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Wednesday, December 24, 2014
Rotating Equipment Repair buys land for expansion
December 24, 2014 09:52 AM
Rotating Equipment Repair Inc. recently purchased 7.5 acres of land near its Sussex headquarters for a planned expansion.

The company provides engineering services, repairs and parts for centrifugal pumps. Its customers include power plants.

The company currently occupies a 36,000-square-foot headquarters facility at W248 N5550 Executive Drive and an 18,000-square-foot space in another building in the same industrial park.

Its recent purchase of two parcels of land, with a total of 7.5 acres, gives the company a total of 11 acres at its headquarters property.

“The plans are to expand our current operations,” said chief knowledge officer Melissa Schindler. Details of the expansion plans are still being developed, she said.

The company moved to the Executive Drive facility in 2001 and at that time occupied about half of it, Schindler said.

“We are now at max capacity” she said.

That’s why the company also occupies the nearby 18,000-square-foot space where it has accounting, quality control, storage and some dis-assembly and reassembly work done.

The company wants to expand its headquarters facility to consolidate all of its operations under one roof, Schindler said. The company hopes to begin construction on the expansion next summer, she said.

“We’re moving along on it because we are full,” Schindler said.

The company currently has 63 employees and plans to add more, but has no specific hiring plans at this time.

Second shift is “a little sparse,” Schindler said. “There are a lot of open spindles that we would like to fill.”


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Meijer buys site for Waukesha store
December 24, 2014 09:48 AM
Grand Rapids, Mich.-based Meijer Stores Limited Partnership recently purchased a 31-acre site in Waukesha where it plans to build a 192,000-square-foot store.

Meijer bought the site, located at the corner of Tenny Avenue and East Sunset Drive, for $5.3 million from the Robert F. Smart and Carol O. Smart Revocable Trust of 2010, according to state records.

The Waukesha store is one of several that Meijer is building, or plans to build, in southeastern Wisconsin.

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County files lawsuit in attempt to advance The Couture
December 24, 2014 10:07 AM
Milwaukee County Executive Chris Abele announced that the county filed a lawsuit today with the Wisconsin Supreme Court seeking a ruling on the Lake Michigan shoreline boundary in downtown Milwaukee.

The City of Milwaukee is joining in the action.

The move is an attempt to establish the development rights for the Downtown Transit Center site, located southwest of Lincoln Memorial Drive and Michigan Street near the lakefront. County officials want to sell the property, currently used for bus storage and bus transfers, for private development.

The county selected a proposal for the site from Barrett Visionary Development, which wants to build The Couture, a 44-story, 302-unit apartment tower, on the site. The proposed $122 million project also includes 50,000 square feet of retail space and 81,560 square feet of public space, including a rooftop park, a public transportation concourse, a streetcar stop, a walkway to the lakefront, a bike sharing station, public parking and a public plaza.
The County Board last week approved a purchase option to sell the property to Barrett Visionary Development for $500,000. The purchase option has an 18-month term that Barrett Visionary could extend for up to a year.

However, The Couture project has been stalled for about two years by objections raised by parks advocacy group Preserve Our Parks. The group says most of the site was originally part of Lake Michigan (but was later filled in) and therefore the state constitution’s public trust doctrine forbids private development there. Despite legislation, signed into law earlier this year by Gov. Scott Walker, that established the historic shoreline to the east of the site, Preserve Our Parks has threatened to file a lawsuit to stop The Couture project. That threat of litigation has prevented the county from obtaining legal title to the site, which would be transferred to Barrett Visionary Development.

Now county officials have decided to file their own lawsuit in an attempt to once and for all establish development rights for the site in hopes of allowing The Couture project to finally move forward.

“The Legislature has now twice codified the lake bed boundaries that have been relied upon for more than a century of real estate development in Milwaukee,” Abele said. “Preserve Our Parks claims the Legislature’s action is unconstitutional. On this significant question of statewide concern, the Wisconsin Supreme Court should make the final decision, and the county’s suit takes the issue there directly. Assuming Preserve Our Parks’ interest is deciding the question – and not merely delay – we assume they will join in asking the Supreme Court to hear the matter now.  The county invites any other interested parties to join the action. Not only will this request in front of the Supreme Court determine important legal clarity for the Downtown Transit Center project, it also creates certainty for future downtown developments and prevents the need for future unnecessary delays. When developers are considering significant investments in our community, anything we can do to clarify the process makes us a more attractive place to do business and create jobs.”

“Today's action by the city and county is a critical step forward to clear title to the Downtown Transit Center site and re-confirm the historic line for the lakefront used by the city, county and state for more than a century,” said Barrett Visionary Development owner Rick Barrett. “We look forward to resolution of this issue, so we can continue our partnership with the county and the city to transform this site into a vibrant public space that improves access to the lakefront, creates thousands of new jobs and adds a signature building to Milwaukee’s skyline.”

Preserve Our Parks board member Charlie Kamps said his group is confident that the eastern two-thirds of the Downtown Transit Center site will be protected from private development by the public trust doctrine.

“It will be nice to get it settled,” he said.

Kamps questioned whether the state Supreme Court was the appropriate venue to address the legal matter.

“I don’t know if the (state) Supreme Court is a good place to have a trial of the facts,” he said.

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West Allis Michaels store building sold for $2.95 million
December 24, 2014 10:03 AM
An affiliate of New York-based commercial real estate firm Norman Bobrow & Company Inc. this week purchased the Michaels store building at 11135 W. National Ave. in West Allis for $2.95 million, according to state records.

The building was sold by Milwaukee-based D&K Management XI LLC. The agent for D&K is David Winograd.

The 24,236-square-foot Michaels store building was built about 10 years ago as a build-to-suit project for the arts and crafts retail store. The store is connected to the Home Depot store at the southwest corner of Highway 100 and National Avenue. The Home Depot store was not part of the sale.

Adam Connor of Marcus & Millichap was the listing broker for the Michaels store sale.

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Trocadero building sold for $1 million
December 24, 2014 10:00 AM
The Lowlands Group sold the Trocadero restaurant building, located at 1758 N. Water St. on Milwaukee's Lower East Side, for $1 million, according to state records.

The Lowlands Group recently announced that it sold the restaurant to a group led by J.J. Kovacovich, which includes owners of Three Lions Pub in Shorewood, the newly opened Red Lion Pub in Milwaukee and downtown bars McGillycuddy’s and Red Rock Saloon.

The three-story, 6,184-square-foot Trocadero building was built in 1890 and has an assessed value of $805,000, according to city records.

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Associated Bank opens new branch in Racine
December 24, 2014 10:04 AM
Associated Bank this week opened a new branch bank in Racine at 5205 Washington Ave.

The new Associated branch complements an existing Racine branch across from the Regency Mall on Durand Ave.

Located in an existing building, the new branch has been renovated. The full-service branch features teller stations, drive-through service and two ATM units. The branch manager is Colin Hennessey.

“We are delighted to extend Associated’s presence in Racine and add to the development momentum in this part of our community,” Hennessey said. “We are also excited to support that growth by offering mortgage loans to individuals who may have had difficulty qualifying in the past, such as first-time and low or moderate income homebuyers.”

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Leases
December 24, 2014 09:55 AM

Colliers International|Wisconsin

Carma Labs leased 18,600 square feet of industrial space at 9650 S. 54th St., Franklin.

Compassionate Care Hospice of WI LLC leased 3,068 square feet of office space at 16655 Bluemound Road, Brookfield.

Judson & Associates

Foremost Doors LLC leased 2,600 square feet of space at S84 W18752 Enterprise Dr., Muskego, from 187 Muskego LLC.

Interstate Roof Systems Consultants Inc. leased 1,800 square feet of space at 402 Travis Lane, Unit 62, Waukesha, from Waucom Center LLC.

Green Medical Corp. leased 1,543 square feet of space at 21140 W. Capitol Dr., Suite 6, Brookfield, from Parkview East Partnership.

Mid-America Real Estate

Aspen Physical Therapy leased 3,000 square feet of space at Ruby Isle, 2205 N. Calhoun Road, Brookfield.

AT&T leased 2,834 square feet of space at the Mount Pleasant Commerce Center, 7115 Durand Ave., Sturtevant.

Tom & Chee leased 2,020 square feet of space and 18|8 Fine Men’s Salon leased 1,409 square feet of space at Autumn Grove Plaza, 12750-950 W. Bluemound Road, Elm Grove.

The Plaza Shoppe leased 1,802 square feet of space at Chase Tower at Water and Wisconsin, 111 E. Wisconsin Ave., Milwaukee.

Planet Beach Automated Spa leased 1,400 square feet of space at Kenosha Pointe, Kenosha.

Lash Boutique leased 1,351 square feet of space at Mill Square, 1251 Washington St., Grafton.

Fantastic Sam’s Hair Salon leased 1,200 square feet of space at Whitnall Square, 4698 S. Whitnall Ave., St. Francis.

Siegel-Gallagher

Pearls for Teen Girls Inc. leased 6,710 square feet of office space in the Dreamland Building at 1801-05 N. Martin Luther King Jr. Dr., Milwaukee, from DreamUp LLC.

Shorewest Realtors leased 2,315 square feet of office space at 1245 Cheyenne Ave., Grafton, from 1245 Building LLC.

Cost Cutters of Port Washington leased 1,600 square feet of retail space in North Port Shopping Center at 101 W. Seven Hills Road, Port Washington, from LNR Partners LLC.


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Sales
December 24, 2014 09:57 AM


Judson & Associates

Schmed Sheds LLC purchased 10,000 square feet of space at 127 N. Oakridge Dr., North Prairie, from MAD-I LLC.

Granite Haven LLC purchased 7,760 square feet of space at N85 W16186 Appleton Ave., Menomonee Falls, from 1992 Zall Partnership LLC.

Stuart & Candith Mueller Land Holding Co. LLC purchased 1,250 square feet of space at N115 W18970 Edison Dr., Unit D, Germantown, from OIG LLC.

Spring West LLC purchased 0.89 acres of land at the southwest corner of 124th Street and Hampton Avenue in Butler from the Village of Butler.

Mid-America Real Estate

Sundown Capital LLC purchased Moorland Commons 1550 W. Beloit Road, New Berlin.

Water Street Brewery purchased 2.62 acres and U.S. Bank purchased 1.17 acres at Drexel Town Square in Oak Creek.

Siegel-Gallagher

McDonald’s USA LLC purchased a retail building at 1940 S. 14th St., Milwaukee, from Border Patrol Wisconsin Inc.

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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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