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Wednesday, August 26, 2015
Former Dairyland Greyhound Park site marketed for office, industrial redevelopment
August 26, 2015 10:26 AM
The former Dairyland Greyhound Park property in Kenosha is being marketed for commercial real estate development.

Commercial real estate firm Transwestern announced that it has been retained as the exclusive listing agent for the 228-acre property, located at 5522 104th Ave. The property is just east of I-94 between 52nd Street and 60th Street.

The site is being marketed as the Midwest Innovation Center. Transwestern says the property could accommodate up to 2.3 million square feet of commercial development and could be the site of a corporate headquarters campus or a business park with space for manufacturing, warehousing and distribution. A conceptual plan for the property includes five buildings ranging in size from 120,000 to 650,000 square feet.

Transwestern principal Thomas Boyle and director Jared Paff are representing the owner, Birmingham, Ala.-based Pari-Mutuel Funding, in marketing the site. Pari-Mutuel Funding prefers to sell the site in its entirety.

“The Midwest Innovation Center’s size and visibility along Interstate 94 has already generated strong interest from prospective buyers that realize this site’s potential,” said Boyle. “It is one of only a few properties in Kenosha and Racine counties that can immediately accommodate a single building up to 1.2 million square feet. And because infrastructure is already in place, construction can begin much sooner than at other properties nearby, where issues like wetlands mitigation and public entitlements have yet to be resolved.”

The property has been vacant since the dog track closed 2009. The Menominee Indian Tribe of Wisconsin wanted to develop a Hard Rock Hotel and Casino complex on the site, but those plans were rejected earlier this year by Gov. Scott Walker.

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North Point Water Tower to get facelift
August 26, 2015 11:26 AM
The city of Milwaukee will be giving its iconic North Point Water Tower a facelift.

The historic landmark, at 2288 N. Lake Drive, is in need of some exterior façade work, according to a report commissioned by the city.

Based on the report’s findings, the city will need to spend up to $300,000 to repair and restore the tower.

The tower was built in 1873 to relieve Milwaukee’s water distribution mains of water surges and water pulsations resulting from the early steam driven pumps used for water supply.

The tower is 175 feet tall with a base diameter of 14 feet. Inside is a spiral staircase leading to an interior observation platform near the top of the tower. In 1968, the water tower was designated a Milwaukee landmark and selected as one of five landmarks in the country by the American Water Works Association in 1969. It was listed on the National Register of Historic Places in 1973.

The last work done on the tower was in October 2013 when a finial was removed.

“The North Point Water Tower has been a Milwaukee icon since 1875 - a part of our City’s skyline, our culture and our infrastructure,” said Ghassan Korban, commissioner of the Milwaukee Department of Public Works. “The Department of Public Works is committed to maintaining this landmark, and the restoration work planned for the tower is indicative of that commitment.”

According to the report, prepared by Chicago-based US Services Inc., the interior evaluation of the tower showed the building is in satisfactory condition.

Future maintenance could include ensuring windows in the tower are water tight, as moisture has been the cause of previous masonry damage.

The evaluation of the tower’s exterior found peeling paint across the entire surface, several instances of cracked or loose stone and mortar, and a missing buttress. Because of the loose stone, some of the areas were deemed severe or hazardous.

The city’s Historic Preservation Commission will hear recommendations for repairs on Sept. 15. If the commission approves the repairs, the matter does not need to go to the city council.

Upon approval, the city  anticipates bidding the project in late September, with work beginning in Spring 2016.

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Speedwagon Properties buys Kenosha shopping centers for $43.7 million
August 26, 2015 10:51 AM
Speedwagon Properties, a Chicago-based real estate investment firm, paid nearly $43.7 million to purchase the adjacent Southport Plaza and Indian Trail Plaza shopping centers in Kenosha, according to state records.

The deal involved five properties. The transaction for the fifth property was recorded Thursday with the state.

The two neighboring shopping centers have more than 612,000 square feet of space and are located at the intersection of Highway 50 and Green Bay Road.

They were sold by Northfield, Ill.-based Raymond and Associates, which was the original developer.

The Kenosha shopping centers are part of a larger portfolio, which includes multi-family residential properties and office building properties in Illinois, that Speedwagon acquired from Raymond and Associates.

Southport Plaza was initially built in 1994 for Target, Kohl’s Department Store and Jewel Foods. Indian Trail Plaza followed in 2006, with Lowe’s Home Improvement Center.
The anchors of the shopping centers today include Cinemark Theaters, Kohl’s, Hobby Lobby and Lowe’s Home Improvement Center. Hobby Lobby opened last year in a 55,000-square-foot space originally occupied by Jewel Foods.

In addition, the shopping centers have more than 40 other retailers and more than 10 restaurants. The shopping centers have a combined occupancy rate of 90 percent.

Mid-America Real Estate will manage and handle leasing for the two shopping centers. Dan Rosenfeld and Teresa Shemitis of Mid-America Real Estate are handling leasing for the shopping centers. They are in negotiations with a grocery store tenant that would occupy 30,000 square feet of space, Rosenfeld said.

Jim Vaillancourt, asset management director at Mid-America, will lead the property management effort for the properties.

“We are excited about the opportunity to manage and lease these two vibrant centers,” said Vaillancourt. “We’ve been successfully providing leasing services at Southport Plaza and Indian Trail Plaza for several years. Now by adding the asset management component, we will further enhance our ability to better serve the shopping centers and create value for the new owners.”


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California-based REIT buys nine senior living properties in Wisconsin
August 26, 2015 10:55 AM
LTC Properties Inc., a Westlake Village, Calif.-based real estate investment trust, announced that it has purchased a portfolio of 10 senior living properties, nine of which are in Wisconsin, from Toledo, Ohio-based Health Care REIT Inc. for $142 million. One of the properties in the portfolio is located in Illinois.

The 10-property portfolio provides independent, assisted living and memory care services and has a total of 891 units.

Four of the properties in the portfolio are located in southeastern Wisconsin:
  • Merrill Hills Manor, which provides assisted living and memory care and is located at 3217 Fiddlers Creek Dr., Waukesha, sold for $10.3 million, according to state records.
  • Hickory Park, which provides independent and assisted living and is located at 3933 S. Prairie Hill Lane in Greenfield, sold for $5.2 million.
  • Countryside Manor, which provides assisted living and memory care and is located at 4228 Kadlec Ave., Sheboygan, sold for $5.3 million.
  • Parkside Manor, which provides memory care and is located at 6220 67th St. in Kenosha, sold for $6 million.
Other Wisconsin properties in the portfolio sale include:
  • Island Shores in Neenah, which provides independent and assisted living, sold for $15.9 million.
  • An independent living and assisted living facility in Bellevue sold for $15 million.
  • Lakeshore Manor in Oshkosh, which provides memory care, sold for $4.3 million.
  • Bella Vista in Oshkosh, which provides independent living, assisted living and memory care, sold for $5.8 million.
  • Parkside in the Town of Windsor in Dane County, which provides assisted living, sold for $4.2 million.
 

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Vibrant Graphics to move to larger Glendale facility
August 26, 2015 11:06 AM
Vibrant Graphics will move its digital printing business to a larger location in Glendale Thursday.

The company, which is owned by Sewart Holdings, will move from its current 10,000-square-foot leased location at 6619 N. Sidney Place to a 66,121-square-foot building at 6101 N. Baker Road, less than two miles away.

Purchasing the Baker Road building gives the company room to grow its printing division, while relocating it to Glendale’s business corridor that includes companies such as Johnson Controls, said Mike Seward, Vibrant Graphics owner.

“The printing industry – and Vibrant in particular -- has maintained sustained growth over the past five years and that leads to expanding not only services, but our corporate offices as well,” Sewart said.

About one-third of the building will be used as warehouse space for the Sewart family’s other business, OnCourse, a document management company. OnCourse will remain at its current location, 4066 N. Port Washington Road, Glendale, but has expanded and needs the additional space for record storage, Sewart said.

The move will take about one week to complete.

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Hot Water Products moves to larger location in Milwaukee
August 26, 2015 10:49 AM
Hot Water Products Inc. is hosting a grand opening event today at its new location at 7500 N. 81st St. in Milwaukee.

The company says the newly renovated facility is almost six times the size of its previous location at 7254 N. Teutonia Ave. The is the third relocation for Hot Water Products since its inception in 1998.

The 88,368-square-foot building at 7500 N. 81st St. was built in 1987, according to city records.
The company also has a branch office and warehouse in McFarland.

Hot Water Products is a supplier of: hot water, hydronic, steam, solar thermal and combination heating appliances, and parts and accessories to the professional plumbing and HVAC market.

“I am extremely pleased to see the completion of our extensive renovations to our new Milwaukee location,” said Gregory “Jack” Daniels, vice president of Hot Water Products Inc. “This new building and grand opening celebration are the direct result of our great team, loyal customers, and industry partners. We can’t thank them enough. Our new, larger facility supports our company’s continued growth by allowing us to house more inventory with a greater array of products, provide a better training facility for our customers, and more office space to accommodate a growing team. It will serve us for many years to come and we are excited about what the future will bring.”

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SURG to move Carnevor steakhouse into Umami Moto space
August 26, 2015 10:48 AM
SURG Restaurant Group announced that it will move its Carnevor Steakhouse Moderne from 724 N. Milwaukee St. in downtown Milwaukee to a space occupied by Umami Moto at 718 N. Milwaukee St.

SURG owners Michael Polaski and Omar Shaikh said they could not come to terms on a new lease for the Carnevor space, so they decided to relocate the restaurant.

“Carnevor has become a flagship for SURG and we are excited to renovate the new location giving our steakhouse an updated space,” said Polaski said. “Moving to this spot makes perfect sense. In addition to our large wine cellar already located there, the close proximity to the original restaurant will allow all guests to easily find the new venue.”

SURG is working on a new project that will be headed up by Umami Moto executive chef Israel Cruz. That concept will be more American in style while still highlighting the skill and Asian cuisine of the chef, according to SURG.

“The team at Umami has been a loyal asset to SURG for many years,” Shaikh said. “Our goal is to find a home for each of these employees within the company during the transition.”

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Goodwill to move to new West Allis location
August 26, 2015 11:08 AM
Goodwill Industries of Southeastern Wisconsin will move from its current West Allis location to a former Big Lots store across the street.

The new location will provide Goodwill with more operational efficiencies, have a larger parking lot and has enough space to build a loading dock, said Pat Boelter, chief marketing officer.

“We will be doing some remodeling at the Big Lots location and when it is finished we will open on day one and close our current store on the second day for a seamless transition,” Boelter said. “This new location will really be much better for our customers.”

Goodwill Industries of Southeastern Wisconsin has almost 100 locations in 23 counties in Wisconsin and suburban Chicago.

The new Goodwill store and donation center at 10909 W. Oklahoma Ave., was purchased by Goodwill Industries for $1.5 million Aug. 19. Goodwill has not yet finalized a timeline for the move or made a decision for the future of its current building at 11000 W. Oklahoma Ave.

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Chick-fil-A buys site for Oak Creek restaurant
August 26, 2015 10:57 AM
Atlanta-based Chick-fil-A Inc. recently purchased a 1.6-acre site in the Drexel Town Square development in Oak Creek from an affiliate of Wispark LLC for $990,000, according to state records.

Chick-fil-A will build a 4,876-square-foot restaurant on the site, which is located just west of the new Water Street Brewery restaurant in Oak Creek.

Drexel Town Square is the mixed-use development that is being developed on an 86-acre site southwest of Drexel and Howell avenues. The site was formerly occupied by a Delphi plant. Now it is being transformed by a development team, led by Wispark, that is creating a mixed-use, downtown district for Oak Creek.

Drexel Town Square also includes a 192,000-square-foot Meijer store, which opened recently; a new City Hall and library building, which is under construction; and luxury apartments, which are under construction. The project will also include a mixed-use Main Street, a town square park, a Four Points by Sheraton hotel and a Froedtert health care facility.

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E.R. Wagner buys Menomonee Falls site
August 26, 2015 10:53 AM
Milwaukee-based ER Wagner Manufacturing Co. Inc. purchased a 31.7-acre site in Menomonee Falls for $1.5 million, according to state records.

The company is considering plans to move its operations to a new facility that would be built on the site, located at W130 N8691 Old Orchard Road. The property was sold to E.R. Wagner by Milwaukee-based Rite Hite Holding Corp.

In July, E.R. Wagner president and chief executive officer Lew Schildkraut said the company has no specific plans or timelines for moving its operations. It could take a year to make the decision to move, and then another two years to build and move.

The company’s proposed Menomonee Falls building would consist of 135,000 square feet of manufacturing space, plus 22,000 square feet of office space.

Schildkraut said the company has been looking at the site for the last 18 to 24 months. He said it is attractive because it is near the Highway 41/45 corridor and it is centrally located for its employees. He said 40 percent of employees live in Milwaukee and 60 percent reside outside of Milwaukee from as far away as West Bend, Hustisford, and Illinois.

As the site is eight miles away from its current location, he said employees will not have to lose their jobs or relocate.

ER Wagner has been located in Milwaukee for 115 years. Schildkraut said the potential move from its location at 4611 N. 32nd St. in Milwaukee has more to do with the company’s current facilities. The company occupies three adjacent buildings on the property that total 160,000 square feet, and they carry challenges like disintegrating floors due to their age.


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Leases
August 26, 2015 10:31 AM

Gerald Nell Inc.

Henkels & McCoy, Inc. leased 10,800 square feet of industrial space at  N27 W23713 Paul Rd., Pewaukee, Westside Investor Group, LLC .

Mid-America Real Estate

Brown Deer Beverage leased 4,025 square feet of space at Highland Plaza, 8564 W. Brown Deer Road, Milwaukee.

Four Star Beauty Supply leased 2,000 square feet of space at Silvernail Plaza, 2100 Silvernail Road, Pewaukee.

NAI MLG Commercial

Keller-Heartt Oil, Inc. leased 24,095 square feet of space at 7830 S. 10th St., Oak Creek, from Oak Creek CB, LLC.

Office Furniture Options, Inc. leased 12,075 square feet of space at W184 S8400 Challenger Dr., Muskego, from Bavaria Equities 3, LLC.

Compass Benefit Specialists, Inc. leased 3,438 square feet of space at 333 Bishops Way, Brookfield, from AH Holdings, LLC | Wabash Acceptance, LLC.

Edward Jones leased 1,159 square feet of space at 3333 N. Mayfair Road, Wauwatosa, from Forum Mayfair, LLC.

Edward Jones leased 1,102 square feet of space at 1550-90 Harris Dr., Port Washington, from Forest Green Realty.

Resting Place LLC leased 252 square feet of space, Stillwaters Counseling LLC leased 181 square feet, and Synergy Environmental Lab, Inc. leased 168 square feet of space at 10855 W. Potter Road, Wauwatosa, from Sai Ram Properties, LLC.

RFP Commercial

Crowds.io leased 2,316 SF at 1245-1247 N. Water Street in Milwaukee, WI from Paget on Water LLC.

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Sales
August 26, 2015 10:38 AM

Commercial Property Associates

A Bogota Columbia based investment group purchased a shopping center at 418 N. Mayfair Road, Wauwatosa, through a 1031 exchange.

DTZ Barry

Bank First National Sheboygan sold an 18,270-square-foot building at 3000 N. 117th St., Wauwatosa.

NAI MLG Commercial

Highland Development Ventures, LLC purchased 41,148 square feet of space at 7440 N. 76th St., Milwaukee, from B & G Realty, LLC.

Wheaton Franciscan Healthcare Real Estate Services purchased 25,237 square feet of space at 10180 Washington Ave., Sturtevant, from Hawes Development, LLC.

Industrial Lane WI, LLC purchased 14,000 square feet of space at W246 S3255 Industrial Lane, Waukesha, from Dependable Brake Systems.

Danish Siddiqui purchased 11,090 square feet of space at W307 N1497 Golf Road, Delafield, from Ridgepoint Centre Partners LP.

CenterPoint Properties Trust purchased 2.56 acres at 1760 Enterprise Dr., Sturtevant, from MLG/JLP Twenty East Limited Partnership.

R&S Real Estate Investments, LLC purchased 0.9 acres at Capitol and Beaufort drives in Brookfield from Tendick Business Group LLC.


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Andrew Weiland This exclusive news bulletin is compiled by BizTimes Milwaukee reporter Andrew Weiland. This bulletin is published every Wednesday morning. Send real estate news tips to Andrew.Weiland@biztimes.com or call him at (414) 336-7120.


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