advertisement
 
Wednesday, October 15, 2014
Groundbreaking Thursday for Century City building
October 15, 2014 10:29 AM
A groundbreaking ceremony will be held Thursday, Oct. 16, to celebrate the start of construction of the first new building in the Century City Business Park in Milwaukee.

The 53,160-square-foot speculative industrial building is being developed by Fox Point-based General Capital Group. Site preparation work for the building will begin soon and vertical construction is expected to begin next spring, Department of City Development spokesman Jeff Fleming said.

Century City is a City of Milwaukee redevelopment project for the eastern portion of the former A.O. Smith and Tower Automotive site south of Capitol Drive at North 31st Street. The city acquired the 87-acre site, located east of the Soo Line railroad tracks, in 2009 and has been preparing it for development ever since.

General Capital’s building will have 24-foot clear ceiling heights and will be designed to accommodate several industrial tenants.

The city, state and federal governments have spent about $35 million on planning, demolition and environmental remediation to prepare the site for redevelopment. City officials hope the project will attract much needed jobs to the central city.

“The City of Milwaukee, in partnership wit state and federal agencies, has made significant investments to get Century City ready for job-creating development,” Mayor Tom Barrett said. “This new building is a visible and tangible sign that Century City is moving forward.”

General Capital plans to build a second building at Century City, about the same size as the first building, once a significant amout of space is leased in the first building.

comment »

advertisement
Historic downtown church is for sale
October 15, 2014 10:34 AM
St. James Episcopal Church, built in 1867 at 833 W. Wisconsin Ave. in downtown Milwaukee, is for sale.

The half-acre property includes the 6,600-square-foot church building and the three-story, 18,600-square-foot Parish House building, which was built in 1899. The Parish House, located south of the church, includes offices, a library, chapel, restrooms, kitchen and a great room.

The church has a small congregation, with average Sunday attendance of about 40, which cannot afford the expensive costs to maintain an historic building, said Peggy Bean, canon for the Episcopal Diosocese of Milwaukee.

“A church community is not a building,” Bean said. “They are looking at other options.”

The church property is listed for sale by Michael Seramur of Ogden & Co. Inc.

The church has a “gorgeous” sanctuary, Seramur said. It is listed on the National Register of Historic Places and is designated by the City of Milwaukee Historic Preservation Committee. It is considered one of the oldest stone structures in Milwaukee and was designed by architect Gordon William Lloyd in the Gothic Revival style, according to the Ogden listing.

The asking price for the property is $695,000.

The church is located next to Marquette University’s David A. Straz Jr. Tower dormitory. MU recently announced that it is purchasing a nine-acre site, including two office buildings from Zilber Ltd. and vacant land from the state Department of Transportation, south of the Straz Tower.

Sermur said he pitched the St. James Episcopal Church property to MU officials, but so far they have not made an offer to purchase it.

comment »

Wangard holds groundbreaking for Yellow Freight site redevelopment
October 15, 2014 10:27 AM
Wauwatosa-based Wangard Partners held a groundbreaking ceremony Tuesday to celebrate the start of construction of an industrial space development at the former Yellow Freight Trucking site at 11406 and 11528 W. Rogers St. in West Allis.

Wangard plans to build a 72,000-square-foot industrial building and a 50,00-square-foot industrial building on the site. Ferguson Enterprises will occupy space in the larger building. The smaller building will be built on speculation.

“We believe that with Ferguson locating within the large building on site, it will spur additional development of the area,” said Stewart Wangard, chief executive officer of Wangard Partners.


comment »

advertisement
Industrial park planned in Brookfield
October 15, 2014 10:38 AM
Rizzo Development Group plans to develop an industrial park on a 26-acre site at 21200 Gumina Road in Brookfield owned by Spectrum Development LLC. The site is just east of Capitol Airport and Jake's restaurant.

Under the development proposal, the city of Brookfield would provide $2.6 million in tax incremental financing to support the development of the industrial park.

When fully developed, the industrial park could have up to 320,000 square feet of buildings.

“Brookfield has a significant amount of industrial space, but most of it is dated,” said Dan Ertl, the city’s director of community development.

comment »

Luxury apartments planned at Bishop’s Woods in Brookfield
October 15, 2014 10:39 AM
Atlantic Realty Partners Inc. and Campbell Capital Group LLC, both based in Atlanta, plan to build a 194-unit luxury apartment development in the Bishop’s Woods office park in Brookfield.

The four-story building would be built on a 4.5-acre site at 13700 W. Bluemound Road, southwest of Bluemound Road and Bishops Way.

The building would wrap around a five-level parking structure (with one underground parking level) and residents would park in the structure on the same floor of their apartments.

The site is currently zoned for office use so the project needs re-zoning approval by the city.

“We’re open to that,” said Dan Ertl, the city’s director of community development. “Other communities are having residential units introduced into business parks. We think it’s a good match here. It has all of the ingredients for it to be successful.”

comment »

Commercial Real Estate and Development Conference will focus on major projects
October 15, 2014 10:48 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.

comment »

CARW announces 2015 Board of Directors
October 15, 2014 10:54 AM
The Commercial Association of Realtors Wisconsin recently announced its 2015 Board of Directors, which was officially installed on Oct. 1.
 
2015 CARW Board of Directors:
 
Paul T. Galbraith, chairman, Cresa Milwaukee
Jeff Hoffman, chairman elect, The Boerke Company | Cushman Wakefield
Curt Pitzen, secretary, NAI MLG Commercial
Tom Shepherd, immediate past chairman, Colliers International Wisconsin
Ben Adank, treasurer, RFP Commercial
Kevin Barry, Cassidy Turley Barry
Dan Cohen, Mid-America Real Estate-Wisconsin
Matthew Hunter, CBRE
Joe Lak, Colliers International Wisconsin
Steve Pape, Greywolf Partners
Cory Sovine, Siegel-Gallagher, Inc.
Julie Ledger, OPUS Development Company LLP


comment »

Real estate odds and ends
October 15, 2014 10:41 AM

South side apartment complex sold for $6.95 million
An affiliate of New York-based Related Companies purchased Park Bluff Apartments, a 187-unit apartment complex for residents 55 and older or disabled residents of any age, located at 555 S. Layton Blvd., Milwaukee, for $6.95 million, according to state records. The seven-story building, located across the street from the Mitchell Park Domes, was sold by an affiliate of Rockford, Ill.-based Star Holdings of Illinois LLC. The apartment complex has an assessed value of $5.9 million, according to city records.

Apartments planned near quarry lake in Brookfield

Sibilings Mark Regal and Christine Regal plan to develop 112 apartments and a single family home on a 10-acre site near a quarry lake at 13275 W. Burleigh Road in Brookfield. As part of the project, 62 acres for the lake and land near it would be set aside as a conservancy and 13 acres would be provided to the city to create a public park.

Denny’s planned on Highway 100 in Greenfield
franchisee Mukesh Dharod plans to open a Denny’s restaurant in the 3,600-square-foot former Goody’s Restaurant building at 4695 S. 108th St. in greenfield. Goody’s has been closed for over a year. The denny’s would have 30 to 40 employees. Will renovate existing building.

comment »

Leases
October 15, 2014 10:31 AM

NAI MLG Commercial

Professional Service Group leased 13,053 square feet of space at 1126 S. 70th St., West Allis, from 1126 West Allis Operating Associates Ltd.

Dickey’s Barbeque Pit leased 2,400 square feet of space at 12000 W. Burleigh St., Wauwatosa, from Continental 164 Fund LLC.

Barre Co. of Wisconsin LLC leased 1,565 square feet of space at 2121 S. Kinnickinnic Ave., Milwaukee, from 2121 KK Retail LLC.

Siegel-Gallagher

Tamer Investments LLC leased 6,054 square feet of retail space at 8155 W. Brown Deer Road, Milwaukee, from SG2 LLC.

comment »

Sales
October 15, 2014 10:32 AM

Judson & Associates

Prairie Philip LLC purchased 5.29 acres at 2105 Pewaukee Road in Waukesha from the Estate of Luella M. Fredrickson.

comment »


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.


Current Issue
advertisement