advertisement


Shoppes at Prairie Ridge sold as part of $318 million portfolio deal
September 16, 2014 12:16 PM
The Shoppes at Prairie Ridge, a shopping center in Pleasant Prairie, is part of a 15-property retail real estate portfolio that Oak Brook, Ill.-based Inland Real Estate Income Trust Inc. is buying from Indianapolis-based Kite Realty Group Trust for $318 million, Inland and Kite announced today.

The Shoppes at Prairie Ridge is a 364,310-square-foot shopping center located at the southeast corner of Highway 50 and 104th Avenue in Pleasant Prairie. Tenants include: Target, JC Penney, Dick’s Sporting Goods, PetSmart and Ulta Cosmetics. The Target store is owned by Target, but the rest of the shopping center is being acquired by Inland.

Mid-America Real Estate Wisconsin will continue to market the Shoppes at Prairie Ridge.

The properties in the portfolio being acquired by Inland are located in eight states and also include the Fox Point Plaza, a 171,121-square-foot shopping center anchored by a Pick ‘n Save store in Neenah, and a Copps grocery store property in Stevens Point, both of which are also marketed by Mid-America Real Estate.

The portfolio deal is expected to close in two tranches on or before Dec. 15 and March 16, 2015.

In July, Kite Realty acquired Inland Diversified Real Estate Trust Inc. for $1.2 billion. Inland Diversified Real Estate Trust and Inland Real Estate Income Trust are both real estate investment trusts that were sponsored by Oak Brook, Ill.-based Inland Real Estate Investement Corp., but they are separate companies.

“Since well before the closing of the merger with Inland Diversified in early July, we have been diligently evaluating the geographic and demographic composition of our recently expanded portfolio,” said John Kite, chairman and CEO of Kite Realty. “The properties we will be selling to Inland (Real Estate) Income Trust represent assets that we consider to be non-core based upon our geographic objectives as we are looking for opportunities to increase our scale in select markets, consistent with our strategy. We look forward to redeploying the proceeds from these sales into assets that are more in line with our long-term strategic objectives and will add additional shareholder value.”

comment »

advertisement
RFQ seeks 'world class' design for Lakefront Gateway Plaza
September 16, 2014 12:19 PM
The City of Milwaukee, Milwaukee County Parks and a “group of local stakeholders” have issued a request for qualifications seeking a design team to create plans for a “world class public plaza” that would be created on the lakefront between Lincoln Memorial Drive and Discovery World.

The project, called Lakefront Gateway Plaza, is part of the Lakefront Gateway Plan to enhance the lakefront and improve public access between the lakefront and downtown.

Street improvements planned in the area include the extension of Clybourn Street east to Discovery World, and enhancement of Clybourn into a boulevard. The Lakefront Gateway Plaza would be located on an 80,000-square-foot space 150 feet west of the lakefront between Discovery World, the extended Clybourn Street, Lincoln Memorial Drive and Michigan Street.

Preliminary plans to add a pedestrian bridge through the proposed Couture development show the pedestrian bridge connected to the lakefront at the Lakefront Gateway Plaza site.

The budget for the Lakefront Gateway Plaza project and the source of the funds to pay for it are yet to be determined, said Department of City Development spokesman Jeff Fleming.

The RFQ is the first phase of an anticipated two-phase process. The plan is to select up to four qualified teams to participate in a future design process for the Lakefront Gateway Plaza. Once the top teams are selected the second phase of the design process would be the preparation of proposals by those selected teams for final judging and selection of one design team. The winning team would work with the city, county and the stakeholder group to complete the design process.

Responses to the RFQ are due on Nov. 3.

More information about the Lakefront Gateway Plaza RFQ is available here.

comment »

UWM opens new School of Freshwater Sciences
September 16, 2014 12:24 PM
The University of Wisconsin-Milwaukee opened its state-of-the-art School of Freshwater Sciences building on Friday with a dedication and celebration that drew more than 600 people.

The new building, which has been under construction for about two years, is now home to the school’s multidisciplinary and interdisciplinary research initiatives surrounding freshwater.

“The new (building) will enable us to use the best equipment in the best environment,” David Garman, Ph.D., dean of the School of Freshwater Sciences, told Biztimes in an interview last month.

According to Garman, the school’s old complex, a 40-year-old facility that previously housed the Great Lakes Water Institute, was “unsuitable” for the school’s state-of-the-art research – void of adequate resources, space, clean labs and proper exhaust fumes.

While the school’s faculty have been spearheading quality research, Garman compared it to working “with one hand tied behind your back.”

Still, the old facility, adjacent to the new building, will continue to be used with square footage for research labs, boat operations, and aquaculture research and training, among other workspace.

The new site and its updated amenities will “enable us to take our research to the next stage,” Garman said.

Among the new facility’s most innovative features is its top-flight research equipment, including next-generation sequencing machines for the genomic laboratory, new trace and ultra-trace analytic devices for metals and organic compounds, and new high-security biological examination laboratories. The site also contains innovative student laboratories and teaching laboratories – the first of their kind for the school.

Garman said another significant advantage of the new space is the collaborative nature of its infrastructure.

“And I suppose the greatest benefit that we are actually going to get out of this is that we’ll have all the researchers in areas so that they can interact, be truly multidisciplinary, and create a culture of innovation and cutting edge research, which was very difficult in the old building,” he said.

“So the people aspect is almost just as important as the equipment aspect,” Garman said.

Along with celebrating its opening on Friday night, the school welcomed about 1,000 community members on Saturday for public tours and science demonstrations.

To view a photo gallery of the new facility, check out BizTimes’ Around Town gallery.

comment »

advertisement
Regus to establish Third Ward business center
September 16, 2014 12:32 PM
Regus, which provides flexible offices and meeting spaces for small business tenants, plans to establish a business center in The Mayer building at 342 N. Water St. in Milwaukee’s Historic Third Ward neighborhood.

Regus recently leased 12,500 square feet of space in the building, which is owned by Pieper Properties Inc. The deal was brokered by Lyle Landowski and Mike Wanazek of Colliers International|Wisconsin.

Regus currently has business center locations at Bayshore Town Center in Glendale, 200 S. Executive Dr. in Brookfield, at 11414 W. Park Place on the far northwest side of Milwaukee and in the 250 Plaza building at 250 E. Wisconsin Ave. in downtown Milwaukee.

The Third Ward location will be an additional business center for Regus and will not replace any of its existing centers in the area, Wanazek said.

“They are in a growth mode across the country,” he said. “They see the Third Ward as a growth opportunity for them.”

Regus has 2,000 locations in 750 cities and 100 countries.

comment »

IT firm to move Brookfield office downtown
September 16, 2014 12:22 PM
Logicalis, a London-based IT firm, plans to move its Brookfield office to the Pabst Professional Center, the new office building recently completed in the former Pabst brewery complex in downtown Milwaukee.

Logicalis signed a lease for 3,060 square feet of space in the Pabst Professional Center. Mike Wanezek, Dan Wroblewski and Lyle Landowski of Colliers International|Wisconsin brokered the deal for Blue Ribbon Management LLC, which is the developer of the building. Logicalis was represented by Steffi Hahn of Cresa.

The firm’s office in Brookfield is currently located at 20300 Water Tower Boulevard.

“They wanted to move downtown,” Wanezek said. The firm is expected to make the move by Oct. 15, he said.

The Pabst Professional Center is a five-story building built northeast of West Juneau Avenue and North 11th Street, behind the Brewhouse Inn & Suites hotel. The building has interior parking on the first three floors and 42,000 square feet of office space on the upper three floors.

The only other tenant announced for the building is the Shanghai-based De Mei Law Firm.

comment »

Zilber Family Foundation donates $800,000 toward neighborhood revitalization
September 16, 2014 12:30 PM
The Zilber Family Foundation is investing close to $800,000 in the continuous effort to revitalize and beautify area neighborhoods, according to an announcement made by its board of directors today.

The foundation’s funding is broken down into two grants that will support a broader strategy to improve housing conditions in Milwaukee’s Clarke Square and Layton Boulevard West neighborhoods and advance a commercial development project on North Avenue in Lindsay Heights.

“The physical conditions in neighborhoods have a demonstrated impact on factors such as social relationships, health outcomes, safety, and child development,” said Susan Lloyd, executive director of the Zilber Family Foundation. “Investments in developing and preserving homes and buildings will have far reaching positive effects on the quality of life in neighborhoods.”

One of the grants, totaling $299,000 will be distributed to Layton Boulevard West Neighbors over two years. Grant dollars will assist the nonprofit with its home improvement strategies and will support a pool of matching grants available for homeowners needing to make exterior home repairs in the Clarke Square and Layton Boulevard West neighborhoods.

“With continued support from the Zilber Family Foundation, we will connect neighbors with resources to renovate their homes that will result in enhanced neighborhood appearance, stabilized home values, and bolstered community pride and confidence,” said Charlotte John-Gomez, executive director of Layton Boulevard West Neighbors.

A second $500,000 grant will back the Lindsay Heights commercial corridor along North Avenue. The grant, awarded to Walnut Way Conservation Corporation, will assist in phase one development of the Innovations and Wellness Commons, a project set to repurpose North Avenue between 16th and 17th Streets. Once complete, the Commons will house resources such as social services, economic development programs, job opportunities, and new businesses working to fulfill the needs of the neighborhood.

The entire commercial development project is projected to attract more than $6 million of investment. The site’s development team includes Baker Tilly, CG Schmidt, Mayer Helminiak Architects, Reinhart Boerner Van Duren s.c., and Juli Kaufmann of Fix Development.

“The Zilber grant will make a tremendous difference,” said Sharon Adams, Walnut Way’s program director.

comment »

Milwaukee Biz Blog: Medical homes are proliferating
September 16, 2014 12:34 PM
Washington County and Wisconsin are right in the middle of a seismic shift in the delivery of health care in America – from primary care as a loss leader for the big hospital corporations to medical homes for employees right at the work site.

The latest company to install an on-site clinic is West Bend Mutual Insurance, the largest employer in the county. West Bend has reportedly contracted with QuadMed, a subsidiary of Quad/Graphics Inc., another major employer in the state and county.

Read more in today’s Milwaukee Biz Blog by John Torinus of Serigraph Inc. in West Bend.

comment »

Morning Headlines: Packers may be buying more land near Lambeau
September 16, 2014 12:35 PM
The Green Bay Packers might be acquiring more land around Lambeau Field.

Read more in today’s Wisconsin Morning Headlines.

comment »

Money Weekly: Partnership Bank expands branch network
September 16, 2014 12:36 PM
Cedarburg-based Partnership Community Bancshares Inc. has acquired two of its affiliate banks—First Bank Tomah and Town and Country Bank in Watertown—and will integrate them into the Partnership Bank branch system.

Read more in today’s Money Weekly.

comment »

Cover story: Meet the general
September 15, 2014 12:04 PM
ASQ's new chief executive officer, Bill Troy, has led operations all over the globe – from Alaska to Texas, from Germany to Saudi Arabia, and even in Iraq.

Troy, who took command of Milwaukee-based ASQ in April, is a retired three-star general with a military career spanning 38 years, during part of which he was responsible for the safety and success of thousands of soldiers and the welfare of their family members.

Read about how he’s applied the lessons from those experiences to his new role in the cover story of the new issue of BizTimes Milwaukee.

comment »

Report says AB InBev seeks financing to acquire SABMiller
September 15, 2014 11:38 AM
Anheuser-Busch InBev NV is talking to banks about financing a $122 billion deal to acquire global beer rival SABMiller PLC, the parent company of Chicago-based MillerCoors, according to a report by The Wall Street Journal.

A merger between the world’s two largest brewing companies has been speculated for years, but a revival in global merger activity this year has sparked renewed speculation about a deal, according to the report. AB InBev is not in active discussions with SABMiller. A source told the newspaper that the company is waiting to line up its financing before making a formal approach.

The talks about financing come on the heels of an approach by SABMiller to buy Dutch brewer Heineken NV, which said Sunday it had rejected the offer. SABMiller was not discouraged by Heineken’s initial rejection and would consider another bid, according to another person familiar with the discussions, the Journal reported.

AB InBev, which owns Budweiser, had a nearly 20-percent share of the global beer market in 2013, according to data service Euromonitor. It is trailed by SABMiller, with a 9.6-percent share, and Heineken, with a 9.3-percent share.

MillerCoors operates a Miller Brewing brewery in Milwaukee.

comment »

The Marek Group acquires CPI Promotions
September 15, 2014 11:40 AM
The Marek Group, a Waukesha-based sales enablement and marketing communications firm, announced it has acquired CPI Promotions, a promotional product distributor and manufacturer located in Pewaukee.

The Marek Group provides turn-key solutions for Fortune 1000 companies to support their distributed sales channels with sales and marketing content in all forms of media, via a cloud-based marketing-on-demand storefront. Marek designs and implements the solutions and supports the content distribution with its own direct marketing agency, commercial printing operations, fulfillment services and distribution centers.

“The addition of CPI to The Marek Group family of companies allows us to provide all of what our clients need to arm their sales and distribution partners for success,” said Tami Marek-Loper, president of The Marek Group. “We found an exceptional partner who brings substantial promotional products expertise to our company, along with a manufacturing and distribution platform that is entirely consistent with our business model.”

Cary Caliendo, founder and president of CPI Promotions, said, “We are very happy to be joining The Marek Group as we see great synergy between the two companies. Knowing we can provide our customers with turn-key solutions that are supported by real-time data analytics to operate more effective marketing programs is very exciting for us.”

Caliendo will remain with the company as divisional president in the promotional products division.

Marek Group CEO Fuzzy Marek said the acquisition is a strategic move.

“Our goal as an organization is to help our clients with distributed sales channels to optimize their entire marketing supply chain. Our unique ability to get the right content, to the right sales channel, at the right time, and in the medium that will help them close deals faster is what truly sets us apart. Promotional products are a big part of our customer’s marketing content strategy and this acquisition will help us better deliver this form of media to the field,” Marek said.

The CPI Promotions name will be retained, with CPI operating as a wholly owned subsidiary of The Marek Group. The entire CPI management team and staff will remain in place.

The CPI office and production team will be moved to The Marek Group’s headquarters in Waukesha, while its warehouse and fulfillment operations be moved to The Marek Group’s Fulfillment Center in West Allis.

comment »

MahlerClean acquires competitor’s long-term clients
September 15, 2014 11:43 AM
Mahler Enterprises, a privately held Milwaukee corporation operating as MahlerClean, recently reached an agreement to acquire a significant segment of Metro-Clean Corp.’s long-term clients.

Through the acquisition, MahlerClean has increased the size of its client base by 15 percent. Metro-Clean, also a Milwaukee-owned family business, operated for more than 90 years throughout Wisconsin.  

“Our strategic objectives have always been to provide exemplary service and quality excellence in our cleaning and special services operations,” said Peter Mahler, chief executive officer of Mahler Enterprises. “We are thrilled to welcome Metro Clean’s clients to our roster of long-standing clients who have benefited from our service and expertise.  We are confident that they too will find MahlerClean to be a trusted and reliable service partner that provides a high level of service at an exceptional value.”

MahlerClean, a division of Mahler Enterprises, Inc., was founded in 1989 by Peter Mahler. The cleaning division is led by Patrick Sullivan who has been with the company since 1999 and was promoted to president in 2012.  More than 500 Mahler employees currently maintain more than 8 million square feet of office, industrial, medical and institutional space per day in Wisconsin, Illinois, Minnesota and Florida.

comment »

Feker plans downtown Hartland restaurant
September 15, 2014 11:45 AM
Chef Michael Feker, the owner of the Il Mito Trattoria e Enoteca restaurant in Wauwatosa and the Il Mito East restaurant in Milwaukee, plans to open a restaurant at 130 E. Capitol Dr. in downtown Hartland.

The restaurant will have seating for about 80, it will be called Zesti and will serve “global flavors,” according to information provided to the village. The Hartland Plan Commission will review the plans during its meeting tonight.

Feker also has a catering business, Chef Michael Feker’s Catering Services, and a cooking school, The Chef Michael Feker School of Culinary Magic.

comment »

Valentine Coffee to purchase building
September 15, 2014 11:50 AM
Valentine Coffee Co. plans to purchase its existing building at 5918 W. Vliet Street in Milwaukee.

The company has applied for a $126,000 loan from the Milwaukee Economic Development Corp. for the $240,000 building purchase. The MEDC will consider the loan application at its meeting Tuesday.

“We’ve expanded our roasting operation and we’ve added some new equipment and we’re happy here and intend to stay long term, so it seems the next step would be to purchase the building,” said Joe Gilsdorf, who co-owns the wholesale roaster with Robb Kshevarof.

Valentine was founded in 2009 and has 10 employees. The company recently purchased a new roaster and can now better meet demand, Gilsdorf said.

comment »

 
Current Issue
advertisement