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Wednesday, November 26, 2014
County plans legal action to advance The Couture
November 26, 2014 10:44 AM
Milwaukee County officials are planning to take legal action to move forward the proposed Couture development, which is planned for the site of the county's Downtown Transit Center, located southwest of Lincoln Memorial Drive and Michigan Street at the lakefront.

In a recent memo to County Board Chairwoman Marina Dimitrijevic, county corporation counsel Paul Bargren is requesting $100,000 in county funds to pay Milwaukee law firm Von Briesen and Roper, s.c. to “carry out the litigation strategy,” to establish development rights for the site.

County officials want to sell the property, currently used for bus storage and bus transfers, for private development. The county selected a proposal for the site from Barrett Visionary Development, which wants to build The Couture, a 44-story, 302-unit apartment tower, on the site. The proposed $122 million project also includes 50,000 square feet of retail space and 81,560 square feet of public space, including a rooftop park, a public transportation concourse, a streetcar stop, a walkway to the lakefront, a bike sharing station, public parking and a public plaza. City officials have proposed $17.5 million in tax incremental financing to pay for the public spaces in the project.

However, the project has been stalled by objections raised by parks advocacy group Preserve Our Parks. The group says most of the site was originally part of Lake Michigan (but was later filled in) and therefore the state constitution’s public trust doctrine forbids private development there. Despite legislation, signed into law earlier this year by Gov. Scott Walker, that established the historic shoreline to the east of the site, Preserve Our Parks has threatened to file a lawsuit to stop the project. That threat of litigation has prevented the county from obtaining legal title to the site, which would be transferred to Barrett Visionary Development.

County officials are moving forward with plans to sell the property to Barrett Visionary Development and are also preparing a legal strategy to establish development rights for the site in an attempt to finally end the standoff with Preserve Our Parks.

“I foresee the potential for a litigation strategy related to obtaining a judgment establishing the county’s title and rights to the subject property and the county’s ability to proceed with the option to purchase and development agreement,” Bargren’s memo to Dimitrijevic states. “This litigation would proceed only if and when (the sale and development agreement with Barrett Visionary Development) is approved by the (County) Board.”

In December, the County Board will consider the proposal to sell the Downtown Transit Center site to Barrett Visionary Development for $500,000, a discounted price that is essentially a subsidy for the project. The cost to demolish the Downtown Transit Center is estimated at $2 million, which will be paid for by Barrett Visionary Development.

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Trek to move distribution center from Oconomowoc to Johnson Creek
November 26, 2014 09:38 AM
Waterloo-based Trek Bicycle announced that it will occupy a 250,000-square-foot industrial building in Johnson Creek that is being built by Brookfield-based Briohn Building Corp.

Trek will move its global distribution center from Oconomowoc to the Johnson Creek building, which will be fully operational by the end of 2015. The new building, located at 425 Resort Dr., will be 50 percent larger than the Oconomowoc facility.

"We're excited about the expanded capabilities this new facility offers us," said Trek vice president of supply chain Roger Gierhart. "We have always been committed to Wisconsin and this new center is going to help us become more efficient, streamline our warehousing and delivery processes, and gives us space to continue our growth."

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Springfield College to move Milwaukee campus to Walker’s Point
November 26, 2014 09:44 AM
Springfield College plans to move its Milwaukee campus from its existing location in downtown Milwaukee to a 22,178-square-foot space in The Timbers Building in The Tannery office complex at 700 W. Virginia St. in the city’s Walker’s Point neighborhood.

Springfield College’s main campus is in Springfield, Mass., but it also has 10 regional School of Human Services campuses, including one in Milwaukee. That campus is currently located in the Commerce Building at 744 N. 4th St. in downtown Milwaukee.

Jackson Street Management LLC plans to convert the Commerce Building, which is located across the street from the Wisconsin Center, into a hotel.

Springfield College recently signed a lease to occupy space on the fifth floor of the seven-floor Timbers Building, the largest building in The Tannery complex.

“(The space for Springfield College is) being built out right now,” said Ned Purtell of RFP Commercial. Purtell and Scott Revolinski of RFP brokered the deal for the The Tannery, most of which (excluding the Aurora Health Care headquarters building) was recently sold to Madison-based Sara Investment Real Estate for nearly $16.8 million.

Steve Pape of Greywolf Partners brokered the lease for Springfield College.

The lease brings occupancy of The Timbers building to well over 90 percent and the entire tannery complex has an occupancy rate of about 90 percent, Purtell said.

“(The Tannery is) doing very well,” he said. “I think more and more tenants want to be downtown or near downtown. That’s what’s driving it.”

The Tannery appeals to office tenants looking for “cool space” in old industrial buildings that have been converted to office space, similar to office buildings in the Historic Third Ward and at Schlitz Park, Purtell said. Those spaces appeal to tenants that are, “trying to build office space to attract the young talent,” he said. “Going forward, all of those types of buildings are going to do well.”

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HomeGoods store added to Mayfair Collection lineup
November 26, 2014 09:30 AM
A 22,454-square-foot HomeGoods store will be part of the second phase of the Mayfair Collection development in Wauwatosa, project developer HSA Commercial Real Estate announced.

The Mayfair Collection is a multi-phase, mixed-use development that is being built northeast of U.S. Highway 45 and Burleigh Street in Wauwatosa. The first phase of the project opened earlier this year with tenants that include Nordstrom Rack and Saks Fifth Avenue OFF 5TH.

The HomeGoods store is part of the project’s second phase, which is under construction and will be anchored by a 45,150-square-foot Whole Foods grocery store. Plans for the second phase of The Mayfair Collection also include approximately 50,000 square feet of junior anchor retail space, a mix of upscale bars and restaurants (including three from The Bartolotta Restaurants), and a 140-room Hilton Homewood Suites hotel.

HomeGoods is an off-price home furnishings and accessories retailer with more than 400 locations. It will open at the Mayfair Collection in the fall 2015, and it will be the company’s second store in the Milwaukee area. The only HomeGoods location currently open in the area is in West Allis.


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Annex Wealth Management to open Delafield office
November 26, 2014 09:46 AM
Elm Grove-based Annex Wealth Management LLC plans to open an office in the Lake Country area in western Waukesha County.

The firm is in negotiations to lease 3,200 square feet of office space in the Purity Building at 2301 Sun Valley Drive in Delafield.

This would be the third office for Annex Wealth Management. The firm opened a Mequon office about a year ago.

Existing clients in the western part of the region are urging Annex Wealth Management to add an office in the Lake Country area and the firm sees additional unserved demand in that area, said chief executive officer and president Dave Spano.

“Existing clients are asking us to move further west,” he said. “There’s demand from our client base that extends as far west as Madison.”

The firm’s Lake Country office will have eight employees. Annex currently has 53 employees company-wide, Spano said.

Annex also plans to open an office in the Appleton area, he said.

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Mixed-use developments proposed for two Milwaukee libraries
November 26, 2014 09:40 AM
The city of Milwaukee received two mixed-use development proposals for its Forest Home Library and three mixed-use development proposals for its Mill Road Library, in response to a request for proposals.

The city wants to see the libraries become part of mixed-use developments similar to The Standard at East Library project on East North Avenue and the Village Square project at 3427 W. Villard Ave., which both have library branches located within apartment buildings.

The public will be invited to review and comment on the development proposals for the Forest Home and Mill Road libraries. Public input meetings will be held on Tuesday, Dec. 2, at 5:30 p.m. at the Forest Home Library, 1432 W. Forest Home Ave., and on Tuesday, Dec. 9, at 5:30 p.m. at the Mill Road Library, 6431 N. 76th St.

The city received two mixed-use development proposals for the Forest Home Library.

Cardinal Capital Management and Journey House submitted a proposal for a $21 million project to demolish the Dental Associates building at 1135 S. Cesar Chavez Dr. and replace it with a four-story building with a 16,500-square-foot library space and 51 units of affordable housing, including 24 for youth aging out of foster care. Other tenants could include a coffee shop and office space for the Clarke Square Neighborhood Initiative. The project would seek low income housing tax credits and new markets tax credits. Eppstein Uhen Architects is the design firm for the project.

Gorman & Company, Mitchell Investment Properties and VJS Construction submitted a proposal for a $10.4 million project to renovate the Hills Building at 930 W. Historic Mitchell St. The project would create a 15,000-square-foot library space and 33 units of affordable housing. The project would seek low income housing tax credits, historic preservation tax credits and new markets tax credits.

Click here to see more information about the Forest Home Library development proposals.

The city received three mixed-use development proposals for the Mill Road Library.

Maures Development Group LLC, CommonBond Communities and Engberg Anderson submitted a proposal for a $13.8 million project for a city-owned lot at 7717 W. Good Hope Road, where they want to build a four-story development with a 15,000-square-foot library space, 46 to 82 units of affordable housing and either a 2,500-square-foot commercial space or a larger library space. They plan to seek low income housing tax credits for the project.

Gorman & Company, the Northwest Side CDC and VJS Construction submitted a proposal for a $6 million project at 7717 W. Good Hope Road, where they want to build a development with a 17,000-square-foot library space and a charter school space above the library. The partnership would offer to buy the current Mill Road Library building for use by a public charter school. They plan to seek new markets tax credits for the project.

The City of Milwaukee Housing Authority submitted a proposal for a $17 million project that would be built on the current Mill Road Library site at 6431 N. 76th St. The project would have a 15,500-square-foot library space and 60 affordable housing units in two buildings. Adjacent Health Department buildings at 7630 W. Mill Road would be removed. New space for the Health Department could be part of the project. The project would apply for low income housing tax credits, federal home loan bank funds and housing authority grants.

Click here to see more information about the Mill Road Library development proposals.

City officials have allocated $18 million for library redevelopment projects and plan to spend $4.5 million each for the redevelopment of four libraries: Forest Home, Mill Road, Capitol and Martin Luther King.

In addition the Tippecanoe Library will be renovated, but will remain in the same building.

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Leases
November 26, 2014 09:19 AM

CBRE

United States Postal Service leased 45,958 square feet of space at 2100 E. College Ave., Cudahy, from Building ABC Investor LLC.

Milwaukee County leased 31,800 square feet of office space at 633 W. Wisconsin Ave., Milwaukee, from Clark Building Joint Venture.

Sprint Spectrum Realty Company LP leased 16,000 square feet of space at 2937 S. 166th St., New Berlin, from JLML Family LLC.

Robert Half International Inc. leased 8,010 square feet of space at 411 E. Wisconsin Ave., Milwaukee, from FMC Investment Opportunities 411 East Wisconsin SPE LLC.

Mutual America Life Insurance Company leased 5,028 square feet of space at 10850 W. Park Place, Milwaukee, from Two Park Place LLC.

Christopher & Banks Inc. leased 4,241 square feet of space at 2600 N. Mayfair Road, Wauwatosa, from Mayfair Mall LLC.

Advanced Therapeutic Massage LLC leased 815 square feet of space at 2300 N. Mayfair Road, Wauwatosa, from Mayfair Mall LLC.

Colliers International | Wisconsin

Sidex Corporations of WI Inc. leased 45,320 square feet of industrial space at 9411 W. Fond du Lac Ave., Milwaukee.

Vision Telecommunications leased 15,638 square feet of industrial space at 11020 W. Mitchell St., Milwaukee.

ILLCO leased 12,945 square feet of industrial space at 3930 W. Burnham Road, Milwaukee.

Sears leased 10,397 square feet of industrial space at 13040 W. Lisbon Road, Brookfield.

Badger Lighting leased 9,600 square feet of industrial space at 16271-75 W. Lincoln Ave., New Berlin.

Best Version Media leased 6,588 square feet of office space at 375 Bishops Way, Brookfield.

Liberty Property Trust

Ozburn Hessey Logistics LLC renewed its lease of 239,376 square feet of space at 8691 109th St., Pleasant Prairie.

NAI MLG Commercial

Birchwood Snow & Landscaping Contractors Inc. leased 9,731 square feet of space at 1814 Dolphin Dr., Waukesha, from R.A.B. Properties LLC.

River’s Bend Engineering Inc. leased 4,106 square feet of space at 1162 Renaissance Blvd., Sturtevant, from Robka Investments LLC.

Anderson Pest Solutions leased 2,684 square feet of space at 1501 Paramount Dr., Waukesha, from Dakota Property Investments LLC.

Tom & Chee leased 2,020 square feet of space at 12862 W. Bluemound Road, Elm Grove, from Autumn Grove LLC Inc.

Surge Martial Arts leased 1,590 square feet of space at N56 W14044 Silver Spring Dr., Menomonee Falls, from High Point Commons LLC.

The French Quarter Salons leased 1,200 square feet of space at 3900 W. Brown Deer Road, Brown Deer, from Diverse Interests.

RFP Commercial

Springfield College leased 22,178 square feet of office space at 700 W. Virginia St., Milwaukee.

Federal/Whalen Moving & Storage LLC leased 13,311 square feet of warehouse space at 4930 S. 2nd St., Milwaukee.

Spivek Marine LLC leased 9,683 square feet of warehouse space at 1741 W. St. Paul Ave., Milwaukee.

MCImetro Access Transmission Services leased 8,978 square feet of office space at 330 E. Kilbourn Ave., Milwaukee.

Hellenbrand Glass leased 5,007 square feet of office space at 720 W. Virginia St., Milwaukee.

SRF Consulting leased 2,321 square feet of office space at 11270 W. Park Place, Milwaukee.

CEO Milwaukee leased 2,210 square feet of office space at 101 W. Pleasant St., Milwaukee.

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Sales
November 26, 2014 09:22 AM

Cassidy Turley Barry

Calumet Road Property LLC purchased a 67,000-square-foot industrial building at 6800 W. Calumet Road, Milwaukee.

CBRE

Penny Racine LLC purchased 150,580 square feet of space in Regency Mall at 5900 Durand Ave., Racine, from J.C. Penney Corporation Inc.

Stag Industrial Holdings LLC purchased 98,120 square feet of space at 13900 W. Grandview Parkway, Yorkville, from Coastal GV9 LLC.

College/Falls Storage LLC purchased 29,080 square feet of space at 4121 S. 35th St. and 3645 W. Loomis Road, Greenfield, from The Sterling Hasey Company Limited Partnership.

Mid-America Real Estate

Phillips Edison purchased the 160,533-square-foot Point Loomis Shopping Center at the southwest corner of South 27th Street and Loomis Road in Milwaukee.

RFP Commercial

Sara Investment Real Estate purchased The Tannery, a 253,022-square-foot office complex at 600, 605, 647 and 700 W. Virginia St., Milwaukee.

College Falls Storage LLC purchased a 29,045-square-foot industrial building at 3645 W. Loomis Road, Greenfield.

Fredrick Melk purchased an 11,950-square-foot retail building at 12805 W. Janesville Road, Muskego.

First & Pittsburgh purchased a 1,400-square-foot retail building at 209 S. 1st St., Milwaukee.

Ryan Companies US Inc. purchased 13 acres of vacant land in the West Ridge Corporate Center in Menomonee Falls.

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New construction
November 26, 2014 09:25 AM

Waukesha-based The Redmond Company completed the last phase of the $10 million redevelopment and re-facade project for the 260,000-square-foot Crossroads Shopping Center in Menomonee Falls.


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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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