Wednesday, September 12, 2007
BreakWater to break ground
Construction is beginning on another downtown Milwaukee condominium tower. Renner Architects LLC will hold a groundbreaking ceremony on Saturday for the BreakWater Condominiums project.
The BreakWater Condominiums is the 20-story, 101-unit condominium development that Renner Architects plans to build at 1313 N. Franklin Place. The former Christopher East Medical Center building on the property is being demolished to make way for BreakWater.
Renner Architects says 36 of the development's 101 condos have been pre-sold in less than four months. The units are priced between $225,000 and $1.15 million. The development is expected to be complete in the spring of 2009.
More information about the project is available at www.breakwater-condominiums.com
Construction of new Caleffi facility nears completion in Menomonee Valley
Caleffi, an Italian manufacturing firm, recently held a ribbon-cutting ceremony to celebrate the construction of its new North American headquarters at 3833 W. Milwaukee Road, in Milwaukee's Menomonee River Valley.
The construction project is actually about 85-percent complete, but the ceremony was held this week because this is when Caleffi's president from Italy, Marco Caleffi, could be in town. The company will move its North American headquarters to the new 35,000-square-foot building in the valley from Franklin. The new location will enable the company to nearly double its local workforce to 28 employees.
Caleffi joins Badger Railing and Palermo Villa Inc. in the Menomonee Valley Industrial Center, which the city developed at the site of a former rail yard, and Taylor Dynamometer Inc.'s new $4 million manufacturing facility is currently under construction there. The four companies will add 428 jobs in Milwaukee. Overall, business expansions throughout the Menomonee Valley will result in 2,100 new jobs.
Real estate profile: Lori Hake
Title: Associate broker
Company: Judson and Associates
Education: UW-Eau Claire
Family: "Husband, Randy, (25 happy years), three children (one married, one at UW-Madison and one in high school) and one grandchild."
City of Residence: Oconomowoc
Hobbies and Interests: Music, painting, landscaping.
What are you working on? "Sale or lease of the Pewaukee Mattress site on 164 and Capitol Drive. Sale of the Roman Professional Building on Highway 100 and Greenfield Avenue and several other listings. I will be working on my CCIM designation this year."
How does the market look to you? "The market is picking up. Leasing is still a little slow, particularly in the office market. Overall, our economy and market is steady - not too many peaks or valleys, and I am optimistic for 2008."
Real estate deal of the week
The Mero Susnar Estate Trust recently sold 35 acres of vacant land northwest of Moorland Road and Beloit Road in New Berlin to an undisclosed buyer represented by Irgens Development Partners LLC. The estate was represented by Kevin Riordan of The Boerke Compan Inc. A representative for Irgens declined to provide information about the deal, citing a confidentiality agreement. Earlier this year, Irgens had the property re-zoned for office use. "Our plans are to develop an office park on the property," said David Miller, vice president of Irgens said in a letter to area residents.
Real estate people in the news
Milwaukee-based The Boerke Company Inc. recently hired Ryan Bowman as a commercial real estate broker.
Wauwatosa-based AG Architecture recently hired Barry Yang as an architect.
Milwaukee-based CG Schmidt Inc. recently hired Jim Hans as director of health care and senior living.
Brookfield-based Shorewest Realtors recently hired Sheila Wilson as a sales associate in its Hartford office, Michael Fioretti as a sales associate in its Kenosha office and Jennifer Betchkal as a sales associate in its south suburban office in Oak Creek.
Real estate odds and ends
The Commercial Leading Indicator for Brokerage Activity, a forward-looking index for the nation's commercial real estate market, recorded its ninth consecutive improvement in the second quarter, according to the National Association of Realtors. The index rose 0.5 percent to 120.7 in the second quarter, the highest on record for the index, which dates back to 1990. "Despite some signs of slower overall economic expansion, the rise in the index means net absorption of space in the industrial and office sectors is likely to expand over the next six to nine months," said Lawrence Yun, senior economist for the National Association of Realtors. "In addition, an improvement in returns on investment implies healthy rent increases for commercial property owners."
Manpower Inc. has hired Milwaukee-based C.H. Coakley & Co. to provide moving services for Manpower's move from Glendale and Brookfield to downtown Milwaukee. "The Manpower move represents one of the largest commercial relocations in Milwaukee's history," said Mike Coakley, C.H. Coakley's vice president. "We will have a tremendous amount of manpower working to ensure an efficient, cost-effective and successful move."
Marcus Hotels and Resorts, a division of Milwaukee-based The Marcus Corp. has been selected by Pedcor City Center Development Co. to manage a 120 to 140-room luxury boutique hotel that is part of the Carmel City Center development in Carmel, Ind., an Indianapolis suburb. In addition, Marcus will provide technical development and pre-opening services.
Real estate events
Wisconsin Commercial Real Estate Women (WCREW) Annual Golf Outing, Thursday, Sept. 13, 1-7 p.m., Silver Spring Country Club, N56 W21318 Silver Spring Dr., Menomonee Falls. For more information contact Patty Fenstad (262) 236-4177.
2007 BOMA/AOMA TOBY Awards and Installation of Officers, Thursday, September 13, 5:30 p.m., Pfister Hotel Imperial Ballroom (seventh Floor), 424 E. Wisconsin Ave., Milwaukee.
How Tax Incremental Financing Works and Why, Wednesday, Oct. 3, 8:30 a.m. to 12 p.m., Hilton Milwaukee City Center, 509 W. Wisconsin Ave. For more information contact NAIOP Wisconsin chapter executive director Chris Zipperer at (262) 522-6375.
Connecting Construction Contractors in Wisconsin, Tuesday, Oct. 30, 8 a.m. to 5 p.m., Country Springs Hotel and Conference Center, 2810 Golf Road, Waukesha. For more information contact Jeff Rathsack at the Wisconsin Procurement Institute (414) 270-3600.
Small Business Times Commercial Real Estate & Development Conference, Thursday, Nov. 8, 7:30-9:30 a.m. at the Italian Community Center, 631 E. Chicago St., in downtown Milwaukee. For more information about attending the breakfast conference, contact Sarah Wilson of Small Business Times at (414) 277-8181, ext. 129, or at sarah.wilson@biztimes.com.
More real estate news
Real estate resources
- Building Owners and Managers Association
- Certified Commercial Investment Members
- Commercial Association of Realtors Wisconsin
- CoStar Group
- Emporis Buildings
- Institute of Real Estate Management
- International Council of Shopping Centers
- Kenosha County property info
- LoopNet
- Menomonee Valley Partners
- Milwaukee Department of City Development
- Milwaukee property info
- National Association of Industrial and Office Properties
- Society of Industrial and Office Realtors
- Waukesha County property info
- Wisconsin Commercial Real Estate Women
- Wisconsin Development
- Xceligent
BizTimes Real Estate Weekly is compiled by BizTimes Milwaukee managing editor Andrew Weiland. This bulletin is published every Wednesday morning. Send real estate news tips to Andrew.Weiland@biztimes.com or call him at (414) 277-8181, ext. 120.



