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Wednesday, April 16, 2014
General Capital plans redevelopment for Hales Corners Kmart
April 16, 2014 09:00 AM
Fox Point-based real estate development firm General Capital Group is working on a retail redevelopment plan for the Kmart store property in Hales Corners.

The Kmart store will close in August and General Capital is in the process of acquiring the property from an out of state investment group, said John Kuhn, principal-director of the retail properties group for Siegel-Gallagher, who is marketing the property for General Capital.

The 108,000-square-foot Kmart store is located at 5600 S. 108th St. (Highway 100) in Hales Corners and is the anchor tenant of the Country Fair Shopping Center.

The specific redevelopment plans for the Kmart store site are still being formulated, but retail tenants are already expressing interest in the site, Kuhn said.

"We've got some preliminary interest from some very good tenants for this," he said. "We're working on a new site plan. This is very much preliminary."

The site is attractive because about 40,000 vehicles per day pass by on Highway 100, the area is densely populated and the average household income within a three-mile radius is $82,522, according to Siegel-Gallagher.

"The demographics are strong," Kuhn said. "Users that are interested want to be close to the rooftops (in the immediate area)."

Tenants in the remainder of the Country Fair Shopping Center, including Dollar Tree and RadioShack, would remain, Kuhn said.

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Redevelopment project planned in downtown Port Washington
April 16, 2014 08:00 AM
Developer Gertjan van den Broek recently announced plans to redevelop a downtown Port Washington property between Franklin Avenue and the harbor.

The project, called Harbour Lights, includes the redevelopment of the former M&I Bank building on Franklin Street and the Harry’s Restaurant building.

Harbour Lights will have 10,000 square feet of retail space on the ground level facing Lake Michigan on the east and Franklin Avenue on the west. The upper floors will have 13 condominiums, which will take advantage of views of the city’s historic downtown and views of the harbor and lake.

"Historically the city turned its back on the harbor," said van den Broek. "Commercial fishing vessels and coal barges ruled the harbor. Beginning with the crash of the yellow perch fishery during the 1980s, the character of the harbor has changed to sport fishing, sailing, pleasure boating, and recreation. With the conversion of the WE Energies Plant to natural gas and peak load operation, the coal is gone and that land is now a park. It’s time to embrace the harbor in the architecture and city planning."
    
The Harbour Lights project is designed by Engberg Anderson Inc. Pam Bastien of First Weber serving as the exclusive residential broker for the property.

“Given the lakeside location and easy access to dining, shopping and year-round outdoor activities, Harbour Lights is a distinctive residential opportunity in Port Washington,” said Bastien. “Initial interest has been tremendous.”

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Franklin officials consider TIF proposal for ballpark at The Rock
April 16, 2014 08:00 AM
City of Franklin officials are considering a proposal to provide tax incremental financing funds to Zimmerman Ventures for a proposed a $10.5 million minor league baseball stadium that would be built at The Rock sports complex.

The Rock is the skiing, baseball and BMX and mountain biking complex created by Greenfield-based Zimmerman Ventures at the former Crystal Ridge Ski Hill, a Milwaukee County Parks property northwest of South 76th Street and Loomis Road in Franklin. Zimmerman Ventures wants to build a minor league ballpark there for a team that would play in the independent Frontier League, and is seeking assistance from the city to pay for the facility.

Zimmerman Ventures says it plans to do a significant mixed use development near The Rock that will create a downtown district for Franklin. The proposed TIF district would allocate additional tax revenues generated by the mixed-use development to pay for the cost to build the ballpark. The proposed deal with the city also calls for the city to purchase vacant land across Crystal Ridge Drive from the state for no more than $600,000 for the mixed-use development project.

"We are proposing a development that will create a lively 'Franklin Downtown District' (mixed-use retail, office, hospitality, and residential development) as well as a revitalized, fully integrated corridor in and around 76th and Rawson Avenue, all influenced by the presence of a new professional baseball stadium," says the Zimmerman Ventures proposal submitted to the city.

Franklin officials rejected a previous proposal from Zimmerman Ventures requesting the city borrow $10.5 million for the ballpark, with rent payments from the baseball team used to pay the city back for the loan.

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Comfort Suites Park Place hotel sold for $5.9 million
April 16, 2014 07:00 AM
Boca Raton, Fla.-based Waramaug LS Hotels LLC, a private investment group, recently purchased the 120-room Comfort Suites Park Place hotel located at 10831 W. Park Place on the far northwest side of Milwaukee for $5.876 million, according to state records.

The four-story, 86,592-square-foot hotel was built in 2007 and has an assessed value of $6.55 million, according to city records. The hotel has two meeting rooms able to accommodate up to 100 people.

The hotel was sold by Eau Claire-based Hallie Rapids Ltd.

"The hotel has strong investment potential, located in a market ripe with demand generators," said Craig Nussbaum, Waramaug LS Hotels' vice president. "We continue to pursue high quality assets under strong brands in vibrant markets such as Milwaukee."

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Metro Milwaukee home sales down 10.2 percent in first quarter
April 16, 2014 09:00 AM
Home sales in metro Milwaukee for the first quarter of the year were down 10.2 percent compared to the first quarter of 2013, according to the latest report from the Greater Milwaukee Association of Realtors.

Most of the sales decrease was in March, when home sales were down 208 units from the previous March. Home sales were down by 28 in January and 97 in February.

Realtors say the exceptionally cold winter weather that hit the region this year contributed to the sales decline.

“A decrease in sales is not unusual in the winter months, and given the numerous polar vortexes that descended upon the region, buyers have decided to search online before going out,” said GMAR President Mike Ruzicka. “(The sales figures were a) sign of just how cold and long the winter was. Each month saw progressively worse sales performance compared to last year.”

Realtors are optimistic that sales will pick up as the temperature rises, Ruzicka said.

“Except for the weather, market conditions were good in the first quarter,” he said. “Interest rates, home prices and active buyers are situated to fuel a robust spring and summer market.”

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Real estate odds and ends
April 16, 2014 08:00 AM
Wussow named partner of Commercial Property Associates
Commercial Property Associates Inc., a Milwaukee-based retail real estate brokerage firm, recently named Mark Wussow as a partner of the firm. Wussow has been a broker with the firm for 10 years.

Mobile home community in Kenosha sold for $7.67 million

Scottsdale, Ariz.-based Kenosha MHC LLC recently purchased the Oakwood Mobile Home Community in Kenosha from Deerfield, Ill.-based Oakwood Investment Partners for $7.67 million, according to state records. Located at 9002 Sheridan Road on the south side of Kenosha, the Oakwood Mobile Home Community has 215 homes on a 27.5-acre site, according to state records.

Downtown Racine apartment property sold for $4 million
An apartment complex that includes a 93-year-old, 5-story building located at 413 Main St. in downtown Racine was sold recently for $4 million. The property was sold by an affiliate of Irving, Texas-based Kimberly-Clark Corp. to Chicago-based Arcade Partners LLC. The property has 75 apartment units and ground floor retail space.

Tires Plus building in Kenosha sold for $1.54 million
Edward R. Unterman of Coto de Caza, Calif. recently purchased the 6,065-square-foot Tires Plus building at 7424 74th Place in Kenosha from Brookfield-based Rose Properties LLC for $1.54 million, according to state records.

Germantown office building sold for $1.4 million
Steven Schellin, the owner and president of Schellin Consulting Services LLC, recently purchased a two-story, 16,430-square-foot office building in Germantown for $1.4 million, according to state records. The building is located at N112 W18741 Mequon Road. Tenants include a PNC Bank branch. The building was sold by WDC/HP SF Office LLC, whose address is the same as the Brookfield office for NAI MLG Commercial. Upon acquiring the building, Schellin transferred ownership to Ben Venue Properties – Germantown LLC, which has the same address as Schellin’s address in Sussex, according to state records.

Brookfield site sold for $1.4 million
Brookfield-based MRCR LLC recently purchased an 85-acre site on West Burleigh Road in Brookfield from Milwaukee-based The Quarry Group for $1.4 million, according to state records.

Heiser Trailer Sales property in West Milwaukee sold for $1 million
The estate of Eldon W. Heiser recenty sold the Heiser Trailer Sales Inc. property in West Milwaukee to a Mayville-based investment group for $1.025 million, according to state records. The 6-acre property is located at 4415 W. Burnham St., just west of Miller Park Way. The buyer is 4415 W. Burnham Street Holdings LLC.

Bank acquires West Bend industrial building in foreclosure action
The Equitable Bank recently acquired a 95,200-square-foot industrial building on a 6.5-acre site at 2230 Stonebridge Circle in West Bend, according to state records. The previous owner of the property was Brookfield-based Stonebridge WB LLC. The value of the transaction was $2.8 million, according to state records. The property was previously occupied by Nationwide Recycling.

Wussow named partner of Commercial Property Associates
Commercial Property Associates Inc., a Milwaukee-based retail real estate brokerage firm, recently named Mark Wussow as a partner of the firm. Wussow has been a broker with the firm for 10 years.

Mobile home community in Kenosha sold for $7.67 million

Scottsdale, Ariz.-based Kenosha MHC LLC recently purchased the Oakwood Mobile Home Community in Kenosha from Deerfield, Ill.-based Oakwood Investment Partners for $7.67 million, according to state records. Located at 9002 Sheridan Road on the south side of Kenosha, the Oakwood Mobile Home Community has 215 homes on a 27.5-acre site, according to state records.

Downtown Racine apartment property sold for $4 million
An apartment complex that includes a 93-year-old, 5-story building located at 413 Main St. in downtown Racine was sold recently for $4 million. The property was sold by an affiliate of Irving, Texas-based Kimberly-Clark Corp. to Chicago-based Arcade Partners LLC. The property has 75 apartment units and ground floor retail space.

Tires Plus building in Kenosha sold for $1.54 million
Edward R. Unterman of Coto de Caza, Calif. recently purchased the 6,065-square-foot Tires Plus building at 7424 74th Place in Kenosha from Brookfield-based Rose Properties LLC for $1.54 million, according to state records.

Germantown office building sold for $1.4 million
Steven Schellin, the owner and president of Schellin Consulting Services LLC, recently purchased a two-story, 16,430-square-foot office building in Germantown for $1.4 million, according to state records. The building is located at N112 W18741 Mequon Road. Tenants include a PNC Bank branch. The building was sold by WDC/HP SF Office LLC, whose address is the same as the Brookfield office for NAI MLG Commercial. Upon acquiring the building, Schellin transferred ownership to Ben Venue Properties – Germantown LLC, which has the same address as Schellin’s address in Sussex, according to state records.

Brookfield site sold for $1.4 million
Brookfield-based MRCR LLC recently purchased an 85-acre site on West Burleigh Road in Brookfield from Milwaukee-based The Quarry Group for $1.4 million, according to state records.

Heiser Trailer Sales property in West Milwaukee sold for $1 million
The estate of Eldon W. Heiser recenty sold the Heiser Trailer Sales Inc. property in West Milwaukee to a Mayville-based investment group for $1.025 million, according to state records. The 6-acre property is located at 4415 W. Burnham St., just west of Miller Park Way. The buyer is 4415 W. Burnham Street Holdings LLC.

Bank acquires West Bend industrial building in foreclosure action
The Equitable Bank recently acquired a 95,200-square-foot industrial building on a 6.5-acre site at 2230 Stonebridge Circle in West Bend, according to state records. The previous owner of the property was Brookfield-based Stonebridge WB LLC. The value of the transaction was $2.8 million, according to state records. The property was previously occupied by Nationwide Recycling.

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Leases
April 16, 2014 09:00 AM

CBRE

Aim Distribution Services LLC leased 19,200 squasre feet of space at 525 W. Maquette Ave., Oak Creek, from CJF2 LLC.

Total Renal Care Inc. leased 14,608 square feet of space at 601 N. 99th St., Wauwatosa, from WHH MOB LLC.

Penske Truck Leasing Co. L.P. leased 12,950 square feet of space at 1821 E. Frontage Road, Sturtevant, from Thomas Hribar Truck and Equipment Inc.

Shoe Carnival Inc. leased 11,158 square feet of space at 95 N. Moorland Road, Brookfield, from CBL & Associates Properties Inc.

Ver Halen Inc. leased 7,774 square feet of space at 13745 W. Capitol Dr., Brookfield, from Corbin Development LLC.

Omni Resources Inc. leased 7,000  square feet of space at 2367 N. Mayfair Road, Wauwatosa, from University Credit Union.

Sidex Corp. of Wisconsin Inc. leased 6,068 square feet of space at 16331 W. Lincoln Ave., New Berlin, from CAM Lincoln LLC.

Sentinel Technologies leased 5,215 square feet of space at 3720 N. 124th St., Wauwatosa, from KL 124th Partners LLC.

Rue21 Inc. leased 5,000 square feet of space at 1331 W. Paradise Dr., West Bend, from AH Paradise Drive Retail LLC.

Dollar Store of WI LLC leased 3,405 square feet of space at 5805 S. Packard Ave., Cudahy, from GAR Cudahy LP.

Nuveen Asset Management LLC leased 1,840 square feet of space at 777 E. Wisconsin Ave., Milwaukee, from U.S. Bank.

Marko Kurtuma, Zeljana Kurtuma and Zeljko Z. Trnjanac leased 1,582 square feet of space at 5316 S. 27th St., Milwaukee, from Kleczka Family Limited Partnership.

Grant and Cohodes LLC leased 1,427 square feet of space at 10101 W. Greenfield Ave., West Allis, from Waterstone Bank.

Gurpal S. and Megan Dhaliwal leased 1,357 square feet of space at 6077 W. Mequon Road, Mequon, from River Centre Building LLC.

Contract Land Staff LLC leased 1,098 square feet of space at N17 W24222 Riverwood Dr., Pewaukee, from NNN Riverwood Place LLC.

Supercuts Inc. leased 980 square feet of space at 1701 N. Mayfair Dr., Wauwatosa, from Cole MT Wauwatosa WI LLC.

Great Clips Inc. leased 917 square feet of space at 12821 W. Bluemound Road, Brookfield, from Ryan Bluemound LLC.

Pavement Consulting LLC leased 690 square feet of space at 514 Wells St., Delafield, from The Equitable Bank.

Colliers International|Wisconsin

Sidex Corp. of Wisconsin Inc. leased 6,068 square feet of flex space at 16331 W. Lincoln Ave., New Berlin.

KS Energy leased 4,800 square feet of flex space at 16331 W. Lincoln Ave., New Berlin.

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

Extension Inc. leased 1,000 square feet of office space at 700 W. Virginia, Milwaukee.

TMS Center of Wisconsin LLC leased 543 square feet of office space at 2600 N. Mayfair Road, Wauwatosa.

NAI MLG Commercial

Next Step in Day Services LLC leased 7,875 square feet of space at 2616-20 S. 162nd St., New Berlin, from WDC/TNBC Limited Partnership.

Jayhawk Sales-Midwest LLC leased 3,192 square feet of space at 2995 S. Moorland Road, New Berlin, from Jasper Engines & Transmissions.

Wessels Law Office LLC leased 1,350 square feet of space at 11649 N. Port Washington Road, Mequon, from Lexington Square LLP.

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Sales
April 16, 2014 09:00 AM


CBRE

Jomela Butters LLC purchased 50,754 square feet of space at 1201-11 and 1213-37 W. Historic Mitchell St., and 1730-38 S. 13th St., Milwaukee, from Carol Jean Alex.

Tivoli Gardens LLC purchased 35,561 square feet of space at 5910 Washington Ave., Racine, from Halmarc LLC.

Suburban Motors of Grafton Inc. purchased 3,168 square feet of space at 524 E. Green Bay Ave., Saukville, from BMO Harris Bank.

Gala Flora Development LLC purchased 2,878 square feet of space at 2137 W. Pierce St., Milwaukee, from Virginia B. Pierce LLC.

Courtyard Junction Ltd. purchased 2,615 square feet of space at 1590 Harris Dr., Port Washington, from BMO Harris Bank.

The Sterling Hasey Company Limited Partnership purchased 2,500 square feet of space at 3645 W. Loomis Road, Greenfield, from Georgia Nut Company.

O’Reilly Automotive Stores Inc. purchased 1 acre at 4140 W. Greenfield Ave., Wst Milwaukee, from Wal-Mart Stores East LP.

NAI MLG Commercial

Steven A. Schellin purchased 15,978 square feet of space at N112 W18741 Mequon Road, Germantown, from WDC/HLP SF Office LLC.

5101 S. Division Rd LLC purchased 7,700 square feet of space at 5101 S. Division Road, Waterford, from MSB Walls LLC.

Siegel-Gallagher

DLG Holdings LLC purchased 3,000 square feet of space at 35 E. Sumner St., Hartford, from White Elephant LLP.

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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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