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Wednesday, October 1, 2014
Posner Building sold to developer for $3.4 million
September 24, 2014 10:40 AM
An affiliate of Milwaukee-based HKS Holdings LLC recently purchased the 106-year-old Posner Building at 152 W. Wisconsin Ave. in downtown Milwaukee for $3.4 million from an affiliate of Mo’s Restaurants.

HKS plans to convert the building to 105 apartments with ground floor retail space.

The seven-story building, located at the corner of Wisconsin and Plankinton avenues, is best known as the home for the downtown location for Mo’s Irish Pub. But the upper floors have been vacant for years.

The Wisconsin Housing and Economic Development Authority will provide $13.75 million in financing for the redevelopment project and the city of Milwaukee will provide up to $2.5 million in tax incremental financing.

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Cassidy Turley to be merged into DTZ
September 24, 2014 10:50 AM
Washington, D.C.-based Cassidy Turley, a commercial real estate services provider whose Milwaukee affiliate is Cassidy Turley Barry, announced this week that it has entered into an agreement with an affiliate of DTZ Investment Holdings, backed by TPG, PAG Asia Capital and Ontario Teachers’ Pension Plan (the consortium that agreed to acquire DTZ), to sell 100 percent of the equity interests of Cassidy Turley.

The consortium’s acquisition of DTZ is currently scheduled to close around Oct. 31. The acquisition of Cassidy Turley is expected to close on Dec. 31.

The combination of Cassidy Turley and DTZ, which will retain the DTZ brand, will create a global commercial real estate services firm with revenues of more than $2.9 billion and more than 28,200 total employees.

Cassidy Turley Barry president James T. Barry III declined to comment on the DTZ deal and how it will impact his firm, which is one of the oldest commercial real estate brokerages in Milwaukee. The firm was affiliated with Colliers International before prior to Cassidy Turley in 2010.

“Following a period of intensive mutual due diligence, we are confident that this combination is an excellent cultural fit as well as an opportunity to partner with a global brand,” said Joseph Stettinius, Jr., Cassidy Turley chief executive officer.

“The consortium is very pleased that DTZ Investment Holdings affiliate has reached an agreement to acquire Cassidy Turley after closing of the DTZ transaction. Cassidy Turley is a leading real estate services business in the U.S. and will complement DTZ's existing very strong businesses in Asia and Europe as well as DTZ's existing U.S. businesses," said Ben Gray, managing partner of Asia ofr TPG.

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Jo Cat’s Pub plans expansion on Brady Street
September 24, 2014 10:43 AM
Jo Cat’s Pub, located at 1311 E. Brady St. on Milwaukee’s East Side, plans to expand and renovate. The owner of the tavern JoeyC’s Inc. is seeking approval for the building alternation plans from the city’s Historic Preservation Commission.

The architect for the project is Milwaukee-based Korb Tredo Architects.

Jo Cat’s Pub is located in a two-story, 1,936-square-foot 139-year-old building. The bar is located in the ground floor and a two-bedroom apartment is located in the upper floor, according to city records.

The proposed renovation project would convert the second floor from an apartment into additional space for Jo Cat’s Pub. To do so, a two-story addition would be added to the east side of the building to add additional entrances, for new stairs, a bathroom and ADA access. The plans also include the addition of a open deck on the second floor.

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Energy saving renovations planned for University Club building
September 24, 2014 10:38 AM
Milwaukee-based PACE Equity LLC, a property assessed clean energy project originator, today announced the first PACE project in the state: a $1.9 million renovation of the University Club building at 924 E. Wells St in downtown Milwaukee.

The six-story clubhouse, which was built in 1928, will undergo a complete overhaul focused on generating a 30 percent energy savings of $1.3 million over 18 years, the company said.

PACE Equity acted as owner’s representative and worked with the City of Milwaukee in the development of the renovation plan. The Milwaukee Economic Development Corporation provided financing of the PACE portion of the project, which accounted for 35 percent of the overall renovation budget. PACE Equity also provided energy engineering and a guarantee of the corresponding energy savings.

“We know that the results of the University Club project will help other building owners see the possibilities of the PACE program, and we are proud to be leading the charge in Wisconsin,” said Beau Engman, founder of PACE Equity. “The University Club is performing a renovation that is important to their strategic plan. This project is an example of how PACE funding can be used as a tool to help building owners perform significant building improvements that are ultimately funded through energy savings.”


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Goodwill leases space in Pleasant Prairie industrial building
September 24, 2014 10:45 AM
Goodwill Retail Services Inc. recently leased 88,492 square feet of space at 8201 109th St., Pleasant Prairie, from Centerpoint 8201 109th Street LLC, according to CBRE, which brokered the deal.

The space is part of a 263,718-square-foot industrial building that was constructed in 1999 on a 16.2-acre site, according to Loopnet.com.

The deal is latest example of the strength of the Kenosha County industrial market which had a vacancy rate of only 4.2 percent and absorbed 378,595 square feet of industrial space during the second quarter, according to Xceligent.

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Days Inn hotels in Oak Creek and Glendale sold and converted to Motel 6
September 24, 2014 10:42 AM
The 107-room Days Inn hotel at 1201 W. College Ave. in Oak Creek and the 122-room Days Inn hotel at 5485 N. Port Washington Road, Glendale, were sold recently and have been converted to the Motel 6 hotel flag.

The former Oak Creek Days Inn was sold recently to Oak Creek Hotel LLC for $2.15 million, according to state records.

The former Glendale Days Inn was sold recently for $2.745 million to Glendale Hotel LLC.

The hotels was sold by a court appointed receiver. The agent for Oak Creek Hotel LLC and Glendale Hotel LLC is Rao Yalamanchili, owner of Arcadia, Calif.-based Positive Investments Inc.

A group of affiliated companies that owned 22 hotels in Texas, Illinois, Iowa, Michigan, Minnesota and Wisconin, including the former Oak Creek and Glendale Days Inn hotels, filed for chapter 11 bankruptcy in 2010 and submitted a reorganization plan to sell all of the hotels over a four year period. Other hotels that had been owned by the group included: a Days Inn hotel in Appleton, a Days Inn hotel in Eau Claire, a Travelodge Motel in Green Bay, a Howard Johnson hotel in La Crosse, a Baymont Inn and Suites in Madison, a Super 8 in Wauwatosa and a Days Inn in Wausau.

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Commercial Real Estate and Development Conference will focus on major projects
September 24, 2014 10:56 AM
A panel of local developers working on some of the most transformative development projects in southeastern Wisconsin will highlight the 12th annual BizTimes Milwaukee Commercial Real Estate and Development Conference.

The event will be held from 7:30 to 9:30 a.m. on Friday, Nov. 14, at Potawatomi Hotel & Casino in Milwaukee.

The keynote speaker for the event will be Lawrence Yun, chief economist and senior vice president of research for the National Association of Realtors. He will give an overview of the national real estate outlook.

Also, a panel of prominent local developers working on some of the largest development projects in the region will be featured at the conference. They will include:

- Mark Irgens, CEO and manager of Irgens. The firm is building 833 East, a 17-story, 358,000-square-foot office tower under construction in downtown Milwaukee. The firm is also working on a mixed-use development plan for the Ruby Farm property in Brookfield.
- Jerold Franke, president of Wispark LLC. The firm is leading a team of developers for the 85-acre Drexel Town Square development, which will create a mixed-use downtown area for Oak Creek.
- Scott Yauck, president and chief executive officer of Cobalt Partners LLC, which is working on a mixed-use development in Menomonee Falls called Whitestone Station, which is one of the largest brownfield redevelopment projects planned in the state.

The panel will be moderated by Dr. Mark Eppli, interim James H. Keyes Dean of Business Administration and Robert B. Bell Sr. Chair in Real Estate at Marquette University.

Marquette and the Commercial Association of Realtors Wisconsin (CARW) are event partners for the BizTimes Milwaukee Commercial Real Estate and Development Conference.

To register for the conference, visit www.biztimes.com/creconference

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Leases
September 24, 2014 10:52 AM

CBRE

Goodwill Retail Services Inc. leased 88,492 square feet of space at 8201 109th St., Pleasant Prairie, from Centerpoint 8201 109th Street LLC.

Federal/Whalen Moving and Storage LLC leased 13,311 square feet of space at 4930 S. 2nd St., Milwaukee, from TI Investors MKE-Airport LLC.

Montage leased 10,571 square feet of space at 514 Wells St., Delafield, from The Equitable Bank.

Wisconsin Women’s Business Initiaitve Corp. leased 9,398 square feet of space at 1533 N. RiverCenter Drive, Milwaukee, from Schlitz RiverCenter LLC.

End of the Leash LLC leased 8,160 square feet of space at 325 Bay View Road, Mukwonago, from Citizens Bank of Mukwonago.

APC Stores Inc. leased 8,000 square feet of space at 6201 Regency West Dr., Racine, from Lincoln Buildings LLC.

Dean Health Plan Inc. leased 7,219 square feet of space at N19 W24075 Riverwood Dr., Waukesha, from Riverwood Drive Property Group LLC.

Stir LLC leased 5,677 square feet of space at 135 W. Wells St., Milwaukee, from The Equitable Bank.

Van Gallery and Studios and Joshua Hintz leased 4,000 square feet of space at 643 S. 2nd St., Milwaukee, from Horner Sod Farm LLP.

Podell &  Book S.C. leased 3,242 square feet of space at 100 E. Wisconsin Ave., Milwaukee, from HUB Properties Trust.

Debt Advisors S.C. leased 2,245 square feet of space at 2600 N. Mayfair Road, Wauwatosa, from Mayfair Mall LLC.

Milwaukee Nephrologists S.C. leased 2,234 square feet of space at 2514 S. 102nd St., West Allis, from Somerset Green WM Propco LLC.

Veolia Water Solutions & Technologies North America Inc. leased 1,915 square feet of space at 1166 Quail Ct., Pewaukee, from Crossroads Investments LLC.

Leo Lesch Financial Advisors leased 1,202 square feet of space at W175 N11081 Stonewood Dr., Germantown, from Glen Oaks Office Park LLC.

NuMale Corp. leased 1,126 square feet of space at 2600 N. Mayfair Road, Wauwatosa, from Mayfair Mall LLC.

Gerald Nell

Insurance Partners LLC leased 1,000 square feet of space at 5315 N. 118th Ct., Milwaukee, from Monterey Park Ltd.

Siegel-Gallagher

Clear Water Outdoors leased 5,751 squarse feet of retail space at 250 N. Water St., Milwaukee, from George Bockl Living Trust.

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Sales
September 24, 2014 10:54 AM

CBRE

Arts Senior Livings of Mequon LLC purchased 4.85 acres of land at 11900 N. Port Washington Road, Mequon, from Shiy-Hwa and Yu-Feng Wang 2008 Irrevocable Trust.

Gerald Nell

Lilly Road Associates purchased a 20,440-square-foot building at N52 W13366 Falls Creek Ct., Menomonee Falls, from CHIC Corp.

Fairchild Living Trust purchased a 16,000-square-foot building at N52 W13821 N. Park Dr., Menomonee Falls, from KMN Enterprises LLC.

JRT.BAT LLC purchased a 8,674-square-foot building at 2830 N. Grandview Blvd., Pewaukee, from H&L Properties.

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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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