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Wednesday, May 22, 2013
Hendricks buys northwest side industrial building for $3.95 million
May 22, 2013 09:00 AM
Hendricks Commercial Properties, an affiliate of Beloit-based Hendricks Holding Co. Inc., recently purchased a 68,675-square-foot industrial building at 11200 W. Heather Ave. on the far northwest side of Milwaukee for $3.95 million, or about $57.51 per square foot.

The building, constructed in 2000, has an assessed value of $2.5 million, according to city records. It had been listed for sale on LoopNet for $4.95 million, or $72.08 per square foot.

The building was sold to Hendricks by JMMT LLC, a subsidiary of Elkhorn-based Magill Construction Co. Inc.

Representatives for Hendricks and Magill could not be reached for comment.

The building is occupied by Elk Grove Village, Ill.-based FPM Heat Treating. The facility is used by FPM for mesh belt processing, batch atmosphere carburizing and through hardening, automated salt bath processing and clamp processing, according to FPM. The facility is equipped to service customer heat treating needs for carburizing, carbonnitriding and neutral hardening and contains the largest hydraulic flattening installations in the Midwest, according to the company.

A representative for FPM did not return a phone call seeking comment.

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Whole Foods plans to open new store in western suburbs
May 22, 2013 09:00 AM
Whole Foods plans to open a second store in the Milwaukee area and is considering sites in Brookfield and Wauwatosa, according to commercial real estate sources.

Options include the Bluemound Road corridor and Chicago-based HSA Commercial Real Estate's Mayfair Collection development in Wauwatosa, sources say.

Whole Foods opened its first store in the area in 2006 at 2305 N. Prospect Ave. on Milwaukee's east side. After a slow start at that location, the store has performed better in recent years, grocery and real estate industry experts say.

"They're doing really well with the store that they have (on the east side)," said Pewaukee-based grocery industry consultant David Livingston. "The sales there have really gone up the last three to four years."

One source said HSA is trying to get Whole Foods to locate in the Mayfair Collection. A groundbreaking ceremony was held recently for the first phase of that development, which will be built at Highway 45 and Burleigh Road in Wauwatosa. In the project's first phase, HSA Commercial will demolish a portion of the warehouse buildings fronting Highway 45 to create approximately 270,000 square feet of retail space and a parking lot. Tenants in the first phase will include Nordstrom Rack, Dick's Sporting Goods and Ulta Beauty.

Representatives for HSA Commercial and Whole Foods could not be reached for comment.

Sources say Whole Foods plans to keep its east side location open after opening the suburban store.

The Milwaukee area could support an additional two to three Whole Foods stores, Livingston said. Affluent areas of the region, including the western suburbs or Mequon, could support a Whole Foods store, he said.

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Walmart and Sam's Club stores planned for Pabst Farms
May 22, 2013 10:00 AM
The Pabst Farms development, once envisioned as a Midwestern upscale retail jewel destination in Oconomowoc, will soon be the home of a 151,000-square-foot Walmart Supercenter store and a 136,000-square-foot Sam's Club store.

Walmart and Pabst Farms Development Inc. announced their plans for the two stores today.

The stores are planned to be built northeast of Interstate 94 and Highway 67 in the Pabst Farms Town Centre area of the development.

Prior to the Great Recession, Pabst Farms developer Peter Bell planned to create an upscale regional mall in the Pabst Farms Town Centre. However, that project has not moved forward, and attempts by Pabst Farms to attract upscale national retail tenants have been unsuccessful so far.

"The city is excited to see the long anticipated Town Centre project at Pabst Farms get under way," said Bob Duffy, economic development director for the City of Oconomowoc. "The new Walmart and Sam's Club will not only provide approximately 400 new jobs, but since the Pabst Farms tax incremental district is in the process of closing early, this will mean a substantial direct increase in Oconomowoc's tax base from day one."

The Pabst Farms Town Centre is still planned to be a 1 million-square-foot, open-air retail shopping center. The Walmart Supercenter stores and the Sam's Club store will anchor the western portion of that site.

"We remain committed to an upscale, regional shopping destination, and look forward to working with retailers like Walmart and Sam's Club that are economically strong, weathered the recession, and are well-positioned to succeed in this new economic environment," said Bell, president of Pabst Farms Development Inc. "As consumer spending continues to bounce back, there is more optimism in the retail sector than there has been in years. With Walmart and Sam's Club committed, we are now actively working on retailers and a movie theater to fill out the rest of the development."

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The Couture might include hall for MSO
May 22, 2013 10:00 AM
The Milwaukee Symphony Orchestra is in early stages of considering plans to move its performances to a concert hall that could be built for the MSO in The Couture, the 44-story residential and hotel tower planned by Barrett Visionary Development near the lakefront.

Barrett Visionary Development owner Rick Barrett approached the MSO about the idea a few months ago, said MSO president and executive director Mark Niehaus, who emphasized that the discussions are extremely preliminary.

“It’s so early (in the planning process),” Niehaus said. “We have not agreed to anything. We’re simply studying what a project like this would be for us.”

Currently, most MSO performances are held at the Marcus Center for the Performing Arts in downtown Milwaukee. But numerous scheduling conflicts at the Marcus Center force the MSO to play at various other venues for about 16 of its 39-week season, Niehaus said. Scheduling at the Marcus Center is particularly tough during December when the MSO is playing popular Christmas shows, but the Marcus Center is booked for the Milwaukee Ballet’s Nutcracker performances.

The MSO’s revenue drops significantly when it plays at venues other than the Marcus Center, Niehaus said.

“It’s not ideal to have to move your product all over town and expect your audience to follow you,” he said. “I have to pursue every opportunity to allow us to play more concerts for more people.”

Ideally the MSO would have its own venue to maximize its scheduling opportunities, Niehaus said. Other appropriate performances, such as jazz concerts, could also be held in the venue, he said.

“It would solve a major problem for their future,” Barrett said. “For us it would have an allure that is cutting-edge and would be something Milwaukee could be extremely proud of.”

No other existing facility in Milwaukee could be an adequate home for the MSO, Niehaus said. The Milwaukee Theater, for example, has a seating capacity of about 4,000 and is too large of a space for a symphony orchestra performance, he said.

A venue at The Couture likely would not replace the Marcus Center, Neihaus said. It would just become the new site for the MSO’s shows. Other groups would remain at the Marcus Center.

The MSO is the second major Milwaukee cultural institution that Barrett has approached for The Couture project. Barrett is also in talks with the Betty Brinn Children’s Museum, currently located at O’Donnell Park, about moving to a larger space in The Couture.

The Couture would be built southwest of Lincoln Memorial Drive and Michigan Street, at the site currently occupied by the Milwaukee County Downtown Transit Center. However, parks advocacy group Preserve Our Parks has objected to those plans saying private development at that site would violate the state’s public trust doctrine. Milwaukee County officials are planning legal action to establish development rights for the site.

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Aldi to expand Oak Creek distribution center by 100,000 square feet
May 22, 2013 10:00 AM
Aldi will add more than 100,000 square feet to its Oak Creek distribution center at 9342 S. 13th St.

Construction could begin this summer on the expansion, which includes about 40,000 square feet for dry goods storage, 63,000 feet for cold storage and about 3,100 square feet of office space.

The project will add to what is now a 500,000-square-foot facility on about 74 acres of land north of Ryan Road. The distribution center serves Aldi stores in Wisconsin and Lake County, Ill.

The Oak Creek Plan Commission gave the plans final approval in its meeting Tuesday.

For more, read the Oak Creek Patch, a media partner of BizTimes Milwaukee.

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SURG to open 8-Twelve MVP Bar and Grill at Bayshore
May 22, 2013 10:00 AM
SURG Restaurant Group plans to open a second 8-twelve MVP Bar and Grill restaurant, which would be located in space currently occupied by Coa at Bayshore Town Center in Glendale, SURG announced this week.

In brokering the deal, SURG and 8-twelve were represented by Steve Palec and Michael Levine of Cresa.

The first 8-twelve restaurant opened last year on Bluemound Road in Brookfield. SURG opened the restaurant with Green Bay Packers quarterback Aaron Rodgers and Milwaukee Brewers leftfielder Ryan Braun. The restaurant name is based on their jersey numbers. The restaurant features a farm to table menu with Wisconsin produced food and a sportbar homage to Braun and Rodgers. The Brookfield 8-twelve restaurant was an immediate hit when it opened last year and SURG has been planning to add additional locations in the state.

"Having enthusiastic support from Omar (Shaikh), my partner, and that of Aaron and Ryan creates a strong force. As far as the location goes, I couldn't think of a better area than Bayshore Town Center," said Mike Polaski, owner and CEO of SURG Restaurant Group.

8-Twelve at Bayshore will feature the same commitment to Wisconsin that the SURG Restaurant Group delivers at all of its restaurants. Much of the produce, beef and pork will be sourced through Mike Polaski's owned and operated Hidden Creek Farm in New London, Wis. as well as other statewide farms.

"SURG Restaurant Group's success is built on great partnerships, whether it's Ryan Braun and Aaron Rodgers or 8-Twelve in a dynamic setting like Bayshore," said SURG co-owner and president Omar Shaikh. "Our menu will feature a variety of offerings for a range of customers, from those who enjoy a high-quality meal and dining experience to those who enjoy the experience of gathering with friends to watch their favorite team in action."

8-Twelve is a combined effort by Braun and Rodgers to give back to Wisconsin by showcasing and supporting Wisconsin food producers. Teaming up with the SURG Restaurant Group, 8-Twelve brings a farm-to-table concept featuring a wood-fired grill that imparts unique flavors to the chef's creations.

"We're thrilled to have 8-Twelve join our lineup of restaurant offerings," said David Moss, general manager at Bayshore Town Center. "Ryan Braun and Aaron Rodgers are at the top of their respective games, and having 8-twelve at Bayshore keeps us at the top of our game, which is providing our guests with a high-quality shopping, dining and entertainment experience."

8-Twelve will feature private dining rooms perfect for conducting business during the week and celebrating on weekends. Visitors can also enjoy a comfortable dining room or spacious bar area while watching Ryan Braun or Aaron Rodgers when they're in action on the field.

"We are very excited to be opening another 8-Twelve in a very special setting like Bayshore Town Center," Braun said." I am thrilled to be able to continue my involvement in the community and give back to the city that has been so supportive throughout my career."

"With the great success we've already had at our Brookfield location, Ryan and I are excited to bring the 8-Twelve brand to the North Shore," Rodgers said. "The new Bayshore location is as good as they come, and we're looking forward to providing the North Shore community with the unique, quality dining experience 8-Twelve fans have come to expect."

"8-Twelve represents everything that's great about Wisconsin, from its sports teams to the quality food sourced from local farms," said Moss. "It's one more example why Bayshore Town Center is the area's top shopping, dining and entertainment destination."

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Grunau featured in Flying Car video
May 22, 2013 10:00 AM
Milwaukee real estate developer Gary Grunau, president of Grucon Group LLC and co-owner of the Schlitz Park office complex, was recently featured in an online video for Flying Car, a showcase of emerging Milwaukee-area innovation and technology talent.

Flying Car is presented by Innovation in Milwaukee (MiKE), an initiative of the Greater Milwaukee Committee.

The June 1-10 celebration will feature a variety of local events. A rebranded, revamped version of 2012’s Innovation Week, Flying Car will showcase the innovative talent that exists in Milwaukee, both among entrepreneurs and within the corporate community. Over the course of 10 days, Flying Car will feature workshops, networking and pitch events and a signature gala event where inventors, entrepreneurs, venture capitalists, and others will celebrate tomorrow’s possibilities.

To promote the event, Flying Car is posting a series of wacky interviews with area business executives on YouTube. Click here to see the interview with Grunau.

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Owners of strip club near West Bend buy building
May 22, 2013 10:00 AM
Norco, Calif.-based Spearmint Rhino Consulting Worldwide Inc. recently purchased a building at 1208-96 Highway 33, in the Town of Trenton east of West Bend, that is partially occupied by its Spearmint Rhino strip club.

The building was sold by Oconomowoc-based First Bank Financial Centre for $532,000.

Spearmint Rhino is a national strip club chain.

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Leases
May 22, 2013 10:00 AM

Colliers International|Wisconsin

TOW of Wisconsin leased 6,875 square feet of warehouse space at W143 N9350 Henry Stark Road, Menomonee Falls.

Associated General Contractors of Greater Milwaukee leased 2,737 square feet of office space in the Pabst Boiler House at 1243 N. 10th St., Milwaukee.

Lichter and Ihle leased 2,266 square feet of office space at 735 N. Water St., Milwaukee.

NAI MLG Commercial

Gustave A. Larson Company leased 5,200 square feet of space at 1310 N. 6th St., Milwaukee, from First Partners LLC.

Event Equipment LLC leased 3,375 square feet of space at 595 Progress Ave., Hartland, from Megal Development Corp.

American Indian Council On Alcoholism leased 1,075 square feet of space at 6801-17 W. Morgan Ave., Milwaukee, from JMC Properties Inc.

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New construction
May 22, 2013 10:00 AM

Brookfield-based Briohn Building Corp. was contracted to design and build an 80,000-square-foot manufacturing facility for Lake Country Manufacturing Inc. at 950 Blue Ribbon Circle, Oconomowoc, in the Pabst Farms development. Briohn recently completed the design and construction of an interior office build out for Guaranty Bank in Bayshore Town Center in Glendale.

Waukesha-based Gerald Nell Inc. was selected by Kwik Trip INc. to install compressed natural gas fueling facilites at stations in Oshkosh and Grand Chute.

Construction began recently for The Cottages at Cedar Run, a 60-unit community-based residential facility in West Bend, which was designed by Milwaukee-based Plunkett Raysich Architects.

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Real estate people
May 22, 2013 10:00 AM

The Milwaukee office of CBRE recently added Matthew Cariello to its office brokerage team and welcomed back Matt Hunter to its office brokerage team.

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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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