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Wednesday, March 25, 2015
Sheraton hotel in Brookfield sold for $16.6 million
March 25, 2015 10:24 AM
An affiliate of San Diego-based LM Capital Group LLC purchased the Sheraton Milwaukee Brookfield Hotel from an affiliate of Irving, Texas-based Archon Group LP, a subsidiary of Goldman Sachs, for $16.6 million, according to state records.

The 389-room hotel is located at 375 S. Moorland Road, northwest of I-94 and Moorland Road near Brookfield Square Mall. The hotel has 21 meeting spaces with a total of 19,000 square feet of space. The hotel’s largest meeting space is about 7,000 square feet. Amenities include indoor and outdoor pools.

The property has an assessed value of $19.5 million, according to Waukesha County records.
Schaumburg, Ill.-based Hostmark Hospitality Group was hired to manage the hotel. It is the fifth Wisconsin hotel in the company’s management portfolio.

“The Sheraton Milwaukee Brookfield is a phenomenal addition to our growing portfolio and is aligned with our expertise of operating in the state of Wisconsin,” said Jerome Cataldo, president and CEO of Hostmark Hospitality Group.

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Developers for The Corners buy site for $19.4 million
March 25, 2015 10:47 AM
Brookfield Corners LLC, the joint venture formed to build The Corners development in Brookfiield, has purchased the 19-acre site for $19.4 million, according to state records.

Brookfield Corners purchased the 11-acre former Menards store site at 20005 W. Bluemound Road from Eau Claire-based Menard Inc. for $11 million and the adjacent 8-acre former West Point Cinema site from an affiliate of Milwaukee-based The Marcus Corp. for $8.4 million.

Brookfield Corners is a joint venture formed between Coleshill, U.K.-based IM Properties, Chicago-based Bradford Real Estate and The Marcus Corp.

The Corners will be a $200 million, 750,000-square-foot retail, restaurant and apartment development on the 19-acre site bounded by Bluemond Road, North Barker Road and I-94. The project will have 400,000 square feet of retail and restaurant space, anchored by a Von Maur department store, and 235 luxury apartments that will be managed by Milwaukee-based Mandel Group Inc.

Demolition of the former Menards buildings and the former West Point Cinema complex is complete. Demolition of the strip mall adjoining the movie theater is also near completion.
Groundbreaking for The Corners is anticipated for mid-April.

“We are very pleased with the continued progress in advancing this landmark project,” said Robert Gould, vice president of IM Properties and CEO of Brookfield Corners LLC. “This is a rare opportunity to develop such a prominent flagship site and the reception that we have received from the retail community is very encouraging.”

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Meijer plans Sheboygan store
March 25, 2015 10:51 AM
Grand Rapids, Mich.-based Meijer Inc. plans to demolish a portion of Memorial Mall in Sheboygan, including the former Sears store space, to build a new Meijer store.

An affiliate of Meijer purchased the 367,147-square-foot mall, which sits on a 31-acre site southwest of Kohler Memorial Drive and Taylor Drive, from an affiliate of New York-based NorthStar Realty Finance Corp. for $10.75 million, according to a news release from Milwaukee-based Siegel-Gallagher.

“Yes, we have purchased that site,” Meijer spokesman Frank Guglielmi said. “We eventually plan to build a Meijer (store) on a portion of that site, but we have (not) finalized any construction timeline and it will be several years before we open a store there.”

The sale of the mall to Meijer was brokered by John Kuhn and Matt Chappell of Siegel-Gallagher, who represented NorthStar, and Meijer was represented by Michael Straits of Intrepid Properties and Robert Flood of RFP Commercial.

“This is a phenomenal location,” Kuhn said. “It’s at the Main and Main of Sheboygan. It’s a phenomenal piece of real estate.”

Memorial Mall, built in 1983, has struggled for years with a large amount of vacant space. It was acquired by NorthStar in 2011 in a foreclosure action. The sale to Meijer includes the adjoining Sears store property, which was acquired by NorthStar in late 2014. After that sale Sears closed the store.

Meijer plans to tear down the former Sears store space and a portion of Memorial Mall to create a site to build a Meijer store, Kuhn said. A portion of the existing Memorial Mall will remain, including the Kohl’s store and the Bed Bath & Beyond store, he said.

Most Meijer stores, which include large grocery and general merchandise departments, are about 192,000 square feet.

Meijer already has 213 stores in Michigan, Ohio, Indiana, Illinois and Kentucky. But now the firm is entering the Wisconsin marketplace and plans to open several stores in the state. This year Meijer plans to open stores in Grafton, Kenosha, Oak Creek and Wauwatosa. The company also plans to open stores in Waukesha, Greenfield, Sussex and the Green Bay area.

“(Meijer is) being very aggressive with their expansion plans (in Wisconsin),” Kuhn said.

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Costco buys New Berlin site for new store
March 25, 2015 10:43 AM
Issaquah, Wash.-based Costco Wholesale Corp. recently closed on its purchase of a 17.6-acre site in New Berlin where it plans to build a a new 156,000-square-foot store.

The site is located northeast of South Moorland and West Grange Avenue.

Kevin Riordan and Andy Fishler of The Boerke Company were the listing brokers for the property. The asking price was $2.25 million. Fishler declined to disclose the sale price.

The property was sold by New Berlin Land Company LLC. The registered agent for New Berlin Land Company is Michael Dilworth, president of Greenfield-based Ener-Con Companies.

The New Berlin store is one of three that Costco plans to add in southeastern Wisconsin. The company also plans to build new stores at the White Stone Station project in Menomonee Falls and in Pleasant Prairie. Costco already has stores in Grafton and Pewaukee.

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Aurora buys Burlington site for new facility
March 25, 2015 10:45 AM
Milwaukee-based Aurora Health Care purchased a 71-acre site in Burlington where it plans to build a new ambulatory surgery center and clinic.

Aurora recently purchased the site, located near the Burlington Bypass at 1281 Spring Valley Road, from Milwaukee-based Burlington Land Acquisition LLC for $2 million, according to state records.

A groundbreaking for the project is anticipated this spring, Aurora spokesman Adam Beeston said.

Aurora will also build a new ambulatory surgery center and clinic on the border of Racine and Walworth Counties.  This facility is currently planned for a 70-acre parcel of land on Spring Valley Road, by Highways 36 and 11, outside of Burlington.  This component is currently entering a six-month review phase, including due diligence for final land purchase and facility planning.

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County might sell or lease O’Donnell Park to Milwaukee Art Museum
March 25, 2015 10:41 AM
Milwaukee County Board Supervisors announced today that they will consider a proposal to sell or lease the O’Donnell Park parking structure and park to the Milwaukee Art Museum.

Northwestern Mutual wanted to purchase the parking structure for $12.7 million. The company wanted to purchase the structure to provide parking for its employees and pledged to preserve and improve the park on top of the parking structure. The company’s planned improvements to the facility were expected to exceed $6 million.

But in December the County Board rejected that proposed deal. Some opposed selling a park property to a private business.

The county still owes about $6 million on the 1,332-space parking structure, which was built in 1993. The structure needs $1.3 million in repairs to its roof. County officials have been debating how to improve and best utilize the facility going forward.

After the proposed sale of the O’Donnell Park property to Northwestern Mutual was rejected, County Board Chairwoman Marina Dimitrijevic asked the Milwaukee Art Museum if it was interested in taking over control of the property, Milwaukee Art Museum director Dan Keegan said.

O’Donnell Park is important to the Art Museum because about 60 percent of its visitors park there and the museum’s pedestrian bridge connects to the park.

“It just makes sense for us to dig into this,” Keegan said.
Keegan said it is too early to say what improvements the Art Museum would make to the property or what the cost to buy or lease it would be.

“It’s very preliminary,” he said.

County Board’s Parks, Energy and Environment Committee on Thursday will review a proposal that would authorize the county’s corporation counsel to begin discussions with the Art Museum about a possible sale or lease of O’Donnell Park.

“This will be a bold conversation on O’Donnell Park and the future of Milwaukee’s downtown lakefront,” Dimitrijevic said. “These talks will move us forward beyond the impasse on O’Donnell Park. Because the Milwaukee Art Museum is our community partner, we look forward to creating a public-to-public partnership. While the talks are exploratory, we want to engage in robust conversations about what O’Donnell Park will look like in the future.”

Supervisor Patricia Jursik said the discussions could bring new ideas for the future of O’Donnell Park.

"As the Chair of our County Board’s Economic Development Committee and as a Trustee on the Milwaukee Art Museum Board of Trustees, I hope to be a good liaison for both boards in this public to public solution,” Jursik said.  “The Director of the Milwaukee Art Museum, Dan Keegan, is a visionary and could help to provide a world-class solution to activating the public plaza."

Supervisor Gerry Broderick said he was confident that the conversation between the County and the Milwaukee Art Museum would end up benefiting both parties as well as the region.

“The Milwaukee Art Museum is a regional asset with a world-class reputation,” Broderick said. “These discussions promise to enhance opportunities for the museum and the region. They can bring about a bold and creative vision. I look forward to the outcome of these talks as we look for the best ways to benefit the entire community.”

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City issues RFP for downtown river site
March 25, 2015 10:49 AM
The city of Milwaukee has issued a request for proposals seeking developers interested in a half-acre vacant site along the east side of the Milwaukee River at 1027 N. Edison St.

The RFP says the city is seeking “exciting, creative and high quality proposals for the purchase and development,” of the site.

The northern portion of the site has major communication lines underground and a sidewalk providing access to a pedestrian bridge. Therefore only the southern half of the site is considered easily develop-able.

The property is zoned for a high-density mix of uses that could include residential, office and retail.

The city’s asking price for the property is $840,000. Responses to the RFP are due on Thursday, April 30.

Click here to see the full RFP for the property.

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Denny's restaurant planned in Greenfield
March 25, 2015 10:33 AM
A Denny's restaurant is planned at Highway 100 and Layton Avenue in Greenfield.

The Road Real Estate LLC purchased the 3,747-square-foot former Goody’s restaurant building on a 0.72-acre site at 4695 S. 108th St. from an affiliate of Milwaukee-based Phoenix Investors LLC for $800,000.

The Road Real Estate plans to renovate the building and operate it as a Denny’s restaurant.

“The acquisition of Hwy 100 & Layton was part of a larger transaction involving our purchase of notes and mortgages involving properties across the Milwaukee area from a private equity firm,” said Frank P. Crivello, executive vice president, Phoenix Investors. “As we re-position these properties we have and will continue to sell them as we achieve targeted prices.”

“Hwy 100 & Layton and other properties then purchased represented a value opportunity for Phoenix as these property types are away from our core focus of purchasing large former single tenant industrial facilities,” said David M. Marks, managing director, Phoenix Investors. “As we continue to own and enhance the adjacent shopping center, we are pleased to welcome Denny’s as a neighbor.”

The transaction was brokered by Jon Thoresen and Matthew Beadle of Commercial Property Associates Inc. and Duane Nimmer of The Nimmer Company.

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Real estate odds and ends
March 25, 2015 10:58 AM

Milwaukee Public Library selects HGA to design new Forest Home Branch
The Milwaukee Public Library’s Board of Trustees selected architectural firm HGA to design the new Forest Home library. The new library will be developed in partnership with Gorman & Co. in the Hills building at 906-10 Historic West Mitchell Street and will replace the current branch located at 1432 W. Forest Home Ave. The mixed-use building will feature market-rate apartments above a first floor library.

In other news:
  • The Marriott Milwaukee West hotel at W231 N1600 Corporate Ct., Pewaukee, recently completed renovations to its lobby along with a new bistro called BLVD Kitchen & Bar
  • Takos Mi Compadre LLC plans to open a restaurant at 621 S. 4th St. in Milwaukee.
  • Page One Milwaukee LLC plans to open a restaurant at 789 N. Water St. in downtown Milwaukee. It will be called Colour Palate.

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Leases
March 25, 2015 10:37 AM

Gerald Nell Inc.

Hexagon Metrology Inc. leased 3,166 square feet of space at Crossroads Corporate Center I, 20900 Swenson Dr., Waukesha.

NAI MLG Commercial

Stryker Spine leased 1,821 square feet of space at W189 N11100 Kleinmann Dr., Germantown, from SCS LLC.

Chiropractic Care of Minnesota Inc. leased 1,500 square feet of space at 250 Bishops Way, Brookfield, from Wisconsin Robinson Family Limited Partnership.

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Sales
March 25, 2015 10:38 AM

DTZ Barry

Mortara Family Properties LLC d.b.a. Mortara Instrument purchased an 8,020-square-foot industrialbuilding at 8585 W. Bradley Road, Milwaukee, from Glenbeigh Properties LLC.

NAI MLG Commercial

College Venture JV LLC purchased 66,812 square feet of space at 6205-69 S. 27th St., Greenfield, from Suburban Centers of Wisconsin Inc.

LG Elm Grove LLC purchased 6,825 square feet of space at 780 Elm Grove Road, Elm Grove, from Verona Johnson Living Trust.

RFP Commercial

Carl Nilssen and/or assigns purchased a 15,129-square-foot light manufacturing building at 3740 N. Fratney St., Milwaukee, from Sewart Holdings LLC.

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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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