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Wednesday, January 7, 2015
Froedtert medical center planned for Drexel Town Square
January 7, 2015 07:48 AM
Froedtert Health plans to open a significant primary and specialty care health center in the Drexel Town Square development in Oak Creek.

“The Froedtert commitment signals that this is a first class, quality development,” said Oak Creek Mayor Steve Scaffidi.

Froedtert will lease part of a 125,000 to 150,000-square-foot health care and fitness facility that Chicago-based HSA Commercial Real Estate plans to build at the Drexel Town Square project, said Jerry Franke, president of Wispark LLC, which is the lead developer for Drexel Town Square. At full build-out the Froedtert facility will have about 250 employees, Franke said.

In addition to the Froedtert medical center, the three- to four-story building will also have a fitness center run by a separate operator, which Franke declined to name. The facility will also have a parking structure, he said.

Drexel Town Square is the mixed-use development under construction at the 85-acre former Delphi plant site southwest of Howell and Drexel avenues in Oak Creek. The project will create a downtown for Oak Creek and will include a new City Hall and library, a town square, a mixed-use Main Street, apartments, restaurants, a four-story Four Points by Sheraton hotel and a big box Meijer store. Wispark LLC is leading a team of developers for the project.
The health care facility will be built at the northwest corner of the Drexel Town Square site.

“(The Froedtert facility) is the last big piece of the puzzle (for the Drexel Town Square project),” Scaffidi said.

Medical office space was always planned for Drexel Town Square, but the Froedtert facility “dwarfs what I had in mind,” Franke said.

The Froedtert facility demonstrates that Drexel Town Square is more than a retail development, Franke said.

“This (project has) a number of different uses that draw traffic,” he said.

The new health center will become part of the Froedtert & the Medical College of Wisconsin health network.

“We’re pleased to be invited by the City of Oak Creek to be part of this exciting new downtown development,” Cathy Jacobson, president and chief executive officer of Froedtert Health, said in a statement. “Our plans are in the early stages, but I can say with complete confidence that we’re committed to providing health care services that respond to the needs and preferences of this community.”

Much of the Drexel Town Square project is under construction and the Meijer store, the City Hall/library building and a Water Street Brewery restaurant are expected to open by the end of the year, Scaffidi said. Construction will begin on other parts of the project this year including the hotel, apartments and the Main Street area.

Construction of the health care facility is expected to begin this year and take about two years to complete, Franke said.

The Froedtert facility will bring a significant number of high paying jobs to the Drexel Town Square site, which should help attract additional retail and restaurant tenants, Scaffidi said.

“We think (the Froedtert facility) will raise the interest level for a few of the other parcels,” he said.

Wispark has been holding a few of the outlots back waiting for the Froedtert announcement, which should help attract more interest, Franke said.

City officials hope to see another “premium” restaurant in addition to Water Street Brewery, Scaffidi said.

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Fiduciary to build more than 1,000 'luxury residences' at Mayfair Collection
January 7, 2015 07:51 AM
Milwaukee-based Fiduciary Real Estate Development Inc. will build up to 1,050 luxury multi-family residential units over seven to 10 years at The Mayfair Collection development in Wauwatosa.

“This opportunity to develop a master planned community on 22 acres is truly a once-in-a-lifetime opportunity for our whole organization,” said Craig Raddatz, partner at Fiduciary Real Estate Development.

The Mayfair Collection is a mixed-use development that Chicago-based HSA Commercial Real Estate is building at the former site of Kohl’s and Roundy’s warhouses northeast of U.S. Highway 45 and Burleigh Street in Wauwatosa. The 270,000-square-foot first phase of the project opened in 2014 and included Northstrom Rack, Saks Fifth Avenue OFF 5th and other stores. The second phase of the project is under construction and will include a Whole Foods store, a HomeGoods store and three restaurants from the Bartolotta Restaurant Group. The project will also add a Home Suites by Hilton hotel.

Fiduciary will construct and manage the residential units at the project. The firm plans to break ground this year on the first phase with a total of 250 apartment units and 50,000 square feet of ground level specialty retail space. Phase two will break ground in 2016 with another 250 apartment units and amenities including a fitness center, pool and entertainment rooms. The Fiduciary portion of the development will be called The District.

“We are particularly excited that the demand we see for high quality apartments at this incredible location will allow us to create a community of 500 apartment residences over the next three years,” Raddatz said. “Once that base is established and the complete fitness center, pool, entertainment rooms and personal services are established, we will be able to continue designing the whole community to meet other housing demand such as condominiums, row houses or possibly independent senior housing.”

The apartments will range from 500-square-foot studio units to 1,300-square-foot corner penthouse units. The average rent will be $1,275.

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Mixed-use building planned in Walker’s Point
January 7, 2015 07:53 AM
Michael Pelsley, of Ferryville, Wis., plans to build a two-story, mixed-use building on a vacant 0.5-acre lot at the southeast corner of South First Street and East Pittsburgh Avenue in Milwaukee’s Walker’s Point neighborhood.

The building will cost about $1 million to $2 million to build, it will have first floor retail space and upper floor office space, and will have a total of about 13,120 square feet of space, according to plans submitted by Pelsley to the city’s Board of Zoning Appeals.

The plans show that the building will be located along First Street, with a patio along Pittsburgh Avenue and surface parking lots with 34 spaces on the east side of the lot, behind the building.


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Phoenix Investors buys three Milwaukee industrial buildings
January 7, 2015 07:54 AM
An investors group affiliated with Milwaukee-based Phoenix Investors LLC announced today that it has acquired three industrial buildings, totaling 300,000 square feet of space, on the northwest side of Milwaukee, for $2.8 million.

The buildings were sold by Community Bank and Trust. The transaction was brokered by Brett Garceau and Travis Tiede of NAI MLG Commercial.

The buildings are located at 4505 Woolworth, 4609-4721 Woolworth, and 4801 Woolworth Ave.
Phoenix Investors will assume all property management of the building portfolio, and manage its repositioning and re-tenanting. Phoenix principally specializes in repositioning large former single tenant industrial facilities.

Financing for the project was completed through a conventional loan from Community Bank and Trust.

“Throughout Wisconsin industrial leasing activity and projected demand remains robust. Given the in place occupancy in conjunction with pending transactions on our existing portfolio, our available industrial inventory is very low,” said Kurt Jensen, senior vice president acquisitions, Phoenix Investors. “This acquisition and others pending in early 2015 are designed to keep pace with the demand and needs of our industrial tenants as we soundly continue to grow our industrial portfolio. We are actively seeking acquisition opportunities in 2015.”

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Cassidy Turley Barry changes name to DTZ Barry
January 7, 2015 07:56 AM
An affiliate of DTZ Investment Holdings has closed on its acquisition of Washington, D.C.-based commercial real estate services firm Cassidy Turley Barry.

As a recently, Milwaukee-based Cassidy Turley affiliate Cassidy Turley Barry has changed its affiliation and is now named DTZ Barry.

DTZ Barry was founded in 1921 and was originally known as the James T. Barry Co. The firm was affiliated with Colliers International from 1986 to 2010, when it bcome affiliated with Cassidy Turley.

“We are extremely pleased with the new DTZ platform,” said James T. Barry III, president of DTZ Barry. “Building on what was started with Cassidy Turley, our affiliation with DTZ will enable us to better serve our clients locally, nationally and throughout the world.”

DTZ now has $2.9 billion in annual revenues, more than 28,000 employees and manages 3.3 million square feet of commercial real estate globally.

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Real estate odds and ends
January 7, 2015 07:46 AM

AutoZone planned on East Capitol Drive
A new AutoZone store is planned at 709 E. Capitol Dr. in Milwaukee. The AutoZone store will be built on a out lot of a shopping center that is anchored by a Piggly Wiggly grocery store. The building will be built at the corner of Capitol Drive and North Fratney Street on a site formerly occupied by a fast food restaurant that closed and was demolished.

Whyte Hirschboeck Dudek to open Waukesha County office
Whyte Hirschboeck Dudek plans to open an office in Waukesha County. The law firm, based in downtown Milwaukee, is in the process of negotiating the final terms of a lease and declined to disclose the location. The office will have about 20 employees.

National labor law firm opens Milwaukee office
Atlanta-based Ogletree, Deakins, Nash, Smoak & Stewart P.C., one of the largest labor and employment law firms representing management in the nation, has opened a new office in downtown Milwaukee at 250 E. Wisconsin Ave. The firm’s Milwaukee office space is a temporary location in a Regus space, according to a spokesman. A search for a permanent office location in Milwaukee is ongoing. The new office features nine attorneys. Tim Costello will serve as the managing shareholder of the Milwaukee office and is joined by four other shareholders: Robert Bartel, Timothy Kamin, Kevin Kinney and Brian Radloff. Ogletree Deakins now has 47 offices across the United States and is expanding into Europe and Mexico.

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Leases
January 7, 2015 07:42 AM

Boerke Company

OSG leased 19,240 square feet of space at 2731 Commerce Dr., New Berlin, from James Luterbach.

NAI MLG Commercial

FWR Wisconsin LLC leased 2,500 square feet of space at 2012 S. 55th St., West Allis, from Fiduciary Real Estate Development Inc.

Siegel-Gallagher

BDP International – Milwaukee leased 2,613 square feet of office space in the Airport Atrium Center at 5007 S. Howell Ave., Milwaukee, from LNR Partners LLC.

Rodney L. Cubbie Attorney at Law leased 1,093 square feet of office space and John Juern Ph.D. leased 573 square feet of office space in The Forum building at 3333 N. Mayfair Road, Wauwatosa, from North Community Bank.

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Sales
January 7, 2015 07:44 AM

Boerke Company

Midwest Iron & Stairs purchased a 22,800-square-foot industrial building at 8111 W. Bradley Road., Milwaukee.

CFR Engines Inc. purchased 22,854 square feet of space on 3.53 acres at 22577 Johnson Dr., Pewaukee.

NAI MLG Commercial

Germantown Properties-McCormick LLC purchased 26,564 square feet of space at W194 N11695 McCormick Dr., Germantown, from CenterPoint Properties Trust.

Parrish Properties XIV LLC purchased 11,300 square feet of space at 10450 S. 52nd St., Kenosha, from Burlington Equity LLC.

Siegel-Gallagher

18610 West Bluemound Road purchased 9,000 square feet of retail space at 18610 W. Bluemound Road, Brookfield, from MPK 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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