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Wednesday, February 4, 2015
Stark sells St. Francis office building for $12.75 million
February 4, 2015 10:37 AM
An affiliate of Las Vegas-based Molasky Group of Companies recently purchased a 82,546-square-foot office building at 3600 S. Lake Dr. in St. Francis for $12.75 million, according to state records.

The federal government will move the Milwaukee FBI office from downtown Milwaukee to the St. Francis building in 2016. The federal government signed a 20-year lease for the FBI to occupy the building.

The building was sold by an affiliate of Stark Investments, which will move its headquarters later this month from the St. Francis building to the City Center at 735 complex at 735 N. Water St. in downtown Milwaukee.

The St. Francis building, located along Lake Michigan, sold for well above its assessed value of $8.5 million, according to Milwaukee County records.

The FBI’s Milwaukee office is currently located in the Plaza East Office Center at 330 E. Kilbourn Ave. in downtown Milwaukee.

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Lender takes back former Parkland Mall site in Muskego
February 4, 2015 10:45 AM
A Chicago-based lender has taken ownership of the former Parkland Mall site through a foreclosure action.

Alex Pearsall now controls the vacant 11-acre site at S74 W17000 Janesville Road.

The site sits at a key location in the heart of Muskego’s main commercial corridor. But it has been vacant since the former Parkland Mall was torn down in 1999.

Art Dyer, the previous owner of the property, controlled the site for years until finally losing to Pearsall in the foreclosure action. Dyer and city officials never could agree on a development plan for the site and Dyer planted trees on the site so that its use was considered agricultural so he could lower his property tax bill.

Now in control of the property, Pearsall said he hopes to entertain offers for the site from developers.

“I am game for any and all ideas,” he said. “I know it’s an important property for the city. I think the city is eager to have something happen there.”

Jeff Muenkel, community development director for Muskego, said Pearsall has been contacted by two developers interested in the site. No development plans have been submitted to the city, he said.

“I’ve received some phone calls (about the property),” Pearsall said. “I can’t comment on them.”

A project to rebuild and expand Janesville Road was completed recently. With that done, city officials would like to see a mixed-use development on the former Parkland Mall site with commercial space along Janesville Road and residential development behind it, Muenkel said.

“This (site) has been the single biggest issue in (Muskego) during the past decade,” he said.


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Waukesha office building to be sold at auction
February 4, 2015 10:49 AM
The High Ridge Office building, a 30,868-square-foot building located at N16 W23233 Stone Ridge Dr. in Waukesha, will be sold in an online auction.

The building will be sold at www.auction.com from March 24-26. The starting bid will be $450,000. A bid deposit of $10,000 is required.

The High Ridge Office building was constructed in 1995 on a 5.3-acre site in the Ridgeview Corporate Park. The building is currently about 53 percent leased with three tenants, the largest of which is the headquarters for MorganMyers, a marketing firm. The property has 93 parking spaces.

The property has an assessed value of $1.7 million, according to Waukesha County records.

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Oak Creek strip mall to be sold at auction
February 4, 2015 10:51 AM
Oak Creek Commons, a 10,462-square-foot retail building at 2345 W. Ryan Road in Oak Creek, will be sold in an online auction.

The property will be sold at www.auction.com from March 24-26. The starting bid will be $300,000. A bid deposit of $10,000 is required.

The building is 82 percent occupied with local and national tenants, including Dunkin Donuts. There is only one vacant space of 1,850 square feet.

The building was built in 2005 on a 1.5-acre site. It has 58 parking spaces.

The property has an assessed value of $914,500, according to Milwaukee County records.


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Meijer to open four southeastern Wisconsin area stores this year
February 4, 2015 11:07 AM
Grand Rapids, Mich.-based Meijer Inc. announced that it will open four new stores in southeastern Wisconsin this year. Meijer will open stores in Grafton and Kenosha in June and it will open stores in Oak Creek and Wauwatosa in August.

The four stores will be Meijer’s first in southeastern Wisconsin. Meijer stores offer both grocery and general merchandise. The Kenosha and Oak Creek stores will also have a convenience store and gas station.

Meijer said it plans to begin hiring more than 1,000 employees in March to work at the stores that it plans to open in the region this year.

The Grafton store will be located along Port Washington Road.

The Kenosha store will be southest of 76th Street and Green Bay Road.

The Oak Creek store will be part of the mixed-use Drexel Town Square development southwest of Drexel and Howell avenue.

The Wauwatosa store will be southeast of Burleigh Street and 112th Street, near the Mayfair Collection development.

Meijer currently has 213 stores throughout the Midwest. In addition to the four stores that it will open this year in southeast Wisconsin, Meijer also plans to eventually open stores in Waukesha, Greenfield and Sussex. The company says it plans to open two to three new Wisconsin stores each year for the next four years.

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Two more new sorority houses planned at MU
February 4, 2015 11:10 AM
Cedar Square II LLC plans to build two four-story buildings on a vacant lot at 1515-19 W. Kilbourn Ave. in Milwaukee to provide new residential houses for the Alpha Phi and Sigma Kappa sororities at Marquette University.

The Sigma Kappa building will have enough space for 24 residents. The Alpha Phi building will have enough space for 22 residents. The buildings are being designed by Milwaukee-based Saab Design.

The site plan for the project also includes a surface parking lot with five spaces. Most of the students living in the sororities will not have cars and will walk to class, according to plans submitted to the city by Cedar Square II. The site is one block north of the university.

The Sigma Kappa sorority house at Marquette is currently located in a two and a half story building at 853 N. 17th St.

The Alpha Phi sorority house at Marquette is currently located in a three-story building at 1435 W. Kilbourn Ave.

Cedar Square is also building a new three-story sorority house building at 1436 W. Kilbourn Ave. for the Alpha Xi Delta sorority, which currently occupies a building at 854 N. 17th St.

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Real estate odds and ends
February 4, 2015 11:00 AM

California investment group buys three Milwaukee apartment complexes
Sherman Oaks, Calf.-based 37 Milwaukee RRS LLC recently purchased three apartment complexes in the City of Milwaukee. The include: the 36-unit Rainbow Terrace Apartments at 7000-40 N. 60th St. for $1.6 million, the 108-unit Servite Village Apartments at 8411-59 N. Servite Dr. for $5 million, and the 90-unit Riverwood Court Apartments at 7100 N. 60th St. for $4 million. The apartment complex were sold for close to their assessed values, according to city records.

Walgreens building at Highway 100 and Loomis sold for $3.9 million
Sarasota, Fla.-based Franklin WG LLC purchased the Walgreens store at 9909 W. Loomis Road, located south of Loomis and Highway 100, in Franklin, from an affiliate of Waukesha-based The Redmond Company for $3.9 million, according to state records. The building sold for well above its assessed value of $2.2 million, according to county records.

Waukesha building sold for $2.6 million
An affiliate of Waukesha-based Corporate Design Interiors purchased a building at 1711 Paramount Court, Waukesha from an affiliate of Milwaukee-based Ogden & Company Inc. for $2.6 million, according to state records. The property has an assessed value of $2.1 million according to county records.

Racine Dental Group opens new building
Racine Dental Group recently opened its new 57,000-square-foot building on a five-acre site at 1101 S. Airline Road in Racine. Racine Dental Group recently moved all of its dentists and staff into the new facility. Racine-based Bukacek Construction was the general contractor for the project, which was designed by Milwaukee-based Plunkett Raysich Architects.

Central Ready Mixed concrete plant in Milwaukee sold
Sonag Company Inc. recentl purchased the Central Ready Mixed concrete plant at 11915 W. Hampton Ave., Milwaukee, from Bridgeview, Ill.-based Prairie Material for $1.58 million, according to state records.

Racine apartment complex sold for $1.3 million
Evanston, Ill.-based Kinzie Racine Limited Partnership recently purchased a 140-unit apartment complex at 2627 Jacato Dr., Racine, for $1.3 million from Chicago-based Wisco Partners 1 LLC.

West Milwaukee industrial property sold for $900,000
An affiliate of Prairie Land Towing in Sun Prairie recently purchased an industrial property at 2101 S. 37th St. in West Milwaukee for $900,000. The property has 21,800 square feet of manufacturing space, 4,200 square feet of office space and a 10,435-square-foot warehouse building. It was sold by West Allis-based 3710 Building LLC.

Self storage facility planned in Brown Deer
Lake Forest, Ill.-based Metro Self Storage plans to build a 79,000-square-foot self-storage facility at 4059 Bradley Road in Brown Deer. Green Bay-based Associated Bank announced that it is providing a $5 million commercial loan for the project. Associated Bank’s commercial real estate division is based in Chicago. The facility, which will be built at the southeast corner of West Bradley Road and North Teutonia Avenue, will have climate and non-climate controlled units. Metro Self Storage has ben in the self-storage business since 1973 and today operates storage facilities in 12 states.

Sturtevant storage property sold to Colorado firm
Boulder, Colo.-based Red Dot Storage recently acquired a 292-unit storage property with more than 50,000 square feet of storage space at 200 S. Sylvania Ave., Sturtevant.

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Leases
February 4, 2015 11:03 AM

NAI MLG Commercial

LED and Toners Unlimited leased 2,100 square feet of space at 210 E. Oak St., Oak Creek, from Mini-Rentals Inc.

Kremer Publications Inc. leased 2,000 square feet of space at 12585 W. Custer Ave., Butler, from J&B Canfield LLC.

American Family Insurance leased 825 square feet of space at 10708 W. Grange Ave., Hales Corners, from SNR Properties LLC.

RFP Commercial

Symmetry LLC leased 26,156 square feet of space at 400 S. Executive Dr., Brookfield.

Rhyme Business Products LLC leased 1,042 square feet of space at 330 S. Executive Dr., Brookfield.

Thomas Bell, d.b.a. Farmers Insurance, leased 1,002 square feet of space at 15885 W. National Ave., New Berlin.

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Sales
February 4, 2015 11:05 AM

NAI MLG Commercial

RG Cushing Park LLC purchased 17,850 square feet of industrial space at 24 Enterprise Road, Delafield, from Gregory A. Smith for $1.45 million.

RG Cushing Park LLC purchased 17,850 square feet of industrial space at 78 Enterprise Road, Delafield, from Gregory A. Smith.

Duffrin Financial LLC purchased 7,000 square feet of space at 8021 W. Tower Ave., Milwaukee, from SEIU Local 150.

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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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