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Wednesday, June 24, 2015
FIRE awarded $35 million in new markets tax credits
June 24, 2015 10:55 AM
First-ring Industrial Redevelopment Enterprise Inc., an affiliated entity of the City of West Allis, announced that it was chosen by the CDFI Fund of the U.S. Treasury Department to receive a $35 million new markets tax credit allocation.

FIRE was one of 76 organizations selected for 2015 new markets tax credits through a nationwide competitive application process.

"This is a huge win for West Allis and southeastern Wisconsin," said John Stibal, president of FIRE. "With this capital, we will be able to bring a number of projects to life that can provide long-term, meaningful benefits to some of our most neglected communities."

FIRE was formed in 2007 to attract tax credit and other funding incentives for projects that ca demonstrate significant and measurable community impact. FIRE provides below-market rates and terms for equity-equivalent, senior and subordinate loan products in health care, education, commercial, mixed-use and industrial projects in highly distressed communities in Milwaukee, Racine and Kenosha counties.

This year's award will bring the total new markets tax credit allocations received by FIRE to $193 million.

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Meijer opens first Wisconsin stores in Grafton and Kenosha
June 24, 2015 10:51 AM
Grand Rapids, Mich.-based Meijer Inc. on Tuesday opened stores in Grafton and Kenosha, its first two stores in the state with several additional locations to come.

The Grafton store is located at 1600 N. Port Washington Road and the Kenosha store is located at 7701 Green Bay Road.

Each Meijer store is about 192,000 square feet in size and features general merchandise and full grocery departments.

The Grafton and Kenosha stores are creating more than 600 local jobs, according to Meijer.
Meijer says it is making a $750 million investment in Wisconsin. The company plans to open stores in Oak Creek and Wauwatosa in August. The company plans to open stores in Waukesha and Sussex in 2016, and also plans to eventually open stores in West Bend, Greenfield, Sheboygan and the Green Bay area.

In 2014, Meijer established a distribution center in Pleasant Prairie, expanding a former Supervalu distribution center from 580,000 square feet to 800,000 square feet.

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Rexnord to move its Zurn business from Pennsylvania to Milwaukee
June 24, 2015 10:44 AM
Rexnord Corp. president and chief executive officer Todd Adams announced Tuesday at the Water Summit that the company will move the global headquarters of its Zurn business from Pennsylvania to a new building that will be built in the Reed Street Yards Water Technology Park in Milwaukee’s Walker’s Point neighborhood.

Rexnord acquired Zurn Industries LLC, located Erie, Penn., in 2007. Zurn is a manufacturer of engineered water solutions that aims to provide and enhance water quality, conservation, safety, and flow control in a variety of end markets.

The building will be located near The Water Council’s Global Water Center, and is expected to be completed by the fall of 2016.

The Zurn headquarters building will be approximately 50,000 square feet, said Dean Amhaus, president and chief executive officer of the Milwaukee-based The Water Council. He said construction is anticipated to begin in September.

The company plans to eventually have 120 employees at the site, according to Jodie Tabak, a spokeswoman for Mayor Tom Barrett.

“We anticipate continued growth and expansion of our water businesses and believe Milwaukee has created an ecosystem for water technology companies like ours to access world-class talent, innovation and technology development, as well as research partnerships that will help shape and address the world’s water challenges,” Adams said. “Rexnord’s heritage as a Milwaukee, Wis.-based company and support from The Water Council and the city of Milwaukee were instrumental in making this happen.”

Rexnord decided to establish Zurn’s headquarters in Milwaukee due to its collaboration with The Water Council over the past several years.

In March of 2013, Rexnord relocated some of its corporate offices and several executives from its West Milwaukee headquarters to a 14,000-square-foot space in The Water Council’s Global Water Center.

“As we’ve continued to build our global water business, it became clear we need to create a center of excellence and customer experience destination,” said Craig Wehr, president of Zurn. “This will allow us to better leverage our current scale, while making the right long-term investments to set the foundation for accelerated growth moving forward.”

Added Amhaus: “I think it’s a significant impact to be able to attract a global headquarters to the Reed Street Yards. It’s very, very rare to get a headquarters to move locations, and to get something of this size and magnitude is tremendous. It’s the first step of much more activity in the Reed Street Yards and the entire Water Council area.”

The Reed Street Yards is an 18-acre vacant area west of the Global Water Center at 247 Freshwater Way between the Harley-Davidson Museum and the Iron Horse Hotel. In a partnership with developer Peter Moede, who owns the land, General Capital Group plans to create a water technology business park in the Reed Street Yards. The city provided $7 million in tax incremental financing to install infrastructure on the site, and now it is ready for vertical development.

Zurn is the first company announced to be located in the Reed Street Yards.

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State home sales up 7.8 percent in May
June 24, 2015 10:53 AM
The number of homes sold in Wisconsin increased 7.8 percent in May, compared to May of 2014, and median home sale prices in the state were up 6.7 percent during the month, according to the latest Wisconsin Realtors Association report.

There were 7,649 homes sold in the state in May, up from 7,098 in May of 2014.

“This is an impressive market with May sales the strongest (they have been) in nine years,” said Dan Kruse, chairman of the WRA board of directors.

The median sales price for Wisconsin home sales in May was $160,000, up from $150,000 in May of 2014. Comparing May 2015 with May 2011, Wisconsin home sale prices have grow at a compounded rate of 4.1 percent, which is 3.1 times the comparable inflation rate over the same period, according to the WRA report.

“While we don’t usually like to see housing appreciating at three times the rate of inflation, it’s important to remember that we’ve been in a very low inflationary period since the recession,” said WRA president and CEO Michael Theo said. “Home price growth in the four percent range is sustainable when compared to longer term trends in inflation.”

In the four county metro Milwaukee area, May home sales were up 6.2 percent and prices were up 12.5 percent, according to WRA.

Milwaukee County sales were down 1.6 percent, but median sale prices were up 12.6 percent to $140,750.

Waukesha County sales were up 15 percent and prices were up 5.1 percent to $249,900.

Washington County sales were up 28.9 percent and prices were up 14.6 percent to $192,450.

Ozaukee County sales were flat, but prices were up 10.7 percent to $239,950.

Year to date, Wisconsin home sales were up 10.1 percent for the first five months of the year, and prices were up 7.2 percent to $150,000.

In the four county metro Milwaukee area, sales are up 7.2 percent year to date and prices are up 11 percent.

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Real estate odds and ends
June 24, 2015 11:05 AM

Pete's Pops plans commercial kitchen downtown
Pete's Pops, a frozen-fruit treat cart, plans to establish a commercial kitchen in a 700-square-foot space at 718 N. Water St. in downtown Milwaukee. "It's mainly just for the commercial kitchen space, but I do allow people to pick up home freezer bags of pops and am considering selling out front in the evenings," said Pete Cooney.

Drug treatment center planned on Milwaukee's far northwest side
PES LLC plans to open a narcotic treatment center at 9155 N. 76th St. on the far northwest side of Milwaukee. The center would provide controlled substance dispensing for the treatment of opiate addiction, day treatment and outpatient services, and professional development services.

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Leases
June 24, 2015 11:25 AM

Mid-America Real Estate

Fantasic Sams leased 1,850 square feet at Oak Creek Commons, 2345 W. Ryan Road, Oak Creek.
 
U.S. Cellular leased 1,225 square feet at Village Square of Delafield, 3001 Village Square Drive, Delafield.
 
Octapharma Plasma leased 15,900 square feet at Highland Plaza, 8602 W. Brown Deer Road, Milwaukee.
 
Krumenacher Jewelers renewed their lease of 1,200 square feet at Silvernail Shopping Center, 2100 Silvernail Road, Pewaukee.
 
Salon Spa Aura leased 5,024 square feet at The Shops at Woodlake Kohler, 444 Highland Drive, Kohler.
 
Fantastic Sams leased 1,550 square feet at Falls Plaza, N81  W15066 Appleton Ave., Menomonee Falls.
 
Footlocker renewed their lease of 3,537 square feet and Kids Footlocker renewed their lease of 1,553 square feet at Shops of Grand Avenue, 275 W. Wisconsin Ave., Milwaukee.

NAI MLG Commercial

Press Solutions leased 548 square feet and Rachel Vogedes leased 144 square feet at 10855 W. Potter Road, Wauwatosa, from Sai Ram Properties LLC.

Siegel-Gallagher

Information Technology Professionals leased 2,468 square feet of office space at 20300 Water Tower Blvd., Waukesha, from Information Technology Professionals.

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Sales
June 24, 2015 11:28 AM

Judson & Associates

Staples & Associates Inc. purchased 1,450 square feet of space at N28 W23050 Roundy Dr., Suite 102, Pewaukee, from JNA Realty LLC.

NAI MLG Commercial

Steamfitters Union Local No. 601 purchased 1.9 acre at 3200 S. 103rd St., Greenfield, from KC 524 Center Inc.

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New construction
June 24, 2015 11:12 AM

West Bend-based Triad Construction Inc. recently completed a 6,610-square-foot office space interior build-out for ProShip Inc. at 400 N. Executive Dr. in Brookfield.

Milwaukee-based Madisen Maher Architects is designing a building renovation and addition project for the Milwaukee Area Domestic Animal Control Commission at 3839 W. Burnham St., Milwaukee. The design includes a 3,200-square-foot kennel addition.


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Real estate people
June 24, 2015 11:29 AM

Milwaukee-based Phoenix Investors LLC announced that Patrick Dedering has joined the company as vice president of acquisitions and leasing. He has six years of experience as an industrial real estate broker, and previously worked with Milwaukee-based The Boerke Company.

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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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