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Wednesday, July 30, 2014
Ryan Cos. plans spec industrial building in Menomonee Falls
July 23, 2014 10:41 AM
Minneapolis-based Ryan Companies U.S. Inc. plans to build a 158,292-square-foot speculative industrial building between Old Orchard Road and Westbrook Crossing, south of Nightingale Way in Menomonee Falls.

The building will be built on a 13-acre site in the Westbrook Corporate Center.

It could be used by up to four tenants.

The east side of the building will initially have 16 loading docks for semi-trailers and four drive-in overhead doors. But plans show that a total of 35 loading docks could be created in the building.

The project is the latest example of the strength of the Milwaukee area industrial real estate market, which during the second quarter had 813,406 square feet of positive absorption, while the vacancy rate dipped from 6.71 percent to 6.05 percent, according to the latest report from Xceligent and the Commercial Association of Realtors Wisconsin.

During the last year the area’s industrial market has absorbed nearly 4.5 million square feet of space. The vacancy rate has fallen from 7.23 percent a year ago.

Waukesha County has an industrial space vacancy rate of 4.0 percent, according to Xceligent.

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La-Z-Boy store planned in Wauwatosa
July 23, 2014 10:38 AM
A 13,440-square-foot La-Z-Boy furniture store will be built on a site southwest of Highway 100 and Burleigh Street in Wauwatosa.

The 1.05-acre site has an address of 10830 W. Burleigh St. A 23,498-square-foot building on the site, which has been vacant for about 10 years, will be torn down to make way for the new furniture store, said Don Zien of Colliers International|Wisconsin, who brokered the deal with La-Z-Boy.

“It’s a build-to-suit (development),” he said.

The property was purchased recently by I-Burleigh LLC, a local real estate development group, which bought it from River Hills-based Brodd Property Management LLP for $1.15 million, according to state records.

The site is located just east of the Mayfair Collection and Meijer store development sites at Burleigh and U.S. Highway 45.

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Wangard to break ground Aug. 5 for The Reef in Wauwatosa
July 23, 2014 10:15 AM
Wangard Partners Inc. will host a groundbreaking ceremony on Aug. 5, to celebrate the start of construction of The Roof, a six-building, 180-unit apartment development that it will build at 1215 N. 62nd St. in Wauwatosa.

Features of the project will include a multi-purpose clubhouse with kitchen, a pool, a 24-hour fitness center, a dog park, a free daily coffee bar and a picnic area with a barbeque station and an outdoor fireplace. The property will also have 100 enclosed, heated parking spaces.

Construction is expected to be complete in October of 2015.

The 9.4-acre site was previously occupied by Western Metal. The Wisconsin Economic Development Corp. provided a $700,000 grant for brownfield cleanup and the City of Wauwatosa provided $1.1 million in tax incremental financing for the project.

The development is adjacent to the 425 million-year-old Schoonmaker ancient sea fossil reef, which was discovered in 1862 and is the first fossil reef identified in the U.S. More than 200 different fossil species have been identified from this remnant coral reef that at one time grew on an ancient sea floor, according to Wangard.

Wangard is working with city officials to preserve the reef and make it accessible to the public for viewing.

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West Bend shopping center sold for $24 million
July 23, 2014 10:46 AM
An affiliate of Inland Real Estate Income Trust, a real estate investment trust sponsored by Oak Brook, Ill.-based Inland Real Estate Investment Corp., recently purchased a four-building shopping center, anchored by a Pick ‘n Save store, in West Bend for $24 million, according to an SEC filing.

The retail property, located northeast of Paradise Drive and South Main Street, consists of four buildings on a nine acre site: a 68,223-square-foot Pick ‘n Save store, a 7,200-square-foot multi-tenant building with Aspen Dental, Cherry Berry and Sport Clips, a 3,909-square-foot PNC Bank building and a vacant 6,108-square-foot building, formerly occupied by Checker Auto Parts.

The property was sold by South Main Center Inc., an affiliate of Madison-based Ascendant Holdings Real Estate LLC, a commercial real estate investment company.

The property has an assessed value of $12.7 million, according to West Bend records.

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Foreign investors group buys Racine shopping center
July 23, 2014 10:43 AM
Racine Shopping Centre LLC, an affiliate of a Singapore-based investment group, recently purchased the 135,827-square-foot Racine Centre shopping center at Green Bay Road and Washington Avenue in Racine for $9.28 million.

The deal was brokered by Patrick Gallagher and Matson Holbrook of Siegel-Gallagher, who represented the buyer, and Mid-America Real Estate Group, which represented the seller, an affiliate of Regency Centers.

Racine Centre is 92.6 percent occupied. Its tenants include Piggly Wiggly, Xperience Fitness, Dollar Tree and Party City.

This the second major retail property acquisition in southeastern Wisconsin by the Singapore-based investment group in less than two years. The group also bought the four-building, 104,526-square-foot Meadowbrook Marketplace shopping center at 601-921 Meadowbrook Road in Waukesha in late 2012 for $10.3 million.

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New Berlin industrial building sold for $4.3 million
July 23, 2014 10:57 AM
Boston-based STAG Industrial recently purchased a 81,500-square-foot industrial building at 5150 S. Towne Dr., New Berlin, for $4,275,000, according to state records.

The building sits on a 6.9-acre site. The property has an assessed value of $3.5 million, according to Waukesha County records.

It was sold to STAG Industrial by Plymouth, Mich.-based Demco Wisconsin 3 LLC.

STAG acquires and manages single tenant industrial real estate assets. This was the second building in the region acquired by the firm recently. STAG also purchased a 149,600-square-foot industrial building at 2761 Buell Dr. in East Troy for $6,935,750, according to state records. That building is occupied by Aptargroup Inc., a Crystal Lake, Ill.-based manufacturer of consumer pacakaging for beauty, food and pharmaceutical products.

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Stone Creek to open coffee bar at Potawatomi Hotel
July 23, 2014 10:39 AM
Milwaukee-based Stone Creek Coffee will open a coffee bar in the new Potawatomi Hotel, which will open in August.

The coffee bar, named Stone Creek Coffee at Potawatomi Hotel & Casino, will operate next to the reception desk in the hotel lobby and will offer guests specialty coffees and pastries.

The coffee bar will be owned and operated by Potawatomi Hotel & Casino and will be open from 6 a.m. – 10 p.m. daily. The coffee bar will feature a variety of fresh-brewed Stone Creek Coffee blends and teas, espresso, cappuccino and signature beverages including Cardamom Spice Latte and Mexican Spice Mocha. The menu also includes hand-made pastries and baked goods, prepared from scratch using the finest local ingredients and delivered fresh from the Stone Creek Kitchen daily.

Stone Creek Coffee will also be served in Locavore, the hotel’s restaurant, and in hotel room service.

“Our partnership with Milwaukee’s Stone Creek Coffee is a perfect match because of our close alignment in vision and business practices,” said Don Sally, Food and Beverage Director at Potawatomi Hotel & Casino. “We look forward to showcasing some of the city’s finest coffee to our guests.”

Stone Creek Coffee at Potawatomi Hotel & Casino will also offer a complimentary coffee education series for hotel guests. Seminars will be instructed by Stone Creek Coffee directors and include topics such as Brewing Coffee at Home, How to Make Espresso or Brewing Regions. Details are being finalized as to days and times offered.

“We are excited to venture on this journey with Potawatomi,” said Eric Resch, founder and CEO of Stone Creek Coffee. “This partnership will solidify the bond between two locally-minded Milwaukee businesses.”

Staff training for Potawatomi baristas began this week at Stone Creek Coffee headquarters. Stone Creek Coffee at Potawatomi Hotel & Casino is slated to open Aug. 18.

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Real Estate Odds and Ends
July 23, 2014 09:54 AM

Pleasant Prairie to build fire station
A groundbreaking ceremony was held Tuesday to celebrate the start of construction of a 17,600-square-foot fire station, which will be built north of the Pleasant Prairie Village Hall at 9915 39th Ave. The building, designed by Milwaukee-based Plunkett Raysich Architects, is the first phase of a multi-phase project to create a civic campus in the village. The second phase involves renovating the existing fire station in the Village Hall complex into an auditorium and meeting space.

New MU president buys Fox Point home
Mike Lovell, who recently left his job as the chancellor of the University of Wisconsin-Milwaukee to become the president of Marquette University, and his wife, Amy, recently purchased a home at 8003 N. Beach Dr. in Fox Point from Richard and Bonnie Leto of Delray Beach, Fla. for $1.15 million, according to state records.

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Leases
July 23, 2014 09:46 AM

CBRE

WA Community Child Care LLC leased 16,639 square feet of space at 6682 W. Greenfield Ave., West Allis, from 6682 LLC.

Lakeland College leased 15,634 square feet of space at 9000 W. Chester St., Milwaukee, from Geneva Exchange Fund L LLC.

Talecris Plasma Resources leased 14,935 square feet of space at 6510-40 N. 76th St., Milwaukee, from Bryson Properties XII LP.

Ulta Salon, Cosmetics & Fragrance Inc. leased 10,400 square feet of space at 1308 N. Port Washington Road, Grafton, from Rich Schmit Rentals Inc.

P5 Rehab Training & Performance leased 6,485 square feet of space at 3315 N. 124th St., Brookfield, from Stone Properties.

Modern Touch Dental Ltd. leased 4,631 square feet of space at 600 Hartbrook Dr., Hartland, from Devo Management Company LLC.

Imagecraft LLC leased 3,200 square feet of space at W188 N11782 Maple Road, Germantown, from Ozaukee Development Corp.

JV Cycle Holdings LLC leased 2,811 square feet of space at 102 N. Water St., Milwaukee, from Bucky Water Street LLC.

Groom for Men Inc. leased 1,500 square feet of space at 3575 N. Oakland Ave., Shorewood, from 3575 Oakland LLC.

Deli-Time LLC leased 1,450 square feet of space at 544 E. Ogden Ave., Milwaukee, from R/O East Point LLC

Elite414 LLC leased 1,115 square feet of space at the southwest corner of Lyon Street and Jefferson Street, Milwaukee, from Park East Two LLC.

Mid-America Real Estate

Hobby Lobby leased 52,819 square feet of space in Southport Plaza at 6804 Green Bay Road, Kenosha.

Endurance House leased 3,460 square feet of space in Hillside Terrace at Highway 83 and Hillside Drive, Delafield.

Starbucks Coffee Co. leased 3,356 square feet of space at 17980 W. Bluemound Road, Brookfield.

Lectric Beach Tanning renewed its lease of 2,730 square feet of space in Moorland Commons at 15456 W. Beloit Road, New Berlin.

T-Mobile leased 2,098 square feet of space in Underwood Crossings at 12705 W. Bluemound Road, Brookfield.

Starbucks Coffee Co. leased 1,700 square feet of space at 639 W. Layton Ave., Milwaukee.

AT&T leased 1,581 square feet of space at S69 W15468 Janesville Road, Muskego.

Papa John’s leased 1,400 square feet of space in Highland Ridge at 305 Falls Road, Grafton.

Brew City renewed its lease of 1,300 square feet of space in the Shops of Grand Avenue at 275 W. Wisconsin Ave., Milwaukee.

Chiro Way leased 720 square feet of space in The Plaza at 17125 – D W. Bluemound Road, Brookfield.

NAI MLG Commercial

Stevens & Kuss S.C. leased 1,872 square feet of space at 1025 S. Moorland Road, Brookfield, from Midway Motor Lodge of Brookfield.

RBJ Restaurant Group LLC leased 1,400 square feet of space at 1953 Wisconsin Ave., Grafton, from Grafton LLC.

Siegel-Gallagher

Prenasis Hair Gallery leased 4,209 square feet of space in Northridge Plaza at 8155 W. Brown Deer Road, Milwaukee, from SG2 LLC.

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Sales
July 23, 2014 09:49 AM

CBRE

Harbor Shorewood Development LLC purchased 3.07 acres at 3907 N. Sherburn Place and 1111 E. Capitol Drive, Shorewood, from Riverside KW LLC.

NAI MLG Commercial

Erie Street Properties purchased 97,000 square feet of space at 1028 Douglas Ave., Racine, from Douglas Business Center LLC.

Siegel-Gallagher

Racine Shopping Centre LLC purchased the 135,827-square-foot Racine Centre shopping center at Green Bay Road and Washington Avenue in Racine from Regency Centers.

Ten Point Properties Inc. purchased 17.45 acres at 410 N. Wales Road, Wales, from General Capital Group.

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New construction
July 23, 2014 09:51 AM

Briohn Building Corp. completed the design and construction of a 6,400-square-foot addition for Pilot Freight Services at 6724 S. 13th St., Oak Creek.

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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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