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Wednesday, June 3, 2015
Downtown Milwaukee condo sales up 3 percent in 2014
June 3, 2015 10:09 AM
The number of condo sales in downtown Milwaukee rose 3 percent in 2014, compared to 2013, and prices for downtown condo sales were up 1.8 percent, according to a new report from the Greater Milwaukee Association of Realtors.

GMAR says that 2014 was the fourth consecutive year of sales gains for the downtown Milwaukee condo market, which collapsed from 2008-10.

“That solid gain is a sign that buyers are still eager and looking to experience Milwaukee’s urban lifestyle,” said GMAR president Mike Ruzicka.

The length of time downtown condo units were on the market (days on market) were down 26 percent in 2014, after a 42 percent decrease in 2013.

“And that trend seems to be staying in place for 2015,” Ruzicka said. “Decreasing days on market means downtown condos are moving quickly.”

Average sales prices for downtown condos were up 1.8 percent between 2013 and 2014, a major change of course after five years of decreases.

For the first five months of 2015 there were 105 condos sold in downtown Milwaukee, down 1 percent from the same period 2014. Average sale prices for downtown condos during the first five months of the year are up 20 percent over the first five months of 2014, at $355,846. But they are still a ways away from 2007’s average of $413,453.

“With no supply being added to the downtown condo market, the law of supply and demand would dictate price increases in the future,” Ruzicka said.

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Bucks pledge community benefits for Park East development plans
June 3, 2015 10:32 AM
Head of the Herd LLC, whose managing members include the majority owners of the Milwaukee Bucks, has pledged to meet the objectives of Milwaukee County’s Park East Redevelopment Compact (PERC) in its $400 million development proposal for the Park East corridor, according to a report from Milwaukee County economic development director James Tarantino.

The PERC was approved by the County Board in 2005. It seeks community benefits for development of the county’s land in the Park East corridor. Ever since its adoption critics of the PERC have said that it added red tape that has discouraged development from occurring in the Park East corridor.

According to Tarantino’s report, it is estimated that the development planned by the Bucks for the Park East corridor would create $5 million in annual property taxes. The development could create more than 3,700 jobs, according to the report. The project would contain more than 1.5 million square feet of residential, office, parking and other uses including a practice facility for the Bucks and public plazas.

The three phase project would be ancillary development that would be built around a proposed $500 million new downtown arena, which would be built just north of the BMO Harris Bradley Center along the Park East corridor. The owners of the Bucks and former owner Herb Kohl have pledged to pay for half of the cost of a new arena. But state and local officials have yet to reach agreement on how to pay for the other half.

Under the Bucks’ proposal, the county would sell 9.8 acres in the Park East corridor to Head of the Herd for $1. That site, located between McKinely and Juneau Avenues west of the Milwaukee River and the Aloft hotel, would be part of a larger 24-acre redevelopment project that would include the new arena site and the site of the current BMO Harris Bradley Center. The development would occur in three stages over a 10 to 15 year period, according to the proposal.

To meet the requirements of the PERC, Head of Herd has pledged that:
  • To meet disadvantage business enterprise (DBE) goals of 25 percent participation for construction, including architecture and engineering, and 17 percent participation for professional services excluding architecture and engineering.
  • To partner with the Milwaukee Area Workforce Investment Board for workforce training and apprenticeships.
  • To meet a local employment goal of 20 to 25 percent participation for Milwaukee County residents in terms of total construction hours.
  • To pay prevailing wages on the development project.
  • To include green design elements, including: public plazas, a Bublr Bikes station, green courtyards atop a parking structure.
The first phase of the Bucks ancillary development would be built from 2015-17 and would include the new arena, a practice facility, 60,000 square feet of office space, a 1,243-space parking structure, 10,000 square feet of retail space, 98 market rate apartments and a plaza facing McKinley Avenue.

The second phase would be built from 2018-22 and would include the demolition of the BMO Harris Bradley Center and its parking structure. A new parking structure, retail space, office, space, market rate student housing and a 300-room hotel would be developed as part of that phase.

The third phase of the project would include 70,000 square feet of retail space for an urban grocery store, 398 market rate apartments, 100,000 square feet of office space, 16,000 square feet of additional retail space, a 37,000-square-foot outdoor plaza and 420 spaces of structured parking.

County officials will hold a public meeting at 5:30 p.m. on Tuesday, June 9, at the War Memorial Center, 750 N. Lincoln Memorial Drive, to listen to public comments about the Bucks' development plans for the Park East corridor. Bucks ownership representatives have been invited to present to the public on the proposals.

“These developments are among the most significant we have seen proposed in Milwaukee in recent years, and they have the opportunity to transform the downtown,” said Milwaukee County Board Chairwoman Marina Dimitrijevic.

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Two bank branches in Glendale to relocate
June 3, 2015 10:47 AM
A North Shore Bank branch and an AnchorBank branch in Glendale will move to new locations.

North Shore Bank will move from its existing location in Bayshore Town Center into a new 1,290-square-foot building that will be built at the southeast corner of Silver Spring Drive and Mohawk Avenue. The building will replace a vacant building, formerly occupied by Daniel P. Kondos Law Firm, which will be torn down.

AnchorBank will move its Glendale branch from its existing location at 5555 N. Port Washington Road to a smaller, 2,000-square-foot, space at 5520 N. Port Washington Road.

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Uline buys site for new office building
June 3, 2015 10:45 AM
Uline purchased a 20-acre site from the Village of Pleasant Prairie, where the company plans to build a new office building, for $4.4 million, according to state records.

The site is located on 120th Avenue, a frontage road along I-94 and near the Uline corporate headquarters campus in Pleasant Prairie.

Uline plans to build a new 298,000-square-foot office building on the site. The new office building is expected to have 500 employees, which is expected to grow to 800 in the future.

Earlier this year Uline indicated that it plans to submit final site and operational plans to the village in July or August and then begin construction. Construction is expected to be complete in early 2017.

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Walgreens store at 84th and Brown Deer Road to close
June 3, 2015 10:38 AM
Deerfield, Ill.-based Walgreen Co. plans to close its store at 8488 W. Brown Deer Road, in Milwaukee, on June 18. Last year the company closed its store at 4520 W. North Ave. in Milwaukee.

The company plans to close 200 of its 8,200 stores, spokesman Phil Caruso said.

“We are in the process of closing some of our underperforming stores throughout the country,” he said. “The decision to close (the store at 84th Street and Brown Deer Road) certainly was not easy.”

Most of the employees at the 84th Street and Brown Deer Road store will be transferred to other Walgreens stores in the area, Caruso said. Each Walgreens store has about 15 to 20 employees, he said.

Customer prescriptions at the store will be transferred to Walgreens stores at Brown Deer Road and 60th Street and Good Hope Road and 91st Street, Caruso said.

The 84th and Brown Deer Road Walgreens store opened in 1995. The property has an assessed value of $2.3 million, according to city records.

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Former Porterhouse Restaurant to be sold at auction
June 3, 2015 10:41 AM
The former Porterhouse Restaurant building, located at 800 W. Layton Ave. in Milwaukee near Mitchell International Airport, will be sold at auction by Micoley.com.

The auction will be held on Saturday, Aug. 29.

The Porterhouse closed in late 2008.

The 16,804-square-foot building, constructed in 1974, sits on a 1.95-acre site. The restaurant has two main bars, two dining halls, two walk-in freezers, three walk-in coolers, a lower banquet center and 197 parking spaces. There is also a three-bedroom, two-bathroom apartment on the building’s second level.

The property is listed at $1,495,000 with an opening bid of $895,000. The property has an assessed value of $722,000, according to city records.

Click here for more information on the auction.

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Real estate odds and ends
June 3, 2015 11:19 AM

Airgas buys Sheboygan building for $1.9 million
An affiliate of Airgas Inc. recently purchased the 9,410-square-foot industrial building that it occupies at 4509 Gateway in Sheboygan from De Pere-based Jossart Holdings LLC for $1.95 million, according to state records. Prior to the sale Airgas had more than nine years remaining on its lease for the building, according to a listing on Loopnet.com.

Kwik Trip buys Pleasant Prairie site for $1.5 million
La Crosse-based Kwik Trip Inc. recently purchased a 3-acre site at 7510 88th Ave. in Pleasant Prairie from an affiliate of Greenwich, Conn.-based Starwood Capital Group for about $1.5 million, according to state records. Kwik Trip plans to build a gas station and convenience store on the site. It is one of several new stores the company plans to build in southeastern Wisconsin.

Former Waukesha bowling alley sold for $1.4 million
Chicago-based HSA Commercial Real Estate recently purchased the former AMF Waukesha Lanes property at 901 Northview Road in Waukesha from an affiliate of New York-based iStar Financial Inc. for $1.4 million according to state records. HSA plans to build a spec multi-tenant industrial building on the 12-acre site.

Subway restaurant planned for Teutonia Avenue
Virender Jaiswal plans to open a Subway restaurant in a former Tri City National Bank building at the northwest corner of North Teutonia Avenue and West Good Hope Road in Milwaukee. The 2,057-square-foot building is located at 7213 N. Teutonia Ave. The restaurant will have four full time and five part time employees. One of the former bank’s drive-thru windows will be used as a drive-thru window for the restaurant.


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Leases
June 3, 2015 10:52 AM

NAI MLG Commercial

Fantastic Sams leased 1,550 square feet of space at N81 W15000 Appleton Ave., Menomonee Falls, from MP Falls Plaza LLC.

Lake Country Acupuncture LLC leased 1,175 square feet of space at W307 N1497 Golf Road, Delafield, from Guyder Financial Group LLC.

Siegel-Gallagher

Elegant Nail & Spa renewed its lease of 1,600 square feet of retail space at 601-921 Meadowbrook Road, Waukesha, from Meadowbrook Marketplace LLC.

Zilber Property Group

Walcheske & Luzi LLC leased 1,715 square feet of office space at 15850 W. Bluemound Road, Brookfield.

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Sales
June 3, 2015 11:01 AM

NAI MLG Commercial

Hilmont Holdings Inc. purchased 100,000 square feet of space at 11925 W. Carmen Ave., MIlwaukee, from WMI Milwaukee LLC.

EEI Real Estate Holdings: Via LLC purchased 25,500 square feet of space at 3502 Douglas Ave., Racine, from Career Industries Inc.

L&M Sunset Road Property LLC purchased 21,200 square feet of space at 2133 County Highway W, Grafton, from L&M Sunset Road Property LLC.

SRN Properties LLC purchased 5,000 square feet of space at N116 W18627 Morse Dr., Germantown, from T&B Properties LLC.


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Andrew Weiland 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.

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