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Wednesday, April 23, 2014
Health care and fitness facility planned at Drexel Town Square
April 23, 2014 11:00 AM
A health care and fitness facility, similar to a facility occupied by Wisconsin Athletic Club and Froedtert & the Medical College of Wisconsin that opened in Menomonee Falls earlier this year, is planned for the mixed-use Drexel Town Square development in Oak Creek, according to several sources.

One source said that Wisconsin Athletic Club and Froedtert will also be the tenants in the Drexel Town Square facility. However, a spokesperson for Froedtert said the health care provider is not involved in the project.

“We are aware of the development in Oak Creek but have no active plans to participate in it at this time,” said Froedtert spokeswoman Kathleen Sieja.

Wisconsin Athletic Club chief executive officer Ray O’Connor declined to comment on the project and said the WAC does not comment on any potential new location until plans are up for review by municipal plan commissions.

According to Mid-America Real Estate marketing materials for Drexel Town Square, the development will have a health care component with a 100,000-square-foot medical office building and a 45,000-square-foot health club. Several sources say the facility will be similar to one that opened early this year on a site southwest of Pilgrim Road and Highway 41/45 in Menomonee Falls. That $14 million, 90,000-square-foot facility, developed by Minneapolis-based Ryan Companies US Inc., has a 47,500-square-foot Wisconsin Athletic Club fitness center and a 42,500-square-foot Froedtert & the Medical College of Wisconsin Orthopaedic, Sports and Spine Center.

Developers involved in the Drexel Town Square project have declined to comment on potential tenants until they have been formally announced.

“We are trying to attract a state of the art health care facility to Drexel Town Square, but it’s premature to discuss specifics at this time,” said Jerry Franke, president of Wispark LLC, which is the master developer of Drexel Town Square.

Drexel Town Square is the mixed use development planned southwest of Drexel and Howell avenues that will create a downtown for Oak Creek. The project will include a Meijer store, a Four Points by Sheraton hotel, a new city hall and library, apartments and a mixed-use main street.

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Two Jackson companies plan expansions
April 23, 2014 10:00 AM
Two companies in the Village of Jackson in Washington County are planning expansions.

Willer Tool Corp., a tool and die shop located at W225 N16683 Cedar Park Ct., plans to build a $2 million, 30,00-square-foot addition to its existing 72,500-square-foot facility. The company needs additional space to add four 25-ton capacity cranes so it can do work on parts up to 50 tons in size, said vice president James Willer Jr. "We need to increase our crane capacity," he said. The company's current crane capacity is 35 tons.

In addition Infinity EDM LLC, which does wire EDM cutting and small hole drilling, plans to build a new 15,000-square-foot facility on Northwest Passage Way to replace its smaller existing facility at N171 W21050 Industrial Dr.

Both projects will be reviewed Thursday by the Jackson Plan Commission.

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Hotel will enhance casino meeting facilities
April 23, 2014 10:00 AM
The 18-story, $150 million hotel under construction at Potawatomi Bingo Casino in Milwaukee will enhance the facility’s offerings for meeting and events when the hotel opens this fall.

The 381-room hotel will have seven meeting rooms with a total of 12,000 square feet of meeting space and the entire facility, to be renamed Potawatomi Hotel and Casino, will then have a total of 60,000 square feet of meeting space.

That is significant because the facility will have more meeting space than any other hotel in Milwaukee, according to Kaelyn Cervero, sales and catering operations manager for Potawatomi Bingo Casino.

The addition of the hotel also allows Potawatomi to offer hotel rooms as part of meeting and event packages. The addition of the hotel is helping Potawatomi attract new events to the city and events have been booked there as far out as 2018, Cervero said.

“The combination of the (casino’s existing 32,000-square-foot) Expo Center along with the meeting space we are adding at the hotel, this is becoming a unique (meeting and event) option,” she said. “It’s now a unique venue that is attracting groups that previously hadn’t considered Milwaukee.”

Potawatomi Bingo Casino officials provided tours of the hotel construction site this week to the news media. Click here to see a slideshow.

The meeting space in the hotel will be located on the third floor. That floor will also have a connection between the hotel and the casino.

The third floor of the hotel will also have an outdoor pation, almost 2,000 square feet in size, offering views of the city and a place for event patrons to get some fresh air.

The meeting spaces and guest rooms in the hotel have large windows offering unique views of downtown Milwaukee, the Marquette Valley Fields, Miller Park and the Mitchell Park Domes.

The first floor of the hotel will have a lobby, bar, coffee shop, a 10-seat lounge and a 172-seat full-service restaurant. The coffee shop will have a local brand that will be announced soon.

The hotel’s fitness center will be located on the fourth floor.

The sidewalks and driveway between city streets and through the hotel’s porte cochere will have an underground heating system to melt any snow or ice.

The hotel will be four star quality with “all of the full service features you can imagine,” hotel director Hassan Abdel-Moneim said.

Also an additional 1,400-space parking structure is being built for the hotel to the east of the casino’s existing parking structures.

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Mandel Group submits new plans for Domus
April 23, 2014 10:00 AM
Milwaukee-based multi-family housing developer Mandel Group Inc. has submitted new plans for its Domus development to the Historic Third Ward’s Architectural Review Board.

Domus is a six-story, 133-unit apartment building that Mandel Group plans to build east of the Marine Terminal Lofts building at 311 E. Erie St., Milwaukee. The Domus site is a surface parking lot between the Milwaukee River and Erie Street. The plans for the building also include a riverwalk segment.

The building was designed by Jim Shields of HGA Architects.

Mandel Group’s original plans for the Domus project called for a 61-unit condominium building, but that project was scrapped when the downtown area condo market collapsed and the Great Recession set in.

Madel Group plans to break ground on the Domus project later this year.

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Milwaukee area industrial market outperforms national market
April 23, 2014 10:00 AM
The metro Milwaukee industrial real estate market outperformed the national market during the first quarter of the year, according to the first quarter report from commercial real estate services firm Cassidy Turley.

Out of the 69 industrial real estate markets in the U.S. tracked by Cassidy Turley, Milwaukee ranked 15th in first quarter absorption with 712,000 square feet of space and 5th in all of 2013 with 4.8 million square feet of space. Milwaukee’s industrial space vacancy rate in the first quarter was at 6.1 percent, which ranks 19th.

The national industrial space vacancy rate is 8.3 percent, according to Cassidy Turley.

Metro Milwaukee’s first quarter industrial space absorption exceeded the entire Northeast region’s 338,000 square feet of absorption, according to the report. The Midwest had 9 million square feet of absorption in the quarter.

“Milwaukee continues to outperform the national industrial market and I think that trend will continue for the foreseeable future,” said James T. Barry III, president of Milwaukee-based Cassidy Turley Barry.

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Renovation to add more office space at Renaissance Faire building in West Allis
April 23, 2014 10:00 AM
Milwaukee-based Van Buren Management Inc. plans to remove and renovate the loading docks along the north fašade of the Renaissance Faire building at 801 S. 60th St., West Allis.

The space will be converted to 12,000 square feet of office space. The cost of the project is estimated at $250,000.

This is the third phase of improvements to the property, which was formerly part of the Allis Chalmers industrial complex. The property includes a main building with a 182,000-square-foot western portion and a newly renovated 178,968-square-foot eastern portion, and a 24,000-square-foot free-standing fitness center building.

Van Buren Management bought the property in 1985 and has invested $15 million in upgrades converting much of it to office space, according to Van Buren Management owner Joel Lee.

In March, Van Buren Management unveiled plans to build a 570-space parking structure at the Renaissance Faire site.

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FedEx Ground plans distribution facility in Menomonee Falls
April 23, 2014 10:00 AM
FedEx Ground plans to build a 202,950-square-foot distribution center on a 30-acre site on the south side of County Line Road, about one-third of a mile west of Pilgrim Road, in Menomonee Falls.

The facility will have 466 employees, including 74 office employees, with 205 full-time and 262 part-time employees, according to a village staff report. The facility will be staffed 24 hours a day, seven days a week.

The west side of the building will have 58 loading docks for semi-trailers and the east side of the building will have seven drive-in overhead doors for delivery vans.

The building will have 194,325 square feet of distribution area an an 8,625-square-foot office space area.

The plans for the facility will be reviewed Tuesday by the village’s Architectural Control Board.

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Home2 Suites hotel propsed in Town of Brookfield
April 23, 2014 10:15 AM
A 107-room Home2 Suites by Hilton hotel has been proposed for a site near Goerke’s Corners in the Town of Brookfield. The hotel would be built on a site on Larry Court, according to a proposal submitted by Goerke’s Park LLP.

The project is the second Home2 Suites by Hilton hotel planned in the Milwaukee area. Middleton-based Raymond Management Company is building a three-story, 110-room Home2 Suites hotel at 5880 S. Howell Ave., Milwaukee, near Mitchell International Airport. That hotel is expected to open in early May.

Home2 Suites is an all suites brand of extended stay hotels. It is part of McLean, Va.-based Hilton Worldwide Holdings Inc.

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Waukesha State Bank plans branch at Hartland bowling alley site
April 23, 2014 10:00 AM
Waukesha State Bank is working on plans to build a bank branch in Hartland at the current site of the Hartbrook Lanes bowling alley at 550 Hartbrook Dr.

Waukesha State Bank has branch locations in Waukesha, Brookfield, Delafield, Mukwonago, Muskego, New Berlin, Oconomowoc, Pewaukee and Sussex, but the bank has no branches in Hartland currently.
The bank plans to build a 5,500-square-foot branch building on the bowling alley site next year said Marynell Costa, senior vice president of Waukesha State Bank.

"We are in our due diligence phase," she said. "Hartland is a community that we serve, but our customers there have to travel farther (to a Waukesha State Bank branch). We think (the Hartbrook Lanes site) is convenient and will be a nice option for people."

An employee at Hartbrook Lanes said that Waukesha State Bank has an option to buy the property, but “nothing has been finalized” and the bowling alley will remain open for “another year at least.”

The bowling alley building was built in 1975 and the property has an assessed value of $1.23 million, according to Waukesha County records.

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Underwood Crossing PNC Bank building sold for $2.75 million
April 23, 2014 10:00 AM
An affiliate of Minneapolis-based Ryan Companies US Inc. recently sold the 4,020-square-foot PNC Bank building at the Underwood Crossing development in Brookfield for $2.75 million to Valley Village, Calif.-based EEB LLC, according to state records.

The building is located at 12805 W. Bluemound Road and is located on a 1.2-acre outlot of the Underwood Crossing development, which is anchored by a Target store and also includes a Trader Joe’s store.

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Sales down but prices up for state housing market
April 23, 2014 10:00 AM
Home sales in Wisconsin were down 11.3 percent in March and 8.5 percent in the first quarter, but average home sale prices rose 1.9 percent to $136.500 in March, year-over-year, and prices were up 4.2 percent in the first quarter compared to the first quarter of 2013, according to the latest report from the Wisconsin Realtors Association.

The cold winter and early spring weather likely contributed to slower sales levels, Realtors say.
“Even with spring officially arriving in the middle of March, the spring selling season has been slow to gather steam,” said Steve Lane, WRA board chairman. “We are hopeful that the spring thaw will jump-start the selling season that traditionally gains momentum in the second quarter.”

In southeastern Wisconsin, home sales were down 15.3 percent in March and 10.4 perent in the first quarter, but average home sale price was up 2.1 percent in March to $144,000 and up 4.1 percent in the first quarter to $135,000, according to the WRA report.

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Leases
April 23, 2014 10:00 AM

Colliers International|Wisconsin

Mears Group leased 3,113 square feet of office space at 125 N. Executive Dr., Brookfield.

American Family Insurance leased 1,200 square feet of retail space in the Liberty Plaza building at 10855 W. Park Place, Milwaukee.

NAI MLG Commercial

The Cabinet Maker LLC leased 5,250 square feet of space at 2604-06 S. 162nd St., New Berlin, from WDC/TNBC Limited Partnership.

A.H. Management Group Inc. leased 4,692 square feet of space at 9604 S. Franklin Dr., Franklin, from Oak Brook Apple LLC.

Nehao Chinese Restaurant leased 2,697 square feet of space at N81 W14972 Appleton Ave., Menomonee Fall, from MP Falls Plaza LLC.

Blommer Inc. leased 1,758 square feet of space at 4330 N. Oakland Ave., Shorewood, from Aunt Peg's Oakland Ave. LLC.

1492 Capital Management LLC leased 5,216 square feet of space at 2658 S. 162nd St., New Berlin, from WDC/TNBC Limited Partnership.

Richard J. Ertl leased 621 square feet of space at 3970 N. Oakland Ave., Shorewood, from Wisconsin Robinson Family Limited Partnership.

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Sales
April 23, 2014 10:00 AM

NAI MLG Commercial

DR Investments LLC purchased 23,000 square feet of space at 5171 S. Pennsylvania Ave., Cudahy, from Joshua Properties LLC.

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New construction
April 23, 2014 10:00 AM

Brookfield-based Briohn Building Corp. has been contracged to complete the design and construction of a 6,400-square-foot building addition for Pilot Freight Services at 6724 S. 13th St., Oak Creek. Briohn was also contracted to design and build an office renovation for Kinex Medical at 1801 Airport Road, Waukesha.

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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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