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Wednesday, September 17, 2014
Shoppes at Prairie Ridge sale price pegged at $32.5 million
September 17, 2014 10:45 AM
The Shoppes at Prairie Ridge shopping center in Pleasant Prairie will be sold to Oak Brook, Ill.-based Inland Real Estate Income Trust Inc. for about $32.5 million, according to an SEC filing.

The Shoppes at Prairie Ridge is part of a 15-property retail real estate portfolio that Inland Real Estate Income Trust is buying from Indianapolis-based Kite Realty Group Trust for $318 million. The deal could include a 16th property, the Village at Bay Park shopping center in Green Bay, which would increase the sale price of the portfolio to $338 million.

The Shoppes at Prairie Ridge is located at the southeast corner of Highway 50 and 104th Avenue in Pleasant Prairie. Tenants include: Target, JC Penney, Dick’s Sporting Goods, PetSmart and Ulta Cosmetics. The Target store is owned by Target and is not part of the sale, but the rest of the shopping center is being acquired by Inland, which is acquiring 232,606 square feet of retail space at the Shoppes at Prairie Ridge, according to the SEC filing.

Mid-America Real Estate Wisconsin will continue to market the Shoppes at Prairie Ridge.

Built in 2009, the Shoppes at Praire Ridge is 96.9 percent occupied, according to the SEC filing. Dick’s Sporting Goods leased 50,000 square feet of space and its lease expires in 2019. JC Penney leases 104,175 square feet and its lease expires in 2034.

Average annual rent per square foot at the Shoppes at Prairie Ridge is $9.95, according to the SEC filing. There is a population of more than 78,680 and the average household income is more than $59,849 within a five mile radius of the shopping center.

The properties in the portfolio being acquired by Inland are located in eight states and also include the Fox Point Plaza, a 171,121-square-foot shopping center anchored by a Pick ‘n Save store in Neenah, and a 69,911-square-foot Copps grocery store property in Stevens Point, both of which are also marketed by Mid-America Real Estate.

The portfolio deal is expected to close in two tranches on or before Dec. 15 and March 16, 2015.

In July, Kite Realty acquired Inland Diversified Real Estate Trust Inc. for $1.2 billion. Inland Diversified Real Estate Trust and Inland Real Estate Income Trust are both real estate investment trusts that were sponsored by Oak Brook, Ill.-based Inland Real Estate Investment Corp., but they are separate companies.

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Lavelle Industries to expand Whitewater factory
September 17, 2014 10:23 AM
Burlington-based Lavelle Industries Inc. announced that it plans to expand its Whitewater production facility by purchasing 2.5 acres of land adjacent to the 25,000-square-foot existing facility at 1215 E. Universal Boulevard.

Lavelle, a manufacturer of toilet repair products, plans to build a 12,600-square-foot addition to that facility. The plans were approved Monday during a joint meeting of the Whitewater Community Development Authority and the city’s Plan and Architectural Review Commission.

Construction is expected to be completed by early summer 2015. The construction project follows a similarly-sized expansion less than two years ago.

“We are pleased to be experiencing continuing growth in our Korky brand of toilet repair products,” said Deborah Scheffler, chief financial officer.

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Apartment development planned for historic Kenosha building
September 17, 2014 10:35 AM
An Illinois-based developer wants to transform a four-story historic building in downtown Kenosha, vacant for several years and formerly occupied by the Kenosha Youth Foundation, into a 45-unit apartment building.

David Nankin of Highland Park, Ill.-based Legacy Property Management Services LLC and Varin Property Management LLC has submitted plans to the city for a $10.5 million redevelopment project for the four-story, 102,345-square-foot building at 720 59th Place.

He is seeking tax credits from the Wisconsin Housing and Economic Development Authority for the project, and some of the apartments would be subsidized affordable housing units with lower priced rents.

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Chick-fil-A to open Brookfield restaurant
September 17, 2014 10:27 AM
The first free-standing Chick-fil-A restaurant in Wisconsin will open Thursday, Sept. 18, at 12625 W. Capitol Dr. in Brookfield. The Brookfileld restaurant has 80 employees, seating for 100 indoors and 32 outdoors.

Currently, the only Chick-fil-A location in the state is at Regency Mall in Racine.

Later this month, a Chick-fil-A restaurant will open in Greendale.

Atlanta-based Chick-fil-A has 1,800 locations in 40 states and plans to open 93 new locations this year.

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Feker plans downtown Hartland restaurant
September 17, 2014 10:15 AM
Chef Michael Feker, the owner of the Il Mito Trattoria e Enoteca restaurant in Wauwatosa and the Il Mito East restaurant in Milwaukee, plans to open a restaurant at 130 E. Capitol Dr. in downtown Hartland.

The restaurant will have seating for about 80, it will be called Zesti and will serve “global flavors,” according to information provided to the village. The Hartland Plan Commission will review the plans during its meeting tonight.

Feker also has a catering business, Chef Michael Feker’s Catering Services, and a cooking school, The Chef Michael Feker School of Culinary Magic.

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RFQ seeks "world class" design for Lakefront Gateway Plaza
September 17, 2014 10:12 AM
The City of Milwaukee, Milwaukee County Parks and a “group of local stakeholders” have issued a request for qualifications seeking a design team to create plans for a “world class public plaza” that would be created on the lakefront between Lincoln Memorial Drive and Discovery World.

The project, called Lakefront Gateway Plaza, is part of the Lakefront Gateway Plan to enhance the lakefront and improve public access between the lakefront and downtown.
Street improvements planned in the area include the extension of Clybourn Street east to Discovery World, and enhancement of Clybourn into a boulevard. The Lakefront Gateway Plaza would be located on an 80,000-square-foot space 150 feet west of the lakefront between Discovery World, the extended Clybourn Street, Lincoln Memorial Drive and Michigan Street.

Preliminary plans to add a pedestrian bridge through the proposed Couture development show the pedestrian bridge connected to the lakefront at the Lakefront Gateway Plaza site.

The budget for the Lakefront Gateway Plaza project and the source of the funds to pay for it are yet to be determined, said Department of City Development spokesman Jeff Fleming.

The RFQ is the first phase of an anticipated two-phase process. The plan is to select up to four qualified teams to participate in a future design process for the Lakefront Gateway Plaza. Once the top teams are selected the second phase of the design process would be the preparation of proposals by those selected teams for final judging and selection of one design team. The winning team would work with the city, county and the stakeholder group to complete the design process.

Responses to the RFQ are due on Nov. 3.

More information about the Lakefront Gateway Plaza RFQ is available by clicking here.


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Metro Milwaukee home sales down 2.2% in August
September 17, 2014 10:17 AM
Home sales in the four county metro Milwaukee area were down 2.2 percent in August, the eighth consecutive month of fewer home sales year-over-year, according to the latest report from the Greater Milwaukee Association of Realtors.

The four county area had 1,821 home sales in August, compared to 1,862 sales in August of 2013.

Year to date, the metro area has had 11,745 home sales, down 5.5 percent from the same period a year ago.

Despite the sales decline, “this has not caused any consternation within the real estate community,” said GMAR President Mike Ruzicka.

“A large percentage of last years’ sales were among distress properties,” he said. “In 2014, most sales are among ‘traditional’ buyers, characterized as younger, first-time buyers; move-up buyers with children looking for a larger home; and empty-nesters moving into a new home or condo. Despite sales numbers down from 2013, brokers and agents are very enthusiastic about the metropolitan real estate market. The quality of buyers is a major reason for their level of confidence.”

The number of homes listed for sale in the metro area decreased in August by 2.5 percent, the first decrease in listings in six months. The seasonally adjusted inventory level (the time it would take to sell all of the homes on the market at a particular time) for August was 8.3 months, slightly behind July’s 8.5 month level.

“Inventory has been rising…for most of the year, buyer interest remains high, and sellers can expect realistic prices,” Ruzicka said. “All combine for a solid market.”

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Brown Deer Road strip mall sold for $1.2 million
September 17, 2014 10:40 AM
An affiliate of Los Angeles-based Black Lion Investment Group recently purchased the 95,143-square-foot Highland Plaza strip mall at 8600 W. Brown Deer Road in Milwaukee for $1.2 million from an affiliate of Northbrook, Ill.-based Cloverleaf Group, according to state records.

Mid-America Real Estate brokered the sale for Cloverleaf.

Highland Plaza is located near the former Northridge Mall, which has been mostly vacant since it closed in 2003.

Tenants in Highland Plaza include K&G Fashion Superstore and Half Price Books.

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Commercial Real Estate and Development Conference will focus on major projects
September 17, 2014 10:41 AM
A panel of local developers working on some of the most transformative development projects in southeastern Wisconsin will highlight the 12th annual BizTimes Milwaukee Commercial Real Estate and Development Conference.

The event will be held from 7:30 to 9:30 a.m. on Friday, Nov. 14, at Potawatomi Hotel & Casino in Milwaukee.

The keynote speaker for the event will be Lawrence Yun, chief economist and senior vice president of research for the National Association of Realtors. He will give an overview of the national real estate outlook.

Also, a panel of prominent local developers working on some of the largest development projects in the region will be featured at the conference. They will include:

- Mark Irgens, CEO and manager of Irgens. The firm is building 833 East, a 17-story, 358,000-square-foot office tower under construction in downtown Milwaukee. The firm is also working on a mixed-use development plan for the Ruby Farm property in Brookfield.
- Jerold Franke, president of Wispark LLC. The firm is leading a team of developers for the 85-acre Drexel Town Square development, which will create a mixed-use downtown area for Oak Creek.
- Scott Yauck, president and chief executive officer of Cobalt Partners LLC, which is working on a mixed-use development in Menomonee Falls called Whitestone Station, which is one of the largest brownfield redevelopment projects planned in the state.

The panel will be moderated by Dr. Mark Eppli, interim James H. Keyes Dean of Business Administration and Robert B. Bell Sr. Chair in Real Estate at Marquette University.

Marquette and the Commercial Association of Realtors Wisconsin (CARW) are event partners for the BizTimes Milwaukee Commercial Real Estate and Development Conference.

To register for the conference, visit www.biztimes.com/creconference


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Leases
September 17, 2014 10:04 AM

Colliers International|Wisconsin

RGN Milwaukee III LLC leased 12,500 square feet of office space at 342 N. Water St., Milwaukee.

Logicalis leased 3,060 square feet of office space in the Pabst Professional Center at 1036 N. Juneau Ave., Milwaukee.

Judson & Associates

Timothy and Rhonda Noordyk leased 1,834 square feet of space at N28 W23000 Roundy Dr., Suite 105, Pewaukee, from Windsor Executive Development LLC.

NAI MLG Commercial

Data Dimensions Corp. renewed its lease of 4,707 square feet of space at 9039 N. Deerbrook Trail, Brown Deer, from U.S. Bank.

Impact Engineering Solutions Inc. leased 2,986 square feet of space at 13400 Bishops Lane, Brookfield, from WILC-Gateway LLC.

International Alliance of Theatrical Stage Employees – Local 18 leased 1,325 square feet of space at 1110 N. Old World Third St., Milwaukee, from RFP Office LLC.

Siegel-Gallagher

Rice N Roll Bistro leased 1,306 square feet of space in the Farwell Shoppes at 1952-62 N. Farwell Ave., Milwaukee, from Farwell Shoppes LLC.

Ramco-Gershenson Properties Trust purchased 9.86 acres at the northwest corner of Sunset Drive and Sentry Avenue in Waukesha from Spring City Holdings LLC.


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Sales
September 17, 2014 10:10 AM

Cassidy Turley Barry

Lilly Road Associates LLP, d.b.a. BR Metal Technology, recently purchased a 20,440-square-foot building at N52 W13366 Falls Creek Ct., Menomonee Falls, from CHIC Corp.

Judson & Associates

JAH Properties LLC purchased 4,800 square feet of space at 403 N. Grand Ave., Waukesha, from Haugrand Properties LLC.

NAI MLG Commercial

MLG PF Waukesha Buildings LLC purchased a 152,616-square-foot building at 2021 MacArthur Road, Waukesha, from Schaefer Mac Arthur LLC.

Twenty24 Investments LLC purchased 13,127 square feet of space at 9625 S. 54th St., Franklin, from JPMorgan Chase Bank.

Ogden & Company

Wiegand Investments 624 LLC purchased a 23,360-square-foot industiral building on a 0.82-acre site at 2440 W. Clybourn St., Milwaukee.

Rushbee Company sold a 12-unit apartment building at 601 Milwaukee Ave., South Milwaukee.

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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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