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Wednesday, April 2, 2014
Mayfair Collection grand opening is Thursday
April 2, 2014 10:00 AM
A grand opening ceremony will be held Thursday, April 3, to celebrate completion of the first phase of the Mayfair Collection development in Wauwatosa.

The Mayfair Collection is a mixed-use project that is being developed by Chicago-based HSA Commercial Real Estate northeast of U.S. Highway 45 and Burleigh Street. The first phase of the project has 270,000 square feet of retail space including Nordstrom Rack, Saks Fifth Avenue OFF 5th, Dick's Sporting Goods, Old Navy and Ulta Beauty stores.

A 45,150-square-foot Whole Foods store, a 144-room hotel and six restaurants are planned in the second phase of the Mayfair Collection development. HSA Commercial expects to break ground on the second phase of the project this spring with a planned opening for Whole Foods early in 2016.

Proposed future phases of The Mayfair Collection include the development of multi-family housing, office space and medical buildings.

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Mayfair Road retail building sold for $3.15 million
April 2, 2014 10:00 AM
An affiliate of Mequon-based Midland Management LLC recently purchased a 26,600-square-foot, 28-year-old retail building at 2851 N. Mayfair Road in Wauwatosa from an affiliate of Minneapolis-based CSM Corp. for $3.15 million, according to state records.

The building is occupied by two tenants: a Dollar Tree store and a Discovery Clothing store.

The property has an assessed value of $2.56 million, according to Milwaukee County records.

Midland Management owns several multi-tenant retail buildings.

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Waukesha office building sold for $1.5 million
April 2, 2014 10:00 AM
Kissak Sarajian and Armen Sarajian, the owners of Franksville-based Engineered Products & Services Inc., recently purchased Silvernail Woods I, a 32,630-square-foot office building at 2727 N. Grandview Blvd. in Waukesha, from Waukesha-based Bryce Styza Properties for $1.5 million, according to state records.

They bought the building as an investment and own a few other commercial buildings in the region, Kissak Sarajian said.

The Silvernail Woods I building, constructed in 1985, has an assessed value of about $2.28 million, according to Waukesha County records.

The building has a 30 percent vacancy rate, Kissak Sarajian said.

“I feel it shouldn’t be difficult to fill,” he said.

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Milwaukee County leads regional population gains
April 2, 2014 10:00 AM
Milwaukee County’s population grew from 947,735 in 2010 to 956,023 in 2013, according to the latest U.S. Census Bureau estimates. The county added 8,288 residents, a 0.9 percent increase.

The 2010-13 population increase for Milwaukee County is noteworthy because the county’s population fell from 1,054,063 in 1970 to 940,164 in 2000 and only grew by 7,571, up 0.8 percent, from 2000 to 2010.

Waukesha County’s population grew from 389,891 to 393,843, adding 3,952 residents, an increase of 1.0 percent.

Population estimates for the other counties in southeastern Wisconsin:
- Kenosha County added 1,331 residents to 167,757, an increase of 0.8 percent from 2010.
- Washington County added 852 residents to 132,739, an increase of 0.6 percent.
- Walworth County added 717 residents to 102,945, an increase of 0.7 percent.
- Ozaukee County added 659 residents to 87,054, an increase of 0.8 percent.
- Racine County lost 367 residents to 195,041, a decrease of 0.2 percent.
- Sheboygan County lost 585 residents to 114,922, a decrease of 0.5 percent.

For the entire State of Wisconsin, the population rose 1.0 percent between 2010-13, adding 55,730 residents to 5,742,713.

By comparison the U.S. population as a whole rose 2.4 percent from 2010-13 to 316,128,839, according to the U.S. Census Bureau data.

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Credit union building planned at Shoppes of Wyndham Village
April 2, 2014 10:00 AM
A new building for a branch of Madison-based Summit Credit Union is planned at the Shoppes at Wyndham Village development in Franklin.

The Shoppes at Wyndham Village is a retail development that is anchored by Target and Pick ‘n Save stores and is located southeast of Highway 100 and Drexel Avenue in Franklin.

The 3,550-square-foot building for Summit Credit Union will be built on a vacant outlot just east of a multi-tenant building in front of the Pick ‘n Save store.

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InPro to build new office building at its Muskego HQ campus
April 2, 2014 10:00 AM
InPro Corp. plans to build a new two-story, 29,810-square-foot office building at its Muskego headquarters campus.

The company needs additional office space, said chief executive officer Phil Ziegler. The new building will provide space for two of the company's departments, but the corporate headquarters will remain in the main office building on Apollo Drive, he said.

"The headquarters is going to stay where it is," Ziegler said.

The company has not determined what departments will be moved to the new building. The relocated departments will open up space that will be filled by additional sales staff, Ziegler said.

"As we're growing our sales force we want to keep them all together," he said.

Eventually about 80 employees will work in the new building, Ziegler said. Initially about 35-40 will be moved there.

The company, which has about 435 employees in Muskego, manufactures door and wall protection, wall rails, washroom surrounds, internal signs and curtains for health care facilities, hotels, educational institutions and for commercial spaces. The company also makes expansion joint systems for buildings.

The new office building will be built at the southeast corner of Janesville Road and Mercury Drive, just north of InPro's existing seven-building campus in Muskego.

The new building will be built on a two-acre site currently occupied by three homes, which will be demolished.

There will be a 94-space surface parking lot in front of the new building, according to plans submitted to the city of Muskego.

Construction is expected to begin in late spring or early summer and should be complete in the spring of 2015.

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Former Blue Cross Blue Shield building could be converted to apartments
April 2, 2014 10:00 AM
A developer is planning a $28 million redevelopment project to convert the former Blue Cross Blue Shield office building in downtown Milwaukee into market-rate apartments, according to plans submitted to the City of Milwaukee.

The 236,218-square-foot, 10-story office building at 401 W. Michigan St. was constructed in 1978. It was occupied by Blue Cross Blue Shield of Wisconsin until 2006, when that office and its then 750 employees moved to the Summit Place complex in West Allis. The building, which is owned by New York-based iStar Financial Inc., has remained vacant ever since.

The city’s Board of Zoning Appeals will review a request from DJ Acquisition LLC, the prospective buyer of the building, to allow the building to be converted into a multi-family residential building with dwelling units on the first floor. The building is already zoned for residential use for its upper floors, according to the proposal submitted to the city.

“(The building’s) highest and best use is now deemed to be residential,” states the proposal to the city.

No information was immediately available about DJ Acquistions LLC. However, last year BizTimes Milwaukee reported that John Mangel III, vice president of business development and acquisitions for Chicago-based HSA Commercial Real Estate, had a contract to purchase the building and was considering redevelopment options, including a conversion to a residential building. Mangel could not be reached for comment.

Mangel is the developer behind the project, said Department of City Development spokesman Jeff Fleming. Mangel could not be reached for comment.

The project could provide a significant boost to the struggling west side of downtown.

"(The project) is validation that it is a valuable site," Fleming said. "The neighborhood has enormous potential, which is going to be realized. Increased residential has been one of the priorities identified for the neighborhood."

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Rexnord to move HQ from West Milwaukee to Global Water Center
April 2, 2014 10:00 AM
Rexnord Corp. will move some of its corporate offices and several of its executives from its West Milwaukee headquarters to the Global Water Center in Milwaukee's Walker's Point neighborhood this summer.

The company will occupy a 14,000-square-foot space in the 98,000-square-foot, seven-story building, which aims to bring educational institutions, established businesses and entrepreneurs together for water technology advancement.

Under its new lease, Rexnord will expand its existing presence at the Water Center, with space on two floors. The Water Center's occupancy will reach 85 percent after the move.

Rexnord's expansion in the Water Center is "a very significant demonstration of Milwaukee continuing to thrive as a leader in the global water economy," said Dean Amhaus, president and chief executive officer of The Water Council, the regional cooperative that founded the Water Center. "It is clear that global water technology companies are attracted to the Global Water Center to have firsthand access to entrepreneurs, researchers and students developing new technologies for the freshwater industry."

Water Center representatives were unsure whether Rexnord would move its entire headquarters to Milwaukee, and Rexnord representatives did not respond to requests for comment.

Rexnord manufactures process and motion control and water management products. It has about 7,300 employees worldwide.

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Industrial park planned west of I-94 in Kenosha
April 2, 2014 11:00 AM
Yet another industrial park development is planned in the I-94 corridor in Kenosha County.

Chicago-based Bridge Development Partners LLC plans to develop a 348-acre industrial park west of I-94 and south of Highway 142/County Highway S. The site currently lies within the Town of Paris. It is located adjacent to the iconic Mars Cheese Castle. Directly to the east of I-94 is the site where a 1 million-square-foot distribution center and a 500,000-square-foot distribution center will be built for Amazon.com Inc.

The owners of eight properties totaling the 348 acres have submitted a request asking the City of Kenosha to annex the site, Kenosha Mayor Keith Bosman said.

The proposed business park development is the latest of several planned in Kenosha County. City of Industry, Calif.-based Majestic Realty Co. plans to develop a 309-acre business park northeast of 88th Avenue and County Highway S in the Town of Somers, just east of the Amazon site. Lincolnshire, Ill.-based Venture One Real Estate LLC plans to develop a 254-acre business park east of I-94 between 110th and 122nd streets in Pleasant Prairie. Greenwich, Ct.-based Starwood Capital Group plans to develop a 10-acre office development between 88th and 91st Avenues and 76th Street and Prairie Ridge Boulevard in Pleasant Prairie.

Several speculative industrial developments are also planned in Kenosha County. Majestic Realty plans to build a 1.2-million-square-foot warehouse and distribution center on an 88-acre site east of 88th Avenue and south of Bain Station Road in Pleasant Prairie. Zilber Property Group plans to build a 176,000-square-foot speculative industrial building near Highway 31 and 95th Street in LakeView Corporate Park in Pleasant Prairie.

“There’s quite a bit of interest (in Kenosha County from developers),” said Bosman. “There’s continued interest here and in Pleasant Prairie. It’s a good place to be right now.”

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REIT to build spec industrial building in Oak Creek
April 2, 2014 10:00 AM
Malvern, Pa.-based Liberty Property Trust, a real estate investment trust, today announced plans to build a 172,000-square-foot speculative industrial building in Oak Creek.

The project is the latest in a growing number of industrial real estate developments planned in the I-94 corridor between Milwaukee and Chicago.

"While speculative development activity has returned in many of the country's primary industrial markets including Chicago, where Liberty now operates its southeast Wisconsin assets, secondary markets like Milwaukee have been slow to respond despite very strong fundamentals," said Neal Driscoll, vice president of leasing and development in the region for Liberty Property Trust. "But with a significant shortage of well located, flexible, Class A industrial space in the market, the time is right for Liberty to speculate on industrial development."

The building will be located in the Liberty Corporate Preserve business park, located northeast of South 27th Street and West Oakwood Road in Oak Creek.

The project is the largest speculative industrial development in Milwaukee in more than five years, according to Liberty Property Trust.

"We are very excited to be first out of the gate on a large, Class A industrial speculative building in Milwaukee (County). Wisconsin's commitment to its transportation infrastructure, particularly its rapid reconstruction and improvements to Interstate 94, prove its 'Open for Business' statement," said Driscoll. "Oak Creek is an excellent location for regional distribution to the Milwaukee metropolitan market, as well as its proximity to the continuously growing Chicago footprint."

The building is expected to be complete by this fall.

The project is also the latest of several developments planned in Oak Creek including the mixed-use Drexel Town Square and the OakView Business Park.

"This investment is yet another indication of the momentum and strength of the Oak Creek market," said Oak Creek Mayor Steve Scaffidi.


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Mixed-use development anchored by Metro Market planned in Shorewood
April 2, 2014 11:00 AM
Fox Point-based real estate development firm General Capital Group plans to build a mixed-use development along Oakland Avenue in Shorewood with an 80,000-square-foot Roundy's Metro Market grocery store, 80 upscale apartments and 15,000 square feet of additional retail space.

The development is planned for two blocks on the west side of Oakland Avenue between Kenwood and Olive streets. It would replace the current Pick 'n Save grocery store there and the vacant former Schwartz book store and Walgreens buildings.

The Metro Market store will be the first phase of the development and is expected to be complete in the fall of 2015. It will be a two-level grocery store and will be the flagship for Roundy's Metro Market stores. Parking will be available for shoppers with 360 spaces on four levels.

The second phase of the project will be a mixed-use building with 80 upscale apartments and 15,000 square feet of retail space. Construction is expected to begin in the fall of 2015 and be complete in 2016.

Oakland Avenue in Shorewood has attracted several multi-story mixed-use developments in recent years, including Mandel Group's LightHorse 4041 development, and WiRED Properties' Ravenna and Cornerstone developments. All of those projects have apartments above first floor retail space.

"(General Capital Group's) development is another example of Shorewood's vibrant growth and ability to successfully blend its residential and commercial district landscape," said Shorewood Village President Guy Johnson. "We are fortunate to have such an experienced team working together to make these plans a reality."

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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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