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Wednesday, February 25, 2015
Dermond unveils plans for Bay View apartments
February 25, 2015 10:42 AM
At a recent neighborhood meeting, Dermond Property Investments unveiled its plans for a five-story apartment building that it plans to build in Milwaukee’s Bay View neighborhood.

The project is planned at 2202 S. Kinnickinnic Ave. The site is currently occupied by two buildings, one a two-story 133-year-old building and the other a two-story 91-year-old building, and a surface parking lot. The property was formerly occupied by Faust Music.

Dermond Property Investment’s proposed $12 million development would have 72 market rate apartments, 2,300 square feet of retail space and 79 parking spaces. The apartments would consist of 8 micro units, 12 studio units, 44 one-bedroom units and 8 two-bedroom units.

Many of the apartments in the building will look out over Zillman Park. The building is designed by Joel Agacki of Striegel-Agacki Studio.

The building would be the latest of several recent developments along Kinnickinnic Avenue including the 70-unit Dwell apartment building at 2440 S. Kinnickinnic Ave. and the restoration of the Avalon Theater.

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County and city file lawsuit in circuit court against Preserve Our Parks
February 25, 2015 10:48 AM
Milwaukee County and the City of Milwaukee have filed a lawsuit in Milwaukee County Circuit Court seeking a declaratory judgement in an attempt to finally end a lengthy debate about the development rights of the Downtown Transit Center site near the lakefront.

“We are asking the court to clarify a lake bed boundary that has been used for more than a century of real estate development in Milwaukee and has now twice been codified by the Legislature,” said Brendan Conway, spokesman for Milwaukee County Executive Chris Abele.

The case has been assigned to Milwaukee Circuit Court Judge Christopher Foley.

The county and city first filed the lawsuit with the state Supreme Court, but that court declined to take up the matter.

The Downtown Transit Center site is a bus storage and transfer facility that is owned by the county and located southwest of Michigan Street and Lincoln Memorial Drive. County officials want to sell the property to developer Rick Barrett who plans to build The Couture, a 44-story luxury apartment tower that would also have retail space and 30,000 square feet of public space including plazas and a public transportation hub.

However, the project has been stymied by objections by parks advocacy group Preserve Our Parks, which says two-thirds of the site was originally part of Lake Michigan and therefore the state’s public trust doctrine forbids private development there.

"It would be nice to get the matter resolved," said Charlie Kamps, board member of Preserve Our Parks. "We think we have solid evidence that most of the Transit Center site was once in the lake bed and can't be sold for private development."

After a review of the matter, the state Department of Natural Resources said in 2012 that the property is not subject to the public trust doctrine. In 2013 the state Legislature passed, and Gov. Scott Walker signed, legislation establishing that the historic shoreline is east of the Downtown Transit Center site.

Despite those actions by state officials, Preserve Our Parks has threatened to file a lawsuit to prevent development of The Couture.

“Because of Preserve Our Parks threatened lawsuit, no title insurance company is currently willing to issue title insurance on the property, thus making it impossible for any redevelopment to occur, until the issue presented by this case is resolved,” the county and city’s lawsuit states.

The county has hired Alan Marcuvitz of von Briesen & Roper to assist it with the legal battle on the site’s development rights.

If Preserve Our Parks is successful in its legal battle to block development of The Couture it could also impact a possible corporate headquarters tower development that is being considered by Johnson Controls for a site just south of the site for The Couture. In a recent interview on the Jay Weber Show on AM 1130 WISN, Abele said, “If we don’t fix this lake bed thing, that Johnson Controls tower, 52 stories, that’s a non-starter.”

“Not only could Preserve Our Parks claim of a new boundary hurt past development, it could also greatly hold back future jobs and development beyond the Couture site,” Conway said. “The Couture and other future developments have the ability to replace outdated highways and garages with developments that include more public access, more public space, more jobs and more tax base.”

But Kamps said only a small portion of the possible Johnson Controls tower site would be effected by the historic shoreline.

"They would need to put a small amount of green grass in front of the building," he said.

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Work begins for Metro Market development in Shorewood
February 25, 2015 11:12 AM
Demolition work began today on former Walgreens and Harry W. Schwartz Bookshop buildings on Oakland Avenue in Shorewood. Those buildings and the Pick ‘n Save store building at 4145 N. Oakland Ave. will be replaced by a mixed-use development that will include an 85,000-square-foot, two-level Metro Market grocery store, 15,000 square feet of additional retail space, 80 apartments and a parking garage.

The developer for the project is Fox Point-based General Capital Group. Brookfield-based Briohn Builders is the architect and general contractor for the grocery store and parking garage. Robert Joseph is partner and co-developer for the apartments and the additional retail space. Joseph’s portion of the project is designed by Brian Miller.

The Pick ‘n Save store will remain open until May, when demolition will begin on that building.

The new Metro Market store is expected to open in January of 2016.

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Wisconsin home sales fell in January as prices rose
February 25, 2015 11:14 AM
Home sales in Wisconsin fell 3.7 percent in January, compared to January of 2014, but median home sale prices during the month rose 6.5 percent to $135,000, according to the latest report from the Wisconsin Realtors Association.

In the eight-county southeastern Wisconsin region home sales in January were down 7.0 percent to 1,184, but median home sale prices rose 7.9 percent to $140,250.

January home sale prices by county were:
  • Kenosha, $129,500, up 23.6 percent
  • Racine, $114,450, up 20.5 percent
  • Ozaukee, $239,200, up 14.4 percent
  • Walworth, $146,950, up 13 percent
  • Sheboygan, $101,000, up 9.2 percent
  • Milwaukee, $102,800, up 4.9 percent
  • Waukesha, $221,000, up 2.8 percent
  • Washington, $172,000, down 2.1 percent
“Home prices in Wisconsin have been rising 34 of the last 35 months,” said WRA president and CEO Michael Theo. “Median family income has gone up and interest rates have gone down during this 35-month span, helping to offset the higher prices and keeping our housing affordable.”

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Sussex industrial building sold for $8.4 million
February 25, 2015 11:16 AM
A 192,160-square-foot industrial building in Sussex, occupied by the corporate headquarters of QuadMed, was sold recently to a New York-based investment group for $8.4 million, according to state records.

The building, located at N53 W24700 Corporate Circle, was purchased by New York-based GPT Sussex Owner LLC from an affiliate of New York-based KTR Capital Partners. The registered agent for GPT Sussex Owner LLC is Bill Bossin of the Greenberg Traurig LLP law firm. He could not be reached for comment.

The building sold for well above its assessed value of about $6 million, according to Waukesha County records.

QuadMed is a subsidiary of Quad/Graphics Inc. that provides health care for the employees of its clients.

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Real estate odds and ends
February 25, 2015 10:54 AM

Pleasant Prairie retail building sold for $3.4 million
Oak Brook, Ill.-based Inland Real Estate Acquisitions, Inc. recently purchased a 9,000-square-foot retail building at 10288 77th St. in Pleasant Prairie from Milwaukee-based Evo Development for $3.4 million accoding to state records. U.S. Cellular, Heartland Dental Care and Batteries Plus Bulbs occupy space in the building. The building was constructed in 2013 on a 1.4-acre lot. The property has an assessed value of $3.06 million, according to Kenosha County records. Carly Gallagher and Dan Rosenfeld, both of Mid-American Real Estate, brokered the deal for Evo Properties.

Pier 1 Imports opens store in Grafton
Forth Worth, Texas-based Pier 1 Imports today opened a store in Grafton at 984 Port Washington Road in a 7,225-square-foot space in the Patriot Commons Shopping Center. “We are pleased to bring this new Pier 1 Imports to Grafton and hope that our new location will inspire customers to discover the eclectic and fun merchandise that is unique to Pier 1 Imports,” said Alex W. Smith, president and chief executive officer of Pier 1 Imports. “We look forward to sharing our unique shopping experience with the residents of Grafton and the surrounding area,” Smith said. This is the 20th Pier 1 Imports location in Wisconsin. On average, the store will employ approximately 14-20 associates throughout the year.


Grafton to get second McDonalds
A second McDonalds restaurant is planned in Grafton. The new 4,459-square-foot McDonalds restaurant is planned for a 1.85 acre site in the Grafton Commons shopping center, located northwest of I-43 and Highway 60. The restaurant will be built along Highway 60, just east of the Kohler Credit Union. Currently, the only McDonalds location in Grafton is at 606 Falls Road. Kilian Management Services, which is the operator of the Falls Road location, will also operate the new Grafton McDonalds location.

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Leases
February 25, 2015 10:52 AM

Boerke Company

NESCO Rentals leased 14,694 square feet of space at 11139 W. Becher St., West Allis, from Stevenson Properties LLC.

CBRE

Brown and Caldwell Inc. leased 6,832 square feet of space at 250 E. Wisconsin Ave., Milwaukee, from LSREF 2 OREO (DIRECT) LLC.

Matthew J. Rewasiewicz leased 5,703 square feet of space at N114 W23833 Stone Ridge Dr., Waukesha, from D&K Management X LLC.

Limitless PCS Inc. leased 2,000 square feet of space at 10422 W. Silver Spring Dr., Milwaukee, from Inland TRS Property Management Inc.

Limitless PCS Inc. leased 1,500 square feet of space at 9131 W. Greenfield Ave., West Allis, from Metropolitan West Allis Venture.

Jason & Thanh Nguyen d.b.a. Q Nail Spa leased 1,115 square feet of space at 1431 N. Jefferson St., Milwaukee, from Park East Development LLC.

DTZ Barry

National Packaging Services Corp. leased 30,353 square feet of space at 2150 E. College Ave., Cudahy, from Building DFGI Investor LLC.

NAI MLG Commercial

Anodyne LLC leased 49,605 square feet of space at 5050 S. 2nd St., Milwaukee, Wisconsin from ML Realty Partners.

Metabolix Fitness LLC leased 2,029 square feet at 5438 S. 108th St., Hales Corners, from SNR Properties LLC.

Wellness Counseling Milwaukee LLC has leased 1,766 square feet at 19395 W. Capitol Dr., Brookfield.

Cold Stone Creamery Leasing Company Inc. renewed its lease of 1,351 square feet at 2935 S. 108th St., West Allis, from Shoppes on 100 - West Allis, WI, LLC.

Siegel-Gallagher

Escape Inc. leased 2,006 square feet of space in The Forum at 3333 N. Mayfair Road, Wauwatosa, from Forum Mayfair LLC.

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Sales
February 25, 2015 10:56 AM

CBRE

Lilly Preserve LLC purchased 13.1 acres at 3125 Lilly Road, Brookfield, from SB1 Waukesha County LLC.

Mid-America Real Estate

Mark Cosenza purchased the 9,035-square-foot The Plaza at Prairie Ridge retail building at the southeast corner of 75th Street and 104th Avenue in Pleasant Prairie. Tenants in the building include Batteries Plus, Heartland Dental Care, and US Cellular.

NAI MLG Commercial

Integrated Lubricants of Wisconsin Inc. purchased 123,212 square feet of space at 1956 Pine St., in Burlington, from Selzer-Ornst Co.

The New Covenant Missionary Baptist Church Inc. purchased 4.24 acres at 4200 N. Green Bay Ave., Milwaukee, from Rank Realty LLC.

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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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