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Wednesday, July 16, 2014
Developer shifts gears for Pabst building redevelopment
July 16, 2014 11:06 AM
New York-based Whitestone Realty Capital LLC, which has been working on plans to redevelop the former malt house and grain warehouse buildings at the former Pabst brewery complex in downtown Milwaukee, has changed its plans for the project.

The original plan to was to transform the buildings, located southwest of West Juneau Avenue and North 10th Street, into 124 independent living and assisted living apartments for seniors.

However, Whitestone Realty has dropped those plans and now is planning a $26 million project to convert the buildings to 111 market rate aparmtents. The average rent will be $1,500 a month, said Michael Zukerman, chief executive officer of Whitestone Realty.

“Right now the (apartment) market is very strong,” Zukerman said.

Gorman & Company’s 100-unit Frederick Lofts apartment development, which is under construction in the former Pabst brewery, is already fully pre-leased Zukerman said.

However, two of three consultants that reviewed Whitestone’s plans for a senior living facility development at the former Pabst brewery said the project would not succeed.

“The market wouldn’t support the kind of project we wanted to do,” Zukerman said.

Whitestone hopes to close on its purchase of the malt house and grain warehouse buildings in late September or early October and plans to begin construction right away, Zukerman said. The project will take 14 months to complete, he said.

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Spec office building planned in Pewaukee
July 16, 2014 11:04 AM
Interstate Partners LLC has submitted preliminary plans to build a two-story, 25,352-square-foot speculative office building south of Watertown Road between Highway 164 and Highway F in the City of Pewaukee.

The building, designed by Waukesha-based JAKnetter Architects, could be expanded later with a two-story, 20,200-square-foot addition, accoding to the plans submitted to the city.

The Waukesha/Pewaukee office submarket had positive absorption of 23,683 square feet of space and a vacancy rate of 14.3 percent during the second quarter, according to the latest report from Xceligent and the Commercial Association of Realtors Wisconsin.

The City of Pewaukee Plan Commission will review the preliminary plans for the building on Thursday.

The commission will also review a proposal be Brookfield-based 2000 Development, which plans to build a 130,000-square-foot industrial building northeast of Watertown Road and Commerce Circle. Those plans were first revealed last year.

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Pieper Properties converting part of Third Ward building to apartments
July 16, 2014 10:37 AM
Pieper Properties is converting some vacant floors in the Mayer Building, located at the southeast corner of St. Paul Avenue and Water Street in Milwaukee Historic Third Ward, from commercial space into residential apartments.

"We are starting with 15 units on the second floor and will see how the market receives them (size, layout, finishes) before proceeding with up to 45 additional units (potential total of 60)," said Pieper Properties owner Ann Pieper Eisenbrown. "We still have and appreciate our commercial tenants. The Mayer is on its way to being a true mixed-use building."

Most of the apartments will be one bedroom units, but there will also be a few studio units, she said. Rents for the one bedroom units start at $1,073 per month, and studio unit rents are $910.

"From the sleek black cabinetry and subtly flecked white countertops to the rich brown wide-plank-look floors and 11-foot to 12-foot high ceilings with abundant windows…this is contemporary urban living," Pieper Eisenbrown said.

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Milwaukee area office market gains strength
July 16, 2014 10:34 AM
The Milwaukee area office real estate market posted strong results in the second quarter with 233,909 square feet of positive absorption, which helped lower the vacancy rate to 18.98 percent, according to the latest report from Xceligent and the Commercial Association of Realtors Wisconsin.

The area’s office market has absorbed 555,225 square feet of space during the last year and the vacancy rate has steadily fallen from 20.41 percent in the third quarter of 2013

The region’s class A vacancy rate is now at 13.06 percent, the class B vacancy rate is at 23.96 percent and the class C vacancy rate is at 18.21 percent, according to the report.

The downtown east office market vacancy rate is 16.15 percent and the downtown east class A office market is at 9.41 percent, according to the report.

Other notable submarket vacancy rates: downtown west, 29.39 percent; Mayfair/Wauwatosa, 22.44 percent; north shore, 24.71 percent; Third Ward/Walker’s Point, 17.95 percent; West Allis, 11.66 percent; Brookfield, 19.2 percent; Waukesha/Pewaukee, 14.3 percent.

The biggest office space lease deal in the area during the second quarter was Johnson Control’s 143,000-square-foot lease at the Renaissance Place complex in West Allis.

The most significant office building sale during the quarter was Riverview Realty Partners’ purchased of the 654,165-square-foot 411 E. Wisconsin Ave. office tower in downtown Milwaukee for $74.3 million. The building was 76.4 percent occupied at the time of the sale. Quarles & Brady LLP signed a 10-year extension of its lease for 186,000 square feet of space in the building.

NAI MLG Commercial also released its second quarter metro Milwaukee office market report. Comments in the report include: “the office market has continued to strengthen through the first half of 2014…a continued increase in activity, coupled with no new space deliveries, has led to overall positive net absorption…analysis of vacancy trends reval that the one and three year quarterly  averages of the vacancy rate also continue to drop, indicating that the medium and longer term trends of declining vacancy appear intact…leasing activity increased from the previous quarter, both in terms of the number of deals +14 percent, as well as the total space leased +27 percent…as the market tightens in terms of available space, asking rates continue to gradually increase…this trend will likely continue until new space is delivered into the market.”

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Milwaukee area industrial market continues strong performance
July 16, 2014 10:30 AM
The Milwaukee area industrial real estate market’s strong performance of recent years continued during the second quarter with 813,406 square feet of positive absorption, while the vacancy rate dipped from 6.71 percent to 6.05 percent, according to the latest report from Xceligent and the Commercial Association of Realtors Wisconsin.

During the last year the area’s industrial market has absorbed nearly 4.5 million square feet of space. The vacancy rate has fallen from 7.23 percent a year ago.

The biggest industrial deals of the quarter was Joy Globals lease of 305,065 square feet of space in Oak Creek and Junco’s $1.5 million purchased of a 202,592-square-foot building at 2800 W. Custer Ave., Milwaukee.

Second quarter industrial market performance by county:
- Milwaukee: 380,106 square feet of absorption, 8.9 percent vacancy
- Kenosha: 378,595 square feet, 4.2 percent
- Sheboygan: 101,100 square feet, 4.3 percent
- Ozaukee: 39,446 square feet, 8.3 percent
- Racine: 33,679 square feet, 4.5 percent
- Washington: 28,892 square feet, 4.7 percent
- Walworth: 28,000 square feet, 3.4 percent
- Waukesha: -176,412 square feet, 4.0 percent

There is currently 6.3 million square feet of industrial space under construction in the area, including 5.6 million square feet of  new construction, according to the Xceligent and CARW report. Of the 5.6 million, 4.5 million is build-to-suit or owner occupied and the remaining 1.1 million is speculative construction.

“New construction is breaking loose in the southeastern Wisconsin industrial markets,” said Jeff Hoffman, vice president of Pewaukee-based Judson & Associates, in his second quarter Wisconsin industrial market update. “General contractors focused on industrial work are indicating that their backlog is as strong as it has been since 2007. Expect more new construction announcements in the news.”

Waukesha County had its first industrial space negative absorption since the Great Recession.

“Expect this to be short lived,” said Hoffman, who pointed out that the data was “heavily influenced” by the addition of 287,950 square feet coming online from vacated former American TV distribution centers. “There are several deals in the pipeline for what remains of the existing inventory.”

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Milwaukee area retail market improves in second quarter
July 16, 2014 10:24 AM
After negative absorption of 263,641 square feet of space during the first quarter, the Milwaukee area retail real estate market improved and posted positive absorption of 115,562 square feet of space during the second quarter, according to the latest report from Xceligent and the Commercial Association of Realtors Wisconsin.

The region’s retail real estate vacancy rate is at 8.4 percent, up from 7.9 percent a year ago, according to the report.

The largest positive absorption during the quarter was from the opening of 266,000 square feet of space at the Mayfair Collection in Wauwatosa, with 185,607 square feet of space absorbed (69.9 percent occupancy).

But the area's retail real estate market took two big hits during the second quarter with the closing of the 88,495-square-foot American TV store in Brown Deer and the 110,242-square-foot American TV store in Pewaukee.

The largest retail real estate sale of the quarter was DLC Management Corp.’s purchase of the 408,500-square-foot Midtown Center in Milwaukee for $47.1 million.

Second quarter retail space absorption and vacancy rate by county:
- Milwaukee: 85,568 square feet, 8.5 percent
- Racine: 57,206 square feet, 12 percent
- Sheboygan: 25,000 square feet, 10.3 percent
- Ozaukee: 20,791 square feet, 4.2 percent
- Kenosha: 5,315 square feet, 10.3 percent
- Walworth: -1,200 square feet, 10.1 percent
- Washington: -9,061 square feet, 6.9 percent
- Waukesha: -68,058 square feet, 7.1 percent

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Metro area home sales down a tad in June
July 16, 2014 10:06 AM
By the slimmest of margins, home sales in the metro Milwaukee area in June continued to lag behind the 2013 pace. The area's 1,924 home sales for the month was only one behind June of 2013, according to the latest report from the Greater Milwaukee Association of Realtors.

Home sales for the four county area were down 7.3 percent to 8,593 for the first half of the year, compared to the first half of 2013.

June technically marks the sixth straight month that the market saw a decrease in year-over-year sales.

“A spike in listings in June – up 11.2 percent from June 2013 – would seem to lend proof to the theory that home sales were held back in the first half of the year due to a lack of inventory for buyers to choose from,” said GMAR president Mike Ruzicka. “However, June was the fifth-straight month of listing growth. The 11.2 percent increase in listings pushed the inventory level for June up to 8.5-months, slightly above May’s 8-month level.”

An inventory of 6 to 8 months (the time it would take to sell all of the homes currently on the market) is generally considered a balanced market between buyers and sellers.

Average home sale prices in the metro area for the second quarter were down slightly by 0.4 percent in the quarter, going from $220,650 in 2013 to $219,684 this year.

Second quarter home sale prices by county:
- Milwaukee, $143,890, up 4 percent
- Waukesha, $272,935, up 1.2 percent
- Washington, $196,587, down 0.5 percent
- Ozaukee, $265,325, down 4 percent

“Despite mixed signals on sales and inventory numbers, area brokers have not been discouraged at all this year,” Ruzicka said. “Buyer interest remains high, sellers can expect realistic prices (with some move-in ready properties seeing multiple offers), regional employment numbers are solid, and warm weather has finally arrived. It is difficult to determine if June is the beginning of a trend, with sales at or above the previous year and added supply, but insiders do not seem to be concerned.”

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NML wants to buy O’Donnell Park parking structure for $12.7 million
July 16, 2014 10:49 AM
Northwestern Mutual Life Insurance Company wants to buy the O’Donnell Park parking structure, located near the lakefront in downtown Milwaukee, for $12.7 million, according to a report from Milwaukee County Economic Development Director Teig Whaley-Smith to the Milwaukee County Board.

The O’Donnell Park parking structure is owned by Milwaukee County. It is located across the street from the Northwestern Mutual corporate headquarters campus, where the the company is preparing to build a new 32-story, $450 million office tower. The company plans to add 1,900 jobs in the new building, over a period of several years, and wants to buy the O’Donnell Park parking structure to provide additional parking spaces for its employees. The structure has 1,332 parking spaces.

Northwestern Mutual has offered to buy the parking structure for the appraised value of $14 million, minus $1.3 million for known repairs needed for the structure’s roof, according to Whaley-Smith’s report.

The O’Donnell Park structure was built in 1993. The county still owes about $7.1 million on the facility, according to Whaley-Smith’s report. Interest costs and costs related to retiring the debt are estimated at $600,000. Therefore, the county would net about $5 million if it sold the structure to Northwestern Mutual, the report states.

Another benefit of selling the property is it would then be put on the property tax rolls, Whaley-Smith’s report says.

Northwestern Mutual says it would continue to operate the facility as a public parking structure and keep all of the space on top of the structure open to the public. An analysis of the parking structure commissioned by the company in 2012 identified more than $6.5 million of near-term repairs needed in the facility. Were it to acquire O’Donnell Park, the company says it would initiate immediate improvements to the parking facility that would include structural repairs, deferred maintenance, improved cleanliness, and enhanced lighting to brighten the facility along with fresh painting and updated signage.

“We have had conceptual discussions with Milwaukee County for some time on this idea,” said Sandy Botcher, head of Northwestern Mutual’s downtown campus development project. “We’ve developed a proposal that relieves the county of some of its financial burden, upgrades the parking structure, and enhances the high-quality open space for the entire community to enjoy.”

However, Milwaukee County Board Supervisor Michael Mayo Sr. said the proposed sale price could be too low.

"I have a lot of respect for Northwestern Mutual and their role in the community," Mayo said. "We should do everything possible to help Northwestern Mutual. They are a good employer and they are good for Milwaukee. But in the final analysis I wonder if this is better for Northwestern Mutual than it is for the people of Milwaukee County. This is prime real estate on Milwaukee County's lakefront. We must be good stewards of the county's property and the lakefront. I want to see a win-win for Northwestern Mutual and the people of Milwaukee County, but right now it's not clear that given the sale price this is a win for Milwaukee County. Netting $5 million from the sale won't begin to address the needs we have for our parks and other public amenities. In addition, how are we going to replace the $1 million in revenue that the parking structure generates for Milwaukee County each year? They need to go back to the drawing board and come up with a new proposal, one that benefits our constituents as much as it benefits Northwestern Mutual. I believe we must be diligent in reviewing this proposal and we must ensure that the people of Milwaukee County are well-served by the sale of this prime piece of real estate before we move forward."

But Milwaukee County Supervisor Deanna Alexander expressed support for the proposed sale of the O'Donnell Park Parking Structure to Northwestern Mutual, saying the proposed deal is a "win-win-win for taxpayers, the county and Northwestern Mutual."

"With what we know so far, this looks like an excellent proposal worthy of our consideration," Alexander said. "The O'Donnell structure is an ideal location to meet the needs of Northwestern Mutual's nearby 32-story office tower. We have a great opportunity to demonstrate common sense because the County Board will decide whether we allow Northwestern Mutual to take some troublesome long-term concerns off our hands while maintaining all of the aspects of public access and beautification that Milwaukeeans care about, or if we deny the proposal and lead them to build a competing structure that would put the county in a far worse position with growing liabilities and disappointing revenue. This is an opportunity to benefit one of the county's key employers while at the same time benefiting taxpayers. Northwestern Mutual will get a parking garage one way or the other, and we should act quickly to see to it that this proposal is approved for the sake of the company and the taxpayers."

Milwaukee County Executive Chris Abele also expressed support for the proposed sale of the parking structure.

“It’s not often enough we get to announce such positive news," he said. "Not only will this sale allow us to continue to improve our beautiful parks, it’s also a great partnership with a company that has made a strong commitment to our community. I look forward to addressing any questions from the community and finalizing a deal that benefits the community.”

The parking structure provides a revenue source for the county, but there are also significant costs for debt service and to maintain the structure. In 2012 the structure generated more than $2 million in revenue. Minus expenses and debt service the structure provided a net gain of $988,067 to the county. However, that does not reflect needed capital repairs, Whaley-Smith’s report states.

“The financial benefits of continuing to own, manage and maintain the garage are more complex to calculate, since they require projecting the timing and extent of future revenues and expenses,” the report states. “The County Comptroller estimated those flows of funds over the next 40 years and calculates that the net present value of continued county ownership is roughly negative $1.6 million in today’s dollars, compared to a positive $5 million that the county could realize from selling the garage.”

Northwestern Mutual plans to make $6 million in improvements to the O’Donnell Park facility, Whaley-Smith’s report states.

“Northwestern Mutual is proposing to immediately address the structural, deferred maintenance and other issues identified by both the county’s and Northwestern Mutual’s engineering reports (on the structure), and install enhanced lighting for aesthetic and safety purposes,” the report states. “Long term, Northwestern Mutual is proposing to study other ways to improve the facility including activating green spaces, modernizing parking equipment, and adding zipcars and bike share options. These upgrades will be at no additional cost to the county but will greatly benefit all of the people who visit the lakefront.”
If it buys the structure, Northwestern Mutual would operate the parking garage and maintain the structure and plaza, according to the report.

In 2010 a concrete panel fell off the O’Donnell Park parking structure, killing a 15-year-old boy and injuring a woman and her son.

Today, the county faces a “significant liability of $1.3 million to fix existing issues with the property,” Whaley-Smith’s report states.

The structure is expected to have a “remaining useful life” through 2035. The cost to rebuild the structure is estimated at $58 million, the report states.

If the county moves to sell the O’Donnell Park parking structure to Northwestern Mutual it will face opposition from parks advocacy group Preserve Our Parks. That is the same group that has opposed the county’s plans to sell the Downtown Transit Center to developer Rick Barrett, who wants to build a 44-story luxury apartment tower there called The Couture. Preserve Our Parks opposes the sale of O’Donnell Park and the Downtown Transit Center because the group says much of those properties were originally in Lake Michigan and that under the state’s public trust doctrine the properties must remain in public ownership and cannot be used for private development.

“We see no reason (Northwestern Mutual) can’t reach an agreement with the county to lease spaces (at O’Donnell Park),” said John Lunz, president of Preserve Our Parks. “We’ve met with (Northwestern Mutual). They claim they are going to keep everything as it is. Who knows? It’s subject to change, of course.”

Northwestern Mutual has indictated that it has “other options” to add parking if it cannot purchase the O’Donnell Park site, Lunz said.


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Uline plans another distribution center and office building in Kenosha County
July 16, 2014 10:47 AM
Pleasant Praire-based Uline, which recently announced plans to double the size of its corporate headquarters campus and add 500 jobs there, this week announced that it will also move its Midwest distribution center operations from Waukegan, Ill. to Kenosha. That move will bring an additional 475 jobs to Kenosha County.

The company, a distributor of industrial moving and packaging products, currently has about 1,100 employees in Pleasant Prairie. Once the headquarters expansion project and the Midwest distribution center relocation project are complete the company will have about 2,075 employees in Kenosha County.

Uline’s Midwest distribution center operations will move to a new facility that will be built on a 200-acre site at Highway 142 and I-94, across the the freeway from where a 1.1 million-square-foot distribution center and a 500,000-square-foot distribution center are being built for Amazon.com. Total Amazon employment in Kenosha could reach 1,575 at the two facilities.

Uline plans to build a 60,000-square-foot office building and a 1 million-square-foot distribution center for its Midwest distribution operations (serving Wisconsin, Michigan, Illinois, Indiana and Iowa) at the Kenosha site at I-94 and Highway 142. Construction is exected to begin in the spring of 2015. The office building will house the company’s largest call center.

The company has a contract to purchase the site, which was recently annexed from the Town of Paris into the City of Kenosha.

Uline moved its corporate headquarters in 2010, relocating from Waukegan, to a new 200,000-square-foot office building and a 1 million-square-foot distribution center in Pleasant Prairie. That distribution center serves as the company’s national distribution center. The company recently announced plans to build a second 200,000-square-foot office building and a second 1 million-square-foot distribution center at its corporate headquarters campus.

The company’s planned facility at I-94 and Highway 142 in Kenosha will mean the end of its operations in Waukegan. All of the employees there will have the option to relocate to the new facility and some of them already live in Wisconsin, Uline spokesman Bill Broydrick said.
The company is moving the operations to Kenosha because the Waukegan facility is too small for its current and future needs, Broydrick said.

“Uline has deep roots in the State of Illinois,” said Executive Vice President Phil Hunt. “In fact, the company was founded in Illinois 34 years ago. The (Uihlein) family did not want to move out of Illinois. However, we could not find a large enough site that was shovel-ready. All of the sites we looked at had serious challenges that could not be resolved quickly enough to meet our timeline. The State of Wisconsin, Kenosha County, the Kenosha Area Business Alliance (KABA), the City of Kenosha and the Town of Paris were all instrumental in working together to resolve any issues to make this site shovel-ready for Uline. We appreciate all of their hard work.”

Uline never sought, nor was granted, any public funds for the project, Hunt said.




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East Troy industrial building sold for $6.9 million
July 16, 2014 10:45 AM
Boston-based STAG Industrial Inc. recently purchased a 149,600-square-foot industrial building at 2761 Buell Dr. in East Troy for $6,935,750, according to state records.

The building is occupied by Aptargroup Inc., a Crystal Lake, Ill.-based manufacturer of consumer pacakaging for beauty, food and pharmaceutical products.

STAG acquires and manages single tenant industrial real estate assets.

The building was sold by an investors group named East Troy Property LLC. The group purchased the building in 2013 for $3.9 million, according to state records.

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South side medical office building sold for $5.95 million
July 16, 2014 10:48 AM
An affiliate of The Atkins Companies, a West Orange, N.J.-based real estate development, investment and management firm, recently purchased a 26,521-square-foot medical office building at 3305 S. 20th St. in Milwaukee for $5.95 million, according to state records.

The building, constructed in 2000, sits on a 2.6-acre site. The property has an assessed value of $4.1 million, according to city records. It is located on the city’s south side near the Wheaton Franciscan Healthcare - St. Francis hospital.

“It’s a good location,” said David Zimmerman, chief financial officer of The Atkins Companies.
The building is fully occupied. Tenants include Lakeshore Medical Clinic and Wisconsin Surgery Center.

The Atkins Companies plans no major changes to the building and has added it as an investment property to its medical office building portfolio, Zimmerman said. The company now owns six medical office buildings, most located in the northeastern U.S.

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Milwaukee College Prep buys Northside YMCA for $5 million
July 16, 2014 10:35 AM
M.C. Preparatory School of Wisconsin Inc., an affiliate of Milwaukee College Prep, a K-8 public charter school, recently purchased the Northside YMCA at 1350 W. North Ave., Milwaukee, for $5 million, according to state records.

Milwaukee College Prep will take over the school at the Northside YMCA.

It will lease the fitness and recreation portion of the facility back to the YMCA of Metropolitan Milwaukee Inc., which is selling the facility to Milwaukee College Prep. The YMCA will continue to operate the fitness and recreation portion of the facility.

The YMCA of Metropolitan Milwaukee recently filed for bankruptcy and plans to sell most of its real estate assets to eliminate nearly $30 million in debt.

This will be the fourth campus for Milwaukee College Prep. The others are at: 2449 N. 36th St., 2623 N. 38th St. and 1228 W. Lloyd St. Milwaukee College Prep has an enrollment of more than 1,400 students.

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Leases
July 16, 2014 10:12 AM

CBRE

Joy Global Surface Mining Inc. leased 305,065 square feet of space at 10001 S. Howell Ave., Oak Creek, from OC Holdings LLC.

Elite Environmental Corp. leased 9,000 square feet of space at 12630 Custer Ave., Butler, from Custer Avenue LLC.

Trini-Dad’s Child Development Center LLC leased 6,000 square feet of space at 4159-61 S. 76th St., Milwaukee, from Lewenauer Investment Co. LLP.

Men’s Wearhouse Inc. leased 5,000 square feet of space at 1308 N. Port Washington Road, Grafton, from Rick Schmit Rentals Inc.

Gallagher Basset Services Inc. leased 4,186 square feet of space at 115 S. 84th St., Milwaukee, from NAI MLG Management LLC.

Simmer Inc. leased 3,409 square feet of space at 718 N. Water St., Milwaukee, from HUB Properties Trust.

Ziegler Family Office Inc. leased 2,228 square feet of space at 100 N. Corporate Dr., Brookfield, from CORE Realty Holdings Management Inc.

Colliers International

MPI Coin leased 14,179 square feet of industrial space at 1235 Dakota Dr., Grafton.

Opus Capital Markets Consultants LLC leased 10,804 square feet of office space at 300 N. Patrick Blvd., Brookfield.

J K Direct leased 6,325 square feet of industrial space at 2865 S. 160th St., New Berlin.

Midwest Meter leased 5,572 square feet of industrial space in the Delaney II building in Jackson.

Family Video Movie Club Inc. leased 4,267 square feet of retail space at 3321 S. Business Dr., Sheboygan.

Gerald Nell Inc.

E-Freight Courier LLC leased 10,000 square feet of industrial space at 3655 N. 126th St., Unit E, Brookfield, from Sunset Investment Co.

Yamazen Inc. leased 6,400 square feet of space at N50 W13740 Overview Dr., Menomonee Falls.

Edward Jones leased 1,200 square feet of space at 10700 W. Howard Ave., Greenfield.

NAI MLG Commercial

La Causa Inc. leased 15,442 square feet of space at 1126 S. 70th St., West Allis, from 1126 West Allis Operating Associates Limited Partnership.

State Process Service Inc. leased 1,650 square feet of space at 11430 W. Bluemound Road, Wauwatosa, from Griswold Family Limited Partnership.

Edward Jones leased 1,015 square feet of space at 15155 W. National Ave., New Berlin, from New Berlin City Center II LLC.

Siegel-Gallagher

Petite Pas Ballet School leased 1,440 square feet of retail space at 645 Wells St., Delafield, from Steinergroup Commercial Real Estate.

True Health Chiropractic & Wellness leased 1,227 square feet of office space at 10625 W. North Ave., Wauwatosa, from Mayfair Medical LLC.

Kowal Investment Group leased 818 square feet of office space at 110 S. Wisconsin St., Port Washington, from Ansay Development Corp.

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Sales
July 16, 2014 10:19 AM

CBRE

Rabbit Tracks LLC purchased 12,000 square feet of space at 7435 S. Howell Ave., Oak Creek, from Union Building Corp.

Manesis & Associates LLC purchased 16,500 square feet of space at 350 N. Watertown St., Johnson Creek, from The Gobbler Restaurant Inc.

Alex Berce purchased 2,189 square feet of space at 2006-08 W. Pierce St., Milwaukee, from Virginia B. Pierce LLC.

Moose Properties LLC purchased 1,257 square feet of space at 1638 S. 4th St., Milwaukee, from Virginia B. Pierce LLC.

NAI MLG Commercial

Partners for Community Development purchased 31,880 square feet of space at 8939 N. 55th St., Brown Deer, from Melvin & Barbara Shikora Revocable Trust.

Shawn Kim purchased 27,050 square feet of space at 3901 W. Rohr Ave., Milwaukee, from Webb Enterprises 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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