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Wednesday, September 2, 2015
Penthouse condo in The Moderne sold for $1.6 million
September 2, 2015 10:52 AM
Kent Carlson purchased a condo on the top floor of The Moderne, a 30-story apartment and condo tower in downtown Milwaukee, for $1.6 million, according to state records.

The condo was sold by an affiliate of Barrett Lo Visionary Development, which built The Moderne. Lauren Siegel of FirstWeber Group is the listing broker for the condos in The Moderne. The building has 15 condos, and 11 of them have been sold.

The Moderne is located at the southwest corner of Old World Third Street and Juneau Avenue. It was completed in 2012. In addition to the condos, the building has 203 apartments and the Carson’s Prime Steaks and Famous BBQ restaurant.

Rick Barrett, owner of Barrett Lo Visionary Development, could not be immediately reached for comment. In the past he has said that virtually all of the apartments in The Moderne have been leased.

Carlson is a self-employed marketing and advertising professional, according to his LinkedIn page. He co-founded KustomizeIt Inc., a Milwaukee-based business-to-business and online promotional product and incentive purchasing company, which he sold to Bob Lanier Enterprises Inc. in 2006.

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USGA to open office in Elm Grove
September 2, 2015 10:58 AM
In preparation for the 2017 U.S. Open at Erin Hills, the United States Golf Association (USGA) has leased office space in Elm Grove.

Renting space in a community where a U.S. Open is being held falls in line with normal USGA business practices, said an association spokesperson.

Members will soon occupy 2,366-square-feet of space leased from the Annex Wealth Management Building at 12700 W. Bluemound Road. The lease was brokered by Kevin Schmoldt of NAI MLG Commercial.

The USGA spends approximately two years in the community coordinating hospitality programs, working on ticket sales and spending time at the golf course, the spokesperson said.

Erin Hills is a public golf course located in the Town of Erin in Washington County, about 35 miles northwest of Milwaukee. The course will host the U.S. Open from June 15-18, 2017.

Erin Hills opened in 2006. It was developed by Robert Lang, who sold the course to Andrew Ziegler, the chief executive officer of Milwaukee-based Artisan Partners.

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Downtown Waukesha apartment complex sold for $29 million
September 2, 2015 10:00 AM
Mountain Village, a 319-unit apartment complex near downtown Waukesha, has been sold by Styza Family LP to Illinois investor Axiom Properties for $29 million.

Representatives from Waukesha-based Bryce Styza Properties, which also owns the The Lodge in Waukesha and The Boardwalk in Burlington, declined to comment on the sale.

Mountain Village, 304 W. North St., is a 274,438-square-foot complex built between 1987 and 1992.

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Glendale hotel up for auction
September 2, 2015 09:47 AM
The Suites at Northshore in Glendale will be sold in an online auction on auction.com from Sept. 28 to Sept. 30.

The 96-room hotel, at 7275 N. Port Washington Road., has a starting bid of $600,000. The property includes 15 buildings on 2.3 acres of land. The hotel was built in 1988.

The Suites of Northshore was sold in July to Boca Raton, Fla.-based BRE Imagination Hotel Owner LLC for $2.6 million, according to state records.

BRE Imagination Hotel Owner is affiliated with Boca Raton Resort & Club, a Waldorf Astoria Resort, a brand of Hilton Worldwide.

The hotel was sold by Leeward Strategic Properties Inc., an affiliate of Norwalk, Conn.-based GE Capital Real Estate.

The hotel was formerly operated under the Residence Inn by Marriott flag.

According to auction.com, the hotel is at 60 percent occupancy.

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Waukesha’s Museum Apartments progressing
September 2, 2015 10:05 AM
Plans to convert the former Waukesha County courthouse, jail and connector building into high-end apartments continue to progress as the city’s Plan Commission had its first look at the proposal this week.

Historic Prairieville Limited Partners, led by Alan Huelsman, who owns Berg Management Co., has agreed to buy the three buildings, all at 101 W. Main St., which includes the struggling Waukesha County Museum.

The museum operates at the former Waukesha County Courthouse, former jail and a connector building.

Huelsman wants to raze the 1938 connector building and restore the 1885 jail to incorporate it into the residential space. Preliminary plans show 42 apartment units on four floors ranging from 665-square-feet to 1,175-square-feet.

Huelsman would not disclose costs.

The 1893 courthouse would also be restored. The three-story building would be used as a museum and banquet hall.
 
“High end apartments are in demand in this city,” Huelsman said. “We would like to take advantage of that and get people with spending money into our downtown.”  
Berg Management constructed the 22-unit Prairieville Apartments at 260 South St. in downtown Waukesha earlier this year. Huelsman said two-thirds of the rentals were full the first month.

The museum apartment plans will go before the city’s Landmarks Commission Oct. 7 for approval before heading back to the Plan Commission for the final go ahead this fall.

“This is a very significant project for the city,” said Maria Pandazi, Waukesha city planner. “The historic courthouse and jail are arguably the most significant historic buildings in the city. We want to make sure all of the details are covered.”

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Reed Street Yards development site sold to C.D. Smith Construction
September 2, 2015 10:06 AM
C.D. Smith Construction Inc. has purchased a 1.6-acre lot in Reed Street Yards where it will build the first property in what will become a global water technology business park.

The Fond du Lac-based construction company purchased the land from Wisconsin Limited Liability Company, an affiliate of General Capital Group LLP, for $1.4 million, according to state real estate records.

Rexnord Corp announced in June that it plans to move Zurn to the Reed Street Yards, a 17-acre property in the Walker’s Point neighborhood.

The relocation of Zurn, a manufacturer of engineered water solutions, will result in 120 full-time employees by March 2021.

The plan is for Zurn to be located in a three-story, 52,000-square-foot building that is expected to be completed in 2016. Thirty-five full-time employees would initially work in the building.

C.D. Smith Construction Inc. is expected to begin construction next month.

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White Lodging Services and Jackson Street Holdings to manage SpringHill Suites
September 2, 2015 10:02 AM
White Lodging Services Corp. will partner will Jackson Street Holdings, LLC to manage the new SpringHill Suites hotel in downtown Milwaukee.

The 155-suite SpringHill Suites, located at the corner of 4th and Wells streets, is scheduled to open spring 2016.

It will have 2,000 square feet of meeting space and a restaurant, according to the firm's website. In December, Jackson Street Holdings purchased the six-story, 92,255-square-foot office building and a two-story parking structure, both built in 1927, from Zilber Ltd. for $4.5 million, according to state records. The building is located across the street from the Wisconsin Center and is connected to the facility via skywalk.

The hotel will operate as a Marriott franchise, owned by JSWD Commerce, LLC, an affiliate of Jackson Street Holdings.

The Merrillville, Ind.-based White Lodging announced the agreement with Jackson Street Holdings on its website.

White Lodging also manages the Marriott Downtown hotel at 323 E. Wisconsin Ave., which opened in 2013.

Bryan Hayes, chief operating officer of White Lodging’s select service hotels, said the company looks forward to the partnership and welcoming guests and locals to the new property.

“Milwaukee is a city with a strong attachment to its history, and we believe the SpringHill Suites Milwaukee Downtown will honor its historical setting in the Commerce building,” Hayes said.

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Leases
September 2, 2015 09:39 AM

CBRE

Gruber Law Offices leased 18,136 square feet of space and Michael Sperling leased 4,421 square feet of space at 100 E. Wisconsin Ave., Milwaukee, from Hub Properties Trust.

SimplexGrinnell LP leased 18,000 square feet of space at 14778 Shawn Circle, Menomonee Falls, from R&S Partnership.

Familia Dental South Milwaukee LLC leased 5,200 square feet of space at 821 S. Layton Blvd., Milwaukee, from W. Villarreal Properties LLC.

SourcePoint Staffing leased 4,036 square feet of space at 12745 W. Capitol Dr., Brookfield, from Tri City National Bank.

Cecilia Knopfhart d.b.a. Taco El Norte leased 2,400 square feet of space at 960 75th St., Kenosha, from RB Resolution Properties LLC.

Ascend Technology Inc. leased 1,889 square feet of space at 250 Bishops Way, Brookfield, from Wisconsin Robinson Family Limited Partnership.

Alternatives in Psychological Consultation S.C. leased 1,800 square feet of space at 5421 N. 118th Ct., Milwaukee, from Monterey Park Ltd.

Rebeca Aguilar Salaza d.b.a. Love Nails leased 1,200 square feet of space at 3458 52nd St., Kenosha, from RB Resolution Properties LLC.

Gerald Nell Inc.

Key Impact Sales & Systems Inc. leased 7,000 square feet of industrial space at N27 W23713 Paul Road, Unit A, Pewaukee, from Westside Investor Group LLC.

Judson & Associates

Collectible Canvas LLC leased 9,600 square feet of space at W146 S6450 Tess Corners, Muskego, from Max Mollgaard.

Garcia Granite Kitchen leased 1,200 square feet of space at 406 Travis Lane, Unit 49, Waukesha, from Waucom Center LLC.

NAI MLG Commercial

Dickens Books Ltd. Leased 23,140 square feet of space at 544 S. 1st St., Milwaukee, from Independence First Inc.

Professional Sports Training of WI leased 10,432 square feet and Zone Mechanical North Inc. leased 5,216 square feet of space at 2630-58 S. 162nd St., New Berlin, from New Berlin II LLC.

Macro Machine Inc. leased 7,875 square feet of space at 2600-26 S. 162nd St., New Berlin, from New Berlin II LLC.

LifeSpring Church leased 5,000 square feet of space at 20711 Watertown Road, Waukesha, from Goerkes Park LLP.

United States Golf Association leased 2,366 square feet of space at 12700 W. Bluemound Road, Elm Grove, from Annex 127.

Aras Promotions leased 2,000 square feet of space at 225 E. Mason St., Milwaukee, from Dermond Property Management.

World Finance Corporation of Wisconsin leased 1,329 square feet of space at N81 W14900-66 Appleton Ave., Menomonee Falls, from MP Falls Plaza LLC.

Edward Jones leased 1,170 square feet of space at 7441 S. 27th St., Franklin, from RRA LLC.

uBreakiFix leased 1,041 square feet of space at 3606-58 S. 27th St., Milwaukee, from Milwaukee S.C. LLC.

RFP Commercial

Minacs USA leased 17,880 square feet of space in the Schlitz Park Stock House building at 235 W. Galena St., Milwaukee.

Oxford Global Resources LLC leased 2,442 square feet of space in the Plaza East Office Center at 330 E. Kilbourn Ave., Milwaukee, from Tishman Speyer.

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Sales
September 2, 2015 09:41 AM

CBRE

Jablonka Investments LLP purchased 52,820 square feet of space at N92 W15966 Megal Dr., Menomonee Falls, from Jerona LLC.

DTZ Barry

Super Bottle Parking LLC purchased a 1,350-square-foot retail building at 7606 W. Greenfield Ave., West Allis, from Charles R. Bacun.

Judson & Associates

Wheaton Franciscan Healthcare – All Saints Inc. purchased 25,237 square feet of space at 10180 Washington Ave., Sturtevant, from Hawes Development LLC.

NAI MLG Commercial

Noby Wisconsin Real Estate LLC purchased 14,433 square feet of space at 2360 N. 124th St., Wauwatosa, from WDC/HLP SF Office.

SHONGOLOLO LLC purchased 7,730 square feet of space at 10950 W. Good Hope Road, Milwaukee, from Spirit Master Funding III LLC.

Terra Yard Creations LLC purchased 5.75 acres at 1522 E. Grant St., Elkhorn, from Glatz Barn.

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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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