IT perspective. From an economic development standpoint, high-end infrastructure means high-end work and jobs. That's good for everyone."

The Concordia property was placed into federal trust and has been owned by the tribe since 1990. At the time, it was considered a potential site for the Potawatomi Bingo Casino, but neighbors objected to that plan and the casino was built in the Menomonee Valley instead. Concordia University moved out of the property in 1983 to its current location in Mequon. The Indian Community School occupied the property from 1987 until 2010 when it moved to a new facility in Franklin.

The tribe’s redevelopment plans for the campus also includes adaptive reuse of some of the decades-old buildings on the site.

Lafayette, Ind.-based Trinitas Ventures LLC plans to build a four-story, 300,000-square-foot 260-unit apartment building on a 5-acre site at 634 E. Keefe Ave. in Milwaukee’s Riverwest neighborhood. A 160,000-square-foot, 77-year-old industrial building on the property would be demolished to make way for the development, if approved. The industrial building is currently used for storage and is mostly vacant.

The project may include a rooming house component. It would have 64 1-bedroom units, 60 2-bedroom units, 21 3-bedroom units and 111 4-bedroom units.

The building would have several amenities including a clubhouse, pool, recreational court and fitness center.

The plans also include 160 surface parking spaces.

Brookfield-based Fiserv Inc.’s Case-Shiller Index indicates that home prices in the metro Milwaukee area will flatline this year, predicting a 0.0 percent increase from the third quarter of 2011 to the third quarter of 2012.

That would be significant, because the area’s home prices fell 11.9 percent from the third quarter of 2008 to the third quarter of 2011, including a 3.1 percent decline from the third quarter of 2010 to the third quarter of 2011.

Nationally, the Case-Shiller Index predicts prices will fall 2.7 percent from the third quarter of 2011 to the third quarter of 2012, after falling 13.4 percent from the third quarter of 2008 to the third quarter of 2011.

Then the index predicts the national housing market will have a 3.8 percent price increase from the third quarter of 2012 to the third quarter of 2013.

Current U.S. home prices are now 33 percent below this 2006 peak.

Over the past year home prices fell in 337 of the 384 metro areas tracked by Fiserv Case-Shiller.

“While prices continued to fall in most markets, sales activity picked up at the end of 2011, setting the foundation for price stabilization in 2012,” said David Stiff, chief economist at Fiserv. “We stand by our projection that average U.S. home prices will move sideways in 2012.”

Cleveland-based Action Industries announced today that it has recently expanded its operations to include a 45,000-square-foot warehouse facility in Franklin. Intended to lower shipping times and costs, the facility provides a logistical advantage for Action Industries when distributing its products across the Midwest.

Action Industries is a nationwide, full service supplier and manufacturer of parts and accessories for the garage door industry.

“Our new facility… complements our warehouse and shipping centers in Tempe, Ariz. and Atlanta,” said Marc Calcaterra, vice president of operations for Action Industries.

The new distribution center is capable of servicing all of southeastern Wisconsin and Illinois.

"Our goal is to ensure that customers are receiving their orders as efficiently and cost-effectively as possible," said Calcaterra.

Milwaukee Habitat for Humanity plans to build 40 homes this year in the Washington Park, Park West and North Division neighborhoods.
Construction will begin this spring.

Each home will be 1,100 to 1,400 square feet and have 3-4 bedrooms and two bathrooms. Once completed, the homes will be sold to owner-occupants for $85,000 to $90,000. Each owner is required to contribute “sweat equity” to their new home.

Since 1984, Habitat for Humanity has built more than 450 homes for Milwaukee families.

Cassidy Turley Barry

• Fuzzy Side Up Carpets recently doubled the size of its space when it leased an additional 2,500 square feet of industrial flex space at 11017 W. Layton Ave., Greenfield, from Jabeck Associates.

NAI MLG Commercial

• Perfect Mattress of Wisconsin LLC (d.b.a. Mattress Firm) leased 3,015 square feet of space at 1701-1801 N. Mayfair Road, Wauwatosa, from WDP Wauwatosa LLC.

Ogden & Company

• Heuler XI LLC purchased four apartment buildings totaling 13 units at 8616, 8626, 8702 and 8704 W. Howard Ave., Milwaukee, for $940,000.

• TCSC LLC purchased a 4.5-acre commercially zoned parcel of land at 2401-2541 W. College Ave. in Oak Creek from the Roman and Susan Lewandowski Generation Skipping Trust.

• An 8-unit apartment building at 7801 W. Calumet Road, Milwaukee, sold for $250,000.

Brookfield-based Briohn Building Corp. was contracted to do design and construction work for an interior tenant improvement project for Heinn Chapman Corp. at 5431 N. 27th St., Milwaukee. Briohn recently completed the design and construction of a 2,800-square-foot studio for Family Tae Kwon Do Champions at 637 Genesee St. in Delafield.

Vanevenhoven named NAI MLG Commercial principal
Brian Vanevenhoven has been named a principal of Brookfield-based NAI MLG Commercial. He has worked for NAI MLG Commercial since 2000 and became a retail associate in 2001. In 2006, he was promoted to vice president and in 2007 he was promoted to senior vice president of the retail team. “Brian has consistently been one of our top producers for many years,” said Bruce Westling, president and principal of NAI MLG Commercial. “He has worked with, and gained the respect of, national, regional and local retail clients, managing all aspects of the relationship and transaction. In addition, his leadership within our organization, and specifically our retail segment, has helped us grow and thrive in today’s real estate environment.”

CBRE’s Milwaukee office recently hired Kim Lesch as a real estate manager. Previously she worked for Johnson Controls as a real estate transaction manager. She has more than 12 years of experience in the real estate industry.

Milwaukee-based RFP Commercial Inc. recently added Joe Carollo as a retail and industrial broker. Previously he worked for Cushman & Wakefield in Boston for four years, first as a market researcher and then as an associate with the retail brokerage team. Then he worked for three years as a broker with the Fara Group Inc. in Chicago.

NAIOP Developing Leaders Lunch with a Leader featuring Fran Brzezinski of Interstate Partners. Thursday, Feb. 14, from 12 noon-1:30 pm at The Wisconsin Club, 900 W. Wisconsin Ave., Milwaukee. Members only cost of $25. Registration is required at www.naiop-wi.org.

WCREW Real Estate Professionals Networking Event, Wednesday, Feb. 22, 5:30-7:30 p.m., Mader’s restaurant, 1041 N. Old World Third St., Milwaukee. For more information call Heather Nelson at (262) 754-5569 or visit www.wcrew.org.

NAIOP Developing Leader Wits and Wagers, Feb. 23, 2012 at Karma, 600 E. Ogden St. from 5-6:30 pm. Registration is required at www.naiop-wi.org.

Commercial Real Estate and Realtor Government Day, Feb. 29, from 9 a.m.- 3 p.m. at Monona Terrace in Madison. Members of BOMA, CARW, IREM, ICSC, SIOR, CCIM, NAIOP and WCREW will meet with legislators to discuss issues important to the commercial real estate industry.  Registration is required at www.iremwi.org.

Hunzinger Green Building Conference, Thursday, May 10, 12 noon to 5 p.m., 21100 Enterprise Ave., Brookfield.