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Wednesday, October 1, 2014
MU buys Zilber property for $5.25 million
October 1, 2014 10:47 AM
As part of Marquette University’s seven-acre expansion, announced recently by new president Michael Lovell, the university has purchased two buildings on 2.3 acres from Zilber Property Group for $5.25 million, according to state records.

The property acquired by MU from Zilber includes a 132,334-square-foot office building at 801-03 W. Michigan St. UMB Fund Services recently vacated 70,000 square feet of space at 803 W. Michigan St. when it moved to the Schlitz Park complex.

The property Marquette purchased from Zilber Property Group also includes a 7,200-square-foot building at 521 N. 8th St. occupied by the Legal Aid Society of Milwaukee.

In addition to the Zilber property, MU is also buying a 4.6-acre site from the Wisconsin Department of Transportation. That site, south of Michigan Street and west of North James Lovell Street, was previously part of the Marquette Interchange before it was rebuilt. The purchase of that site is expected to be complete in the “next month or so,” said Marquette University spokesman Brian Dorrington.

The university has said the acquisition of the entire seven acre expansion site is expected to cost about $9 million.

Marquette has not determined what it will do with the property, located south of its Straz Tower residence hall at 915 W. Wisconsin Ave., but the expansion could dramatically increase its presence on the east side of I-43 in downtown Milwaukee.

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Groundbreaking ceremony held for Argent office building in Pewaukee
October 1, 2014 10:48 AM
A groundbreaking ceremony was held earlier this week to celebrate the start of construction for a new 25,700-square-foot, two-story office building in Pewaukee, for Argent, a workers’ compensation division of West Bend Mutual Insurance Company. The building will be constructed on a 23-acre site at N25 W23645 Watertown Road.

Argent, established in 2010, has 54 employees and has outgrown its current location at N16 W23217 Stoneridge Dr. in Pewaukee.

“This is a very exciting time for Argent,” said Jim Keal, assistant vice president of operations. “Moving into this new office building wil allow us the space to increase our staff by 40 to 45 associates.”

The developer for the project is Interstate Partners.

“The office building was designed to complement its unique, secluded wooded lot,” said Bill Schwartz, director of development for Interstate Partners. “The entire facility will capture views of nature from large windows, and a break area and fitness room on the back side of the building will look into a woods with undisturbed wildlife. It should be a wonderful work environment.”

In addition, a walking path will encircle the property.

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Saukville Super 8 hotel to be sold at auction
October 1, 2014 10:51 AM
The 70-room Super 8 hotel in Saukville, located at 180 S Foster Dr., will be sold in an online auction at auction.com from Nov. 17-19.

The starting bid for the hotel will be $420,000. A bid deposit of $10,000 is required.

The two-story hotel building was constructed in 1987 on a 4.1-acre lot. Amenities include a meeting room seating 65 people, indoor whirlpool spa, fitness area, and sauna.

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Sojourner celebrates groundbreaking
October 1, 2014 10:59 AM
Sojourner Family Peace Center and Children’s Hospital of Wisconsin joined public officials and community members at a groundbreaking ceremony Wednesday to mark the start of construction on Sojourner Family Peace Center’s new 75,000-square-foot site.
 
The facility, located at 619 W. Walnut St. in Milwaukee, will house an extensive pool of resources for victims of domestic abuse and will offer holistic support to victims of all ages.
 
In addition to offering victims a 24-hour crisis shelter and hotline, the Sojourner Family Peace Center will feature legal resources for victims navigating the criminal justice system, case management services, drug and alcohol counseling, sexual assault services, and health care.
 
Through a partnership with Children’s Hospital of Wisconsin, the facility will host a Child Advocacy Center with physical, mental and dental services for youth as well as crisis intervention and management resources and mental health services.
 
With the backing of area governmental agencies, the Sojourner Family Peace Center will also house support services administered by the Milwaukee Police Department, the Milwaukee County District Attorney’s Office and Milwaukee Public Schools.
 
The $21.2 million center, slated to open in November 2015, follows an innovative approach to overcoming domestic violence known as the Family Justice Center model. The international model is a “best practice for delivering care to families impacted by domestic violence,” according to Sojourner Family Peace Center, and brings a cross sector of professionals advocating for victims under one roof.
 
The Milwaukee resource center has been made possible by a diversity of funding sources, including more than $10 million from the state budget, a $2.5 million gift from the Selig family, and contributions from Children’s Hospital among additional private foundations and donors. About $1.2 million toward the center is still needed.
 
Project partners include Harwood Engineering Consultants, Ltd., M&E Architects, Mortenson Construction, Rivet LLC, T.L. Reese Construction, Zimmerman Architectural Studios, and Zoe Engineering LLC.

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API Healthcare HQ building sold for $13 million
October 1, 2014 10:56 AM
An affiliate of Glen Allen, Va.-based Morse Capital Partners recently purchased the two-story, 73,756-square-foot API Healthcare corporate headquarters office building at 1550 Innovation Way in Hartford for $13 million, according to state records.

The property was sold by an affiliate of KBS Construction Inc. It had been listed for sale by Marcus & Millichap.

API has about 11 years remaining on a 17-year lease (signed in 2008) for the building, which was constructed on a 21-acre site in 2004.

Earlier this year, General Electric acquired API Healthcare, which is a health care specific venodor focused on workforce management software and analytics. API’s solutions – staffing and scheduling, patient classification, human resources, talent management, payroll, time and attendance, business analytics, and staffing agency offerings – are used by more than 1,600 hospitals and staffing agencies in the U.S.

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Ryan Cos. seeks TIF for proposed Oak Creek industrial development
October 1, 2014 10:57 AM
Ryan Companies U.S. Inc. plans to build a 230,000-square-foot industrial space development on a 23-acre site in Oak Creek and is seeking tax incremental financing assistance for the project from the city.

The site, located at 813 W. College Ave., is currently used for rock crushing by an excavating contractor, said John Dunneback, director of development for Ryan Cos.

Ryan is developing plans for a two-building industrial development on the site. Plans submitted for the site earlier this year showed a 159,840-square-foot building and a 70,200-square-foot building.

“We’re in the infancy stages of the project,” said Dunneback, who declined to comment on specifics of the project.

The project is currently speculative in nature, but some potential users are showing interest in the buildings, Dunneback said.

“There is interest currently in purchasing both buildings,” he said. “There’s a lot of activity, but we have yet to settle on anything yet. We are actively talking to multiple groups.”

Dunneback also declined to disclose the amount of TIF funds that Ryan Cos. is seeking for the project.

“We’re going through negotiations (with city officials),” he said.

According to a TIF application submitted by Ryan Cos. to the city for the project, the cost of the site is estimated at $1.5 million and the private development cost is estimated at $10 million, a total of $11.5 million. In addition, the cost of public improvements are estimated at about $4.5 million. The total value of the public and private improvements for the project is estimated at about $16 million.

Ryan Cos.’ TIF application said the justification for seeking the funds includes: “site geography is unsuitable for development and construction,” “lack of public utilites to proximity of site” and “geotechnical uncertainties will cause this site to not be developed in the foreseeable future.”

“There’s some subsurface issues,” Dunneback said. “There is definitely some work that needs to be done.”

Information submitted by Ryan Cos. earlier this year said the site requires nearly $2.24 million in “extraordinary costs” to prepare the site for development.

“This site has historically been used as a clean fill landfill site,” director of community Doug Seymour wrote in a city report this summer. “It’s development poses several challenges due to its topography, environmental restrictions and proximity to utilities. The scale and quality of the development at this location would be restricted if not for public sector assistance to assist with extraordinary development costs.”

The appeal of the site for industrial development is its proximity to I-94, Dunneback said.

“It’s less than half a mile to the interstate,” he said.

The southeastern Wisconsin industrial space vacancy rate has been on a steady decline since 2008 and was at 6.05 percent during the second quarter of 2014, according to Xceligent. The performance of the region’s industrial real estate market has prompted Ryan Cos. and other developers to work on plans for new buildings.

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Kenosha Uptown Brass Pick ‘n Save store sold for $9.25 million
October 1, 2014 11:03 AM
Wauwatosa-based Wangard Partners recently sold the Pick ‘n Save grocery store in the Uptown Brass Center in Kenosha to a Michigan-based firm for $9.25 million, according to state records.

The 56,622-square-foot grocery store is located on a 6-acre site at 1901 63rd St. in Kenosha. It was purchased by Norton Shores, Mich.-based CCG Properties-AD LLC.

The Uptown Brass Center is a 10.3-acre mixed-use redevelopment of a former brownfield site once occupied by American Brassworks Company. Wangard acquired the site several years ago from a previous developer that had partially completed the redevelopment project.

In addition to the Pick ‘n Save store, the Uptown Brass Center has a TCF Bank on an outlot, a mixed-use building with 26 apartments and 12,800 square feet of retail space, a vacant 1.2-acre site, and a 1.4-acre site with the foundation of an uncompleted building.

Each piece of the site is for sale, but Wangard will remain the management firm for the property, said Mark Lake, director of retail development for Wangard.

“We are in the process of selling off the parts of it, but we will still be managing the property for the forseeable future,” he said.

The firm is in talks with a potential buyer for the TCF Bank building, Lake said.

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Leases
October 1, 2014 10:52 AM

Alpine Commercial

Clear Water Outdoors leased 5,700 square feet of space at 250 N. Water St., Milwaukee, from Bockl Family Trust.

Judson & Associates

Phoenix Care Systems LLC leased 21,450 square feet of space at 4220 S. 108th St., Greenfield, from Venture Two LLC.

Waukesha MMA leased 6,000 square feet of space at 1933 S. West Ave., Waukesha, from NMN Enterprises LLC.

NAI MLG Commercial

A&B Filling Inc. leased 14,000 square feet of space at 16840 W. Victor Road, New Berlin, from Chase Victor Holdings LLC.

Wingstop leased 2,080 square feet of space at 2300 E. Layton Ave., St. Francis, from Keren Properties I LLC.

Edward D. Jones & Co. leased 1,006 square feet of space at 6233 Bankers Road, Mt. Pleasant, from Taylor Crossings LLC.

Insurance Partners LLC leased 1,000 square feet of space at 5315 N. 118th Ct., Milwaukee, from Monterey Park Ltd.

Wildcat Cove Investments LLC leased 307 square feet of space at 10701 W. North Ave., Wauwatosa, from Mayfair Business Center LLC.

Siegel-Gallagher

Smartphone Repair Center leased 1,246 square feet of retail space in Racine Centre at 5201 Washington Ave., Racine.

World Care Transit Service LLC leased 697 square feet of office space in the Brown Deer Office Plaza at 5600 W. Brown Deer Road, Brown Deer.

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Sales
October 1, 2014 10:54 AM

Alpine Commercial

Dr. Molar purchased the building at 1504 E. North Ave., Milwaukee, from TerraDev LLC for $625,000.

Colliers International|Wisconsin

Hendricks Commercial Properties purchased the 67,255-square-foot Continental Business Center flex building at W165 N5761 Ridgewood Dr., Menomonee Falls, for $4.5 million.

Central Asset Management LLC purchased the 80,150-square-foot Franklin Commerce Center building at 9630 S. 54th St., Franklin, for $4.1 million.

Outlook Development Group purchased two industrial buildings, a 33,620-square-foot building at 2855 S. 160th St. and a 67,600-square-foot building at 2905 S. 160th St. in New Berlin, from First Industrial Realty Trust for $1.85 million.

NAI MLG Commercial

RHH Holdings II LLC purchased 37,440 square feet of space at 5500 S. Westridge Dr., New Berlin, from Global Real Estate LLC.

Marker & Sons LLC purchased 11,400 square feet of space at 19785 W. Edgewood Dr., Lannon, from LDM Investments LLC.

Christ/St. Peter Lutheran School purchased 11,167 square feet of space at 2137 W. Greenfield Ave., Milwaukee, from Milwaukee Christian Center Inc.

Leslie Scherrer Development Inc. purchased 5,461 square feet of space at 2600 Browns Lake Dr., Burlington, from WK 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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