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Wednesday, August 20, 2014
Quad/Graphics leases former American warehouse in Pewaukee
August 20, 2014 10:48 AM
Sussex-based Quad/Graphics Inc. has leased one of two warehouses in Pewaukee that were formerly occupied by American TV & Appliance, which went out of business earlier this year.

Quad/Graphics recently signed a lease for the 99,740-square-foot warehouse building at W288 N2801 Duplainville Road, according to a commercial real estate source.

“We are using it for warehousing purposes (e.g., paper roll storage),” said Quad/Graphics spokeswoman Claire Ho.

The facility is located near Quad's print production facility at W224 N3322 Duplainville Road.

The other former American TV warehouse at the Pewaukee site, a 189,520-square-foot structure, remains available.

When American TV went out of business its warehouses in Pewaukee were a significant supply addition to a tight Waukesha County industrial real estate market. The industrial space vacancy rate in Waukesha County rose from 3.7 percent in the first quarter to 4.0 percent in the second quarter, according to Xceligent. Waukesha County had negative absorption of 176,412 square feet of industrial space during the second quarter. The biggest reason for the county's sour second quarter numbers was the new vacancy status of the Amercian TV warehouses in Pewaukee, which added 288,820 square feet of vacant industrial space to the Waukesha County market during the quarter.

Developers planning new industrial buildings in Waukesha County are likely watching the former American TV warehouses closely to see how long its takes for them to be leased up.


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Nordstrom buys site for its Mayfair Mall store for $1.17 million
August 20, 2014 09:02 AM
Seattle-based Nordstrom Inc. recently purchased the site at Mayfair Mall in Wauwatosa where it is building a new department store.

Nordstrom bought the 1.75-acre site from an affiliate of Chicago-based General Growth Properties (the owner of Mayfair Mall) for $1,173,700, according to state records.

The site is located on the east side of the mall at 2500 N. Mayfair Road.

The 138,000-square-foot Nordstrom store at Mayfair Mall is under construction and is expected to open in 2015.


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Pewaukee Pick ‘n Save building sold for $9 million
August 20, 2014 10:03 AM
Cole Capital, the Phoenix, Ariz.-based private capital management business of American New York-based Realty Capital Properties Inc., recently purchased the 55,000-square-foot Pick ‘n Save store building at 1405 Capitol Dr. in Pewaukee for $9 million, according to state records.

The building was sold by Pewaukee-based Falls Plaza LLC. The registered agent for Falls Plaza is Theodore Balistreri, according to state records.

Last year Cole Capital purchased the 58,730-square-foot Pick ‘n Save building in South Milwaukee at 2931 S. Chicago Ave. for about $7.5 million.

Recently Cole Capital purchased the two Red Lobster restaurants in Milwaukee County, one located in Wauwatosa and the other in Greenfield, for a combined $9.5 million. The restaurants were acquired as part of a $1.5 billion sale-leaseback deal announced in July in which American Realty Capital Properties acquired approximately 500 Red Lobster restaurants from Orlando-based Darden Restaurants Inc.

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Three former AMF Bowling Centers in Milwaukee area put up for sale
August 20, 2014 09:21 AM
Three former AMF Bowling Center buildings that closed recently in the Milwaukee area are now listed for sale.

The properties are located at 10973 W. Lapham Ave., West Allis; 901 Northview Road, Waukesha; and 305 N. Chicago Ave., South Milwaukee. The West Allis location is listed for $3 million, the Waukesha location is listed for $1.5 million and the South Milwaukee location is listed for $950,000.

They are listed for sale by Kevin Riordan and Rand Wolf of The Boerke Company.

“The West Allis location may lend itself towards a high visibility industrial or retail redevelopment because (it has) Highway 100 frontage, and the Waukesha location has already been getting interest from more industrial type buyers,” said Riordan. “The South Milwaukee site is nestled in between residential properties, so this site may be more of a multi-family play or possibly even a church user. But for all three, we won’t know what they will be until the offers start coming in.”

The properties have not been actively marketed until this week, but Riordan and Wolf say they were already receiving calls on them over a week ago.

“These buildings have all been big parts of their communities, are in great locations, and sit on 5 acre or larger sites so it is no wonder we have already seen this much interest,” said Wolf. “We are going to let the users and the market drive whatever will end up being the second life at the three sites.”

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Sharp Packaging to build new HQ facility in Sussex
August 20, 2014 10:10 AM
Sharp Packaging Systems LLC, a manufacturer of flexible packaging systems, plans to build a new 151,970-square-foot headquarters facility on a vacant 15.8-acre site on Silver Spring Drive in Sussex.

The site is located in Sussex Business Park, across Silver Spring Drive from Christ Our Savior Lutheran Church at N59 W22476 Silver Spring Drive.

Sharp Packaging Systems has been designing and manufacturing systems for flexible packaging that include the machines, plus polyethylene film and bags, since 1984. Headquartered in Sussex, the company has additional locations in Tempe, Ariz. and East Troy.

The company’s headquarters is currently located at N62 W22632 Village Drive in Sussex.

The new facility will replace Sharp's existing Sussex headquarters, said Gregg Thompson, president of Brookfield-based Briohn Building Corp., which is the design/builder for the project.

Sharp Packaging’s plans for the new building also include a 39,000-square-foot future second phase addition.

Sharp Packaging has 190 employees, most of which are at its Wisconsin facilities.

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Mixed-use commercial building planned in downtown Pewaukee
August 20, 2014 10:20 AM
Siepmann Realty Corp. plans to build a two-story, 10,000-square-foot building with retail space on the first floor and office space on the upper floor at 125 W. Wisconsin Ave. in downtown of the Village of Pewaukee.

The project is planned for a pair of adjacent vacant parcels that total about one acre including a parcel at 125 W. Wisconsin Ave., which is across the street from the beach and a condominium building, and a parcel at 130 Savoy Court on the Pewaukee River. Both parcels are owned by Layton State Bank.

The Wisconsin Avenue parcel was previously occupied by a gas station that was torn down about 8 years ago, said Village Administrator Scott Gosse. The bank is working through the state Department of Natural Resource’s Petroleum Environmental Cleanup Fund Award program to remediate the site, Gosse said.

The building planned by Siepmann would be built on the Wisconsin Avenue parcel. It would have parking in the back. The Savoy Court site on the river would have parking and some green space.

Siepmann has a prospective tenant lined up for the second floor office space in the building, but has not yet secured a retail tenant for the first floor, Gosse said.

Siepmann executives could not immediately be reached for comment.

If built this would be the first major new building development project in downtown Pewaukee since Siepmann’s Old Main Street development was built in 2002, Gosse said.

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Batteries Plus HQ building sold for $3.85 million
August 20, 2014 10:16 AM
Saginaw, Mich.-based Central Property Development Inc. recently purchased the corporate headquarters office building for Batteries Plus LLC in Hartland for $3.85 million, according to state records.

The 30,256-square-foot office building, built in 1999, is located on a five-acre site at 1325 Walnut Ridge Dr. It was sold by Hartland-based BRC Inc. The registered agent for BRC is James Maslowski, according to state records.

The building sold for slightly more than its assessed value of $3,597,400, according to Waukesha County records.

Central Property Development acquires and holds real estate for investment purposes, said Terri Drenth, vice president.

“We purchased the building as an investment with a tenant in place,” she said. “This was a great opportunity for us to enter the (southeastern Wisconsin) market.”

Batteries Plus occupies the entire building and moved its headquarters there in February, Drenth said. The firm has a long term lease for the building through July of 2024, she said.
Batteries Plus, which opened its first store in 1988 in Green Bay, now claims to be the nation’s largest battery and light bulb store franchise with with more than 600 locations in 46 states and Puerto Rico.

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State home sales down in July but prices rise
August 20, 2014 10:15 AM
The number of homes sold in Wisconsin fell 2.4 percent in July to 7,240, but the median sales price of homes sold in the state increased 2.4 percent to $158,700 compared to July of 2013, according to the Wisconsin Realtors Association.

“Although sales fell short of last year’s levels, it’s important to remember that 2013 was a very strong year for home sales in the state,” said Steve Lane, WRA board chairman.

In southeastern Wisconsin July sales were down 3.5 percent to 2,658 but the median price of homes sold was up 3.1 percent to $170,000.

July median home sale prices by county were:
- Racine: $138,000, up 16.3 percent
- Washington: $199,900, up 14.4 percent
- Walworth: $172,900, up 11.9 percent
- Milwaukee: $135,000, up 5.7 percent
- Kenosha: $136,900, up 1.4 percent
- Waukesha: $246,000, up 0.4 percent
- Ozaukee: $250,000, down 0.8 percent
- Sheboygan: $123,950, down 1.4 percent


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Downtown office building to be sold at auction
August 20, 2014 10:12 AM
The 14-story, 154,111-square-foot First Financial Centre office building, located at 700 N. Water St. in downtown Milwaukee, will be sold in an online auction on auction.com.

The auction starts on Monday, Aug. 25 and ends on Wednesday, Aug. 27. The starting bid will be $1 million.

The 86-year-old building has an assessed value of $6,165,000 according to city records.

The building’s occupancy rate is 32.87 percent, according to auction.com. Tenants in the building include Capital Investment Services, Lawyertemps Inc., Nicholas Compan, Inc., Lubar & Co., and Weiss, Berzowski, Brady LLP. The Associated Bank branch on the first floor is expected to move out soon.

The building was acquired in 2012 in a deed in lieu of foreclosure action by a trust created by J.P. Morgan Chase Commercial Mortgage Securities Corp. Patrick Gallagher and Matson Holbrook of Siegel-Gallagher handling the sale for the property owner.

“It provides a great opportunity for another office building investor to come in and reposition the property,” Holbrook said. “It’s at such a great location (the northeast corner of Water Street and Wisconsin Avenue) on ‘Main and Main’ in downtown Milwaukee. It could easily become a viable office building again.”

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Leases
August 20, 2014 10:06 AM

Mid-America Real Estate

Buffalo Wild Wings renewed their lease for 7,350 square feet of space at Moorland Commons, 15500 W. Beloit Road, New Berlin.

Weight Watchers leased 2,300 square feet of space at Deer Trace Shopping Center, 4065 State Highway 28, Kohler.

Pop'n Spot leased 2,000 square feet of space at Ruby Isle, 2205 N. Calhoun Road, Brookfield.

Jimmy John's renewed their lease for 1,600 square feet of space at Indian Trail Plaza, 7200 Green Bay Road, Kenosha.

Wings Over Milwaukee leased 1,320 square feet of space at Brady Place, 1434 E. Brady St., Milwaukee.
 
NAI MLG Commercial

Pro-Tech Auto Glass Corp. leased 7,027 square feet of space at 13170 W. Capitol Dr., Brookfield.

Direct Brands Inc. leased 3,843 square feet of space at W223 N608 Saratoga Dr., Pewaukee, from Guacamole LLC.

Dynamis Software Corp. renewed their lease of 3,200 square feet of space at 1126 S. 70th St., West Allis, from 1126 West Allis Operating Associates LP.

Rozek Law Offices S.C. leased 1,018 square feet of space at 3970 N. Oakland Ave., Shorewood, from Wisconsin Robinson Family Limited Partnership.

American Family Insurance leased 895 square feet of space at 6015 W. Forest Home Ave., Milwaukee, from NL, MF and SC Lake Zurich.

Siegel-Gallagher

Rozek Law leased 1,018 square feet of space at 3970 N. Oakland Ave., Shorewood, from Wisconsin Robinson Family LP.

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Andrew Weiland BizTimes Real Estate Weekly is compiled by BizTimes Milwaukee managing editor Andrew Weiland. This bulletin is published every Wednesday morning. Send real estate news tips to Andrew.Weiland@biztimes.com or call him at (414) 277-8181, ext. 120.

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