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Wednesday, May 27, 2015
Briohn plans industrial development at I-94 and 16 in Pewaukee
May 27, 2015 10:46 AM
Brookfield-based Briohn Building Corp. plans to develop a 16.5-acre industrial park northeast of Highway 16 and I-94 in Pewaukee.

The property, located at Bluemound Road and Wamser Drive, is being marketed for sale or lease by Pewaukee-based Capital Commercial LLC.

“We actually have pretty good activity on it already,” said Capital Commercial principal Matthew Quest. “With the vacancy rate of industrial properties in Waukesha County below four percent, this development couldn’t come at a better time.”

Briohn has designed preliminary layouts o the property, which could support a new development with more than 200,000 square feet of space, or multiple buildings or various sizes raning from 20,000 to 100,000 square feet.

“We are very familiar with the demand for industrial properties in Waukesha County and couldn’t pass up this opportunity,” said Nelson Williams, CEO of Briohn. “After our recent developments in Muskego, Lake Country and Milwaukee were so well received, we knew a business park in Pewaukee would be just as successful.”

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Office building near convention center to become SpringHill Suites hotel
May 27, 2015 10:54 AM
Milwaukee-based hotel developer firm Jackson Street Holdings LLC will convert the Commerce Building near the downtown Milwaukee convention center into a 150-room SpringHill Suites by Marriott hotel, according to the firm's web site.

Previously Jackson Street Holdings had acknowledged plans to convert the building at 744 N. Fourth St. into a hotel, but had not announced specifics about the plans.

The hotel will open in 2016. It will have 2,000 square feet of meeting space and a restaurant, according to the firm’s web site.

Milwaukee-based Arrival Partners is a partner with the development team.

In December, Jackson Street Holdings purchased the six-story, 92,255-square-foot office building and a two-story parking structure, both built in 1927, from Zilber Ltd. for $4.5 million, according to state records. The building is located across the street from the Wisconsin Center and is connected to the facility via skywalk.

Jackson Street Holdings built the 160-room Aloft Hotel at 1230 N. Old World Third St. in downtown Milwaukee in 2009 and the 205-room Marriott hotel at 323 E. Wisconsin Ave. in 2013.

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Construction of Emerald Row apartments at Drexel Town Square to begin next week
May 27, 2015 10:52 AM
Barrett Lo Visionary Development plans to begin construction work next week on the first phase of Emerald Row, which is the luxury apartment development it will build at Oak Creek’s Drexel Town Square project, developer Rick Barrett said.

Drexel Town Square is the 86-acre mixed-use development, led by Wispark LLC, that is under construction southwest of Drexel and Howell avenues.

Construction for the first phase of Emerald Row will begin during the first week of June. The first building will have 167 apartment units, 1,873 square feet of retail space and 149 underground parking spaces. Amenities for apartment residents will include a pool, two theater rooms, a pond, a fitness center and a club room.

Once it is fully built out, Emerald Row will have 500 luxury apartment units on the west side of Drexel Town Square.

Drexel Town Square will create a downtown for Oak Creek. The Drexel Town Square development will also include: a Water Street Brewery bar and restaurant, a Chick-fil-A restaurant, a Four Points by Sheraton hotel, a City Hall and Library building, a PetSmart store, a Froedtert health care facility, a mixed-use Main Street and a town square park.

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Mequon Town Center to open in July
May 27, 2015 11:38 AM
Mequon Town Center, the development by WiRED Properties and Shaffer Development at the northeast corner of Mequon Road and Cedarburg Road in Mequon will open in July.

The first luxury apartment homes will be available for residents in July, and Forward Dental, Elements Massage, Health in Balance Physical Therapy and Yoga, Fisher Family Chiropractic, Supercuts, Leo and Lou, and The Ruby Tap will all open immediately following receiving occupancy starting in June.

According to the Development Agreement with the City of Mequon, the development was to be completed in two phases, with the second phase to be completed by 2017. Leasing activity at Mequon Town Center has been extremely strong and as a result the South Building, a two-story commercial building on Mequon Road, broke ground in the fall and will be completed within the next month – well ahead of the required schedule, the developers said.

“Steel and concrete shortages and another tough Wisconsin winter hit our schedule in the early part of the year. But, we are thrilled to open as the weather breaks. Our partnership with the City of Mequon has helped to assure that Mequon Town Center can open as a true community within the city,” said Blair Williams, president of WiRED Properties.

The developers are also breaking ground immediately on the two-story Café Hollander on the corner of Mequon Road and Cedarburg Road. The building is expected to take approximately nine months to complete.

“The Lowlands Group creates exceptional places and spaces. The Rinka Chung design team has designed a building that will define the corner for generations, and that welcomes the pedestrian above all. Café Hollander, along with Colectivo and The Ruby Tap, will make Mequon Town Center a true community gathering place,” said Williams.

The new restaurant will feature substantial outdoor dining in an outdoor courtyard with a fountain, as well as outdoor seating on the second floor. The building’s design includes numerous operable doors and windows throughout, allowing the restaurant to be largely open in nice weather. The restaurant will also include a bike corral with bike parking for over twenty bicycles Mequon Town Center will be professionally managed by Siegel-Gallagher.

“We are very pleased the development team selected our firm to manage Mequon Town Center. Not only is the retail community singular in its tenant mix and level of amenity, but also the 28 luxury apartment homes are truly at the top of the market in design and finish. In another time, these lavish apartments would have been condominium homes,” said Dave Behnke, president at Siegel-Gallagher Management Company.
 
Limited retail space remains available in the development.

“We’ve worked diligently to create a mix of retail and commercial tenants that will offer true neighborhood retail to Mequon, and a high level of amenity to our residents. With direct attachment to all the civic amenities including City Hall, the library, the ball fields, the Interurban Recreational Trail, and the riverfront park across the street, we believe Mequon Town Center is the new heart of Mequon,” said Williams.

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Foreclosure rates in Milwaukee area decrease
May 27, 2015 11:18 AM
Foreclosure rates in the Milwaukee-Waukesha-West Allis area decreased for the month of March over the same period last year, according to newly released data from Irvine, Calif.-based CoreLogic.

Read more in the BizTracker, BizTimes Milwaukee's compilation of economic data reports.

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Senior apartment complex in Pewaukee sold for $13.4 million
May 27, 2015 10:59 AM
The 135-unit Quail Pointe Senior Apartments complex in Pewaukee was sold last week for $13.4 million, according to state records.

Brookfield-based KKNN Quail LLC purchased the complex, located at 1088 Quail Ct., from Pewaukee-based Quail Development LLC. The agent for KKNN Quail is James Cadd. The agent for Quail Development is Russell Maticek, according to state records.

Matthew Quest of Capital Commercial brokered the sale for the seller.

Quail Pointe is a luxury apartment complex for residents that are 50 and older. It was built in phases, with three connected buildings, and completed about 10 years ago.

The property has an assessed value of $9.35 million, according to Waukesha County records.
The property was quietly put on the market in November. Offers were received from multiple interested parties, Quest said.

“The property sold well above its assessed value in a relatively short period of time,” he said. “Luckily for our investors, we have more properties like Quail Pointe coming to market soon.”

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Menomonee Falls industrial building sold for $2.15 million
May 27, 2015 11:01 AM
Busy Guys LLC recently purchased a 48,000-quare-foot industrial building at N92 W15800 Megal Dr., Menomonee Falls, from Thomas Wachs and Dennis Ellmaurer for $2.15 million.

The deal was brokered by Nick Keys of The Dickman Company, who represented Busy Guys, and Adam Matson of NAI MLG Commercial, who represented the sellers.

The building is vacant and was previously occupied by GKN, which earlier this year consolidated its operations into other area facilities.

Busy Guys plans to convert the building into mini storage space.

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Dallas-based senior living firm buys two Washington County facilities
May 27, 2015 10:57 AM
Afiliates of Dallas-based Capital Senior Living Corp. purchased The Waterford of West Bend, formerly known as Emerald Way Assisted Living & Memory Care, and the Emerald Ridge Assisted Living facility in Hartford, according to state records.

The facilities were sold by SCR Properties LLC and SCRP West Bend LLC. The Waterford of West Bend was sold for $2.1 million and the Emerald Ridge Assisted Living facility in Hartford was sold for $2.2 million.

Emerald Ridge Assisted Living, built in 2004, has 34 one- and two-bedroom apartments for residents 65 and older and serves 20 memory care residents with Alzheimer’s Disease or dementia.

Capital Senior Living Corp. is one of the nation’s largest operators of residential communities for senior adults. The Company operates 115 senior living communities with an aggregate capacity of approximately 15,000 residents.

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Ground Round returns to area with location at Brookfield hotel
May 27, 2015 10:43 AM
The Ground Round Grill & Bar, which left the Milwaukee area for several years, has returned to the area with the opening of a new restaurant at the Midway Inn & Suites Hotel at 1005 S. Moorland Road in Brookfield.

The newly renovated restaurant features a new menu, upgraded restaurant designs and Ground Round’s familiar two room layout, offering a separate dining room for families and a sports bar and lounge for adults to meet friends.

"We’re excited to return to the Milwaukee area and welcome guests to see we’re not only back, but even better than they remember," states Jack Crawford, president and CEO of Ground Round Independent Owners Cooperative. "Brookfield is our fifth location in Wisconsin, joining our other restaurants in Neenah, Onalaska, Oshkosh and Tomah."

The Brookfield Ground Round Grill & Bar will be owned and led by local Franchisee Azeem Virani of Virani Enterprises LLC, and will employ approximately 85 employees. “We’re pleased to be a part of this development to bring Ground Round back to Milwaukee and offer a completely updated facility, Ground Round experience and menu to our guests and the Brookfield community,” said Azeem Virani, “Our menu will feature more than 80 items, including limited time offers, daily specials, a separate lunch menu and a full kids menu.”

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The Previant Law Firm to move from Schlitz Park to Wisconsin Avenue
May 27, 2015 11:03 AM
The Previant Law Firm plans to move its office from the Rivercenter building at 1555 N. Rivercenter Dr., Milwaukee, in the Schlitz Park complex, to 310 W. Wisconsin Ave. in downtown Milwaukee.

The firm recently leased 15,081 square feet of office space at 310 W. Wisconsin Ave. The building, now known as The Blue @310 West, was formerly known as the Reuss Federal Plaza.
David Pudlosky of JLL brokered the lease for The Previant Law Firm. The owner of the building, Rait Commercial, is represented by Colliers International|Wisconsin.

The lease is a boost for The Blue @310 West, which has struggled for years with a high vacancy rate. Rait has invested more than $3 million into building improvements in the last year and a half including upgrades to including mechanical systems, common areas, parking structure, and wifi service.

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Potawatomi buys former Cargill properties near casino
May 27, 2015 11:04 AM
The Forest County Potawatomi Community purchased two former Cargill Inc. properties, totaling about 9.2 acres, next to Potawatomi Hotel & Casino complex in Milwaukee’s Menomonee Valley, for $6.3 million, according to state records.

The tribe acquired a 6.5-acre former beef slaughterhouse facility at 1901 W. Canal St. just west of the casino, and a 2.7-acre former research and development facility east of the casino and the 16th Street viaduct. Cargill ended operations at those facilities last year.

The Potawatomi tribe has not determined what it will do with the properties. However, the properties will not be used for gaming, the tribe said.

“The tribe will now begin a planning process to determine the property’s highest and best use which fits the needs of the tribe, the Menomonee Valley and the city of Milwaukee,” said Forest County Potawatomi Attorney General Jeff Crawford. “This review could take 18 months or longer.”

Cargill’s decision to close the facilities last year eliminated 600 jobs. The company decided to shut down the beef harvesting operation there because of low supply of beef cattle.

“The availability of cattle was very constrained,” said Cargill spokesman Mark Klein. “The supply of cattle was very low and it was impractical to keep the plant running.”

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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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