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Wednesday, April 22, 2015
Site for new Sam’s Club store in Milwaukee sold for $5.85 million
April 22, 2015 10:25 AM
A subsidiary of Bentonville, Ark.-based Walmart purchased a 19.1-acre site at 8010 N. 124th St. in Milwaukee from The Boerke Company Inc. for $5.85 million, according to state records.

The site is where Walmart plans to build a new 135,000-square-foot Sam’s Club store. The site has an assessed value of $1.87 million, according to city records.

The new store will replace the existing Sam’s Club store located about 3.5 miles east at 7701 W. Calumet Road in Milwaukee.

The 124th Street site is currently vacant. It is bounded by Dretzka Park to the north and east. 124th Street forms the boundary between Milwaukee and Menomonee Falls. A Woodman’s store is located on the opposite side of 124th Street in Menomonee Falls.

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Denver-based firm recapitalizes Pewaukee office buildings
April 22, 2015 10:53 AM
Denver-based Broe Real Estate Group, an investor and operator of commercial real estate assets across the U.S., said it is recapitalizing the One Riverwood Place and Two Riverwood Place offices in Pewaukee under a managed affiliate.

One Riverwood Place is a 97,811-square-foot office building at N17 W24222 Riverwood Dr., Pewaukee, that was built in 1999. Two Riverwood Place is a 98,567-square-foot office building at N19 W24133 Riverwood Dr., Pewaukee, that was built in 2001. The buildings are now 72 percent leased, according to Broe.

As part of the transaction, Broe’s affiliate is assuming a $26.5 million dollar CMBS loan through a recapitalization. Broe will assume all asset management responsibilities and will fund all future capital improvements and leasing costs. The property was originally acquired by a tenant-in-common (TIC) group of investors in 2007 for $36.5 million.

“We are excited about the Riverwood recap because it’s a great property in a strong suburban market. The transaction also represents the first of many recapitalizations Broe plans to close in 2015 with our new Equity Solutions program,” said Jim Crawford, vice president – acquisitions, Broe Real Estate Group.

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Marcus renovating Southgate Cinema
April 22, 2015 10:55 AM
Marcus Theatres Corp. recently pulled a building permit to do $548,000 in improvements to Marcus Southgate Cinema at 3300 S. 30th St. on the south side of Milwaukee.

“Essentially Marcus Southgate Cinema will have several new items as part of its remodel,” said Marcus Theatres spokeswoman Mari Randa.

The upgrades will include the addition of a SuperScreen DLX auditorium, featuring a premium, large-format screen, DreamLounger leather recliners for maximum comfort and Dolby Atmos sound to create the ultimate moviegoing experience.  

The newly remodeled auditorium is scheduled to be complete by the weekend, Randa said.

Later renovations to Marcus Southgate Cinema are expected to take place this summer and will include: a remodeled lobby that includes a new concessions stand, self-serve drinks and new signage, remodeled corridors that will feature new signage identifying auditorium entrances, updated seating and renovated restrooms; and a refreshed-exterior with an updated canopy, Randa said.


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New Good Harvest Market store to open next week in Pewaukee
April 22, 2015 10:58 AM
Organic grocer Good Harvest Market will open its brand new two-story, 23,000-square-foot store and Harvest Café on Wednesday, April 29 at 2205 Silvernail Road in Pewaukee.

The grocer’s location for the past 10 years at 1850 Meadow Lane will close on April 25. The new store and café is located on 23 acres one-quarter mile west of the existing store. The new building will make use of six acres, with approximately two acres retained for possible future retail or residential expansion. Seventeen of the 23 acres will remain a wetlands conservancy.  

Good Harvest broke ground on the project in August, 2014. Brookfield-based Briohn Building Corp. provided the design and construction work.

The new market has doubled Good Harvest’s produce, seafood, health and beauty and wellness departments, enlarged its prepared foods offerings and tripled the amount of space available to provide more bulk sales, which make organic items less expensive to buy, according to Good Harvest co-owners Joe Nolan and his wife Jody Nolan. The Harvest Café has tripled its size and available seating, including outdoor seating that overlooks the land conservancy.

Good Harvest Market has already added more than 20 new employees to its 60 current employees in preparation for the opening

“We are grateful for the support of our customers, farm and fresh food partners in helping us grow over the past 10 years to the point where this new store was necessary to keep up with the demand for organic, local and gluten-free food,” said Jody Nolan. “We are looking forward to continuing to invest in the health and well-being of the entire community in our brand new store.”

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Lutheran Home plans $2 million make-over
April 22, 2015 11:01 AM
Lutheran Home in Wauwatosa announced that it will invest $2 million in a major renovation of its main lobby and entrance, as well as the addition of office space.

The skilled nursing facility plans to begin construction work in early May. The project will be funded through the Lutheran Home Foundation.

The project will include a brand new entrance that will eliminate a long corridor at the south end of the building. It will also feature a new circular driveway and covered drop off and pick-up area. Renovation updates will also include: improved aesthetics and comfort in the lobby and office space, a new ‘healing garden’ for residents and guests and dedicated and secure wheelchair storage.

The construction project is estimated to last 4 to 6 months.

“This makeover will add significant comfort for residents and guests as well as provide additional working space for our employees,” said Scott McFadden, Lutheran Home & Harwood Place CEO. “We are also pleased that there will be more harmony in the design that ties together both the Lutheran Home & Harwood Place campuses.”

The architect for this project is Plunkett Raysich Architects and the general contractor is Joseph Schmitt.

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U-Haul buys former Harley plant in Wauwatosa for $5.25 million
April 22, 2015 11:19 AM
An affiliate of Phoenix, Ariz.-based U-Haul International Inc. purchased the 395,000-square-foot former Harley-Davidson plant in Wauwatosa, which the company shut down in 2011, for $5.25 million, according to state records.

The building sits on a 21.6-acre site northwest of U.S. Highway 45 and Capitol Drive. The property, which has an address of 11700 W. Capitol Dr., sold for less than its assessed value of $6.7 million, according to Milwaukee County records.

The building was built in 1946 and has been vacant since Harley consolidated local manufacturing operations at its Menomonee Falls plant.

The property was listed for sale by James T. Barry III, Kevin Barry and David Buckley of Milwaukee-based DTZ Barry. James T. Barry III declined to comment on the deal.

A representative for U-Haul could not be reached for comment.

The deal is one of the largest recent industrial real estate deals to occur in the region, and it eliminates one of the few large industrial spaces that were available in the market. Southeastern Wisconsin had a 4.86 percent industrial space vacancy rate in the first quarter, according to Xceligent data, and Milwaukee County had a first quarter industrial space vacancy rate of 7.56 percent.


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MU buys Herzing University building downtown
April 22, 2015 11:09 AM
Marquette University continues to acquire real estate on the west side of downtown Milwaukee. The university recently purchased the Herzing University building, located at 525 N. 6th St., for $1.465 million, according to state records.

The two-story, 19,779-square-foot building was built in 1967 and has an assessed value of $1.282 million, according to city records.

The property was sold to Marquette by Menomonee Falls-based S&R Property LLC. The agent for S&R is Henry Herzing.

“Throughout this academic year, (MU) President (Mike) Lovell has emphasized a university priority to spur innovation and to increase our integration and collaboration with partners across the city and in our neighborhood,” said Marquette spokesman Brian Dorrington. “This property offers us a rare opportunity to reach beyond our traditional academic boundaries and extend further east. Similar to other properties we have recently purchased, the university found a unique opportunity to grow our campus in ways that previously did not exist. As a university, we feel that an essential part of our role is to impact the community around us. This purchase is another step in that direction.”

This is the third recent real estate purchase by Marquette on the west side of downtown Milwaukee.

Last fall, MU purchased a 7.5-acre site southeast of West Michigan Street and I-43. The site includes two buildings, a 132,334-square-foot office building and a 7,200-square-foot building, sold by Zilber Property Group for $5.25 million and a 4.6-acre site from the Wisconsin Department of Transportation.

MU recently purchased the 5,046-square-foot Butch’s Old Casino Steak House building at 555 N. James Lovell St. for $690,000.

Marquette plans to build a sports medicine/health and wellness facility, which will be a collaborative partnership between the Milwaukee Bucks and the university, on the sites acquired from Zilber, WisDOT and the owner of Butch’s.

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The Bog golf course is for sale
April 22, 2015 11:13 AM
The Bog, an 18-hole golf course in Saukville that was designed by golf legend Arnold Palmer, was recently listed for sale.

The course covers a 297-acre site at 3121 County Highway I in Saukeville and has a 10,500-square-foot clubhouse. The Bog opened in 1995 and is being sold by its original developer, Terry Wakefield. It is being listed for sale by Patrick Gallagher of Milwaukee-based Siegel-Gallagher and Chicago-based Links Capital Advisors.

“It’s just time for (Wakefield) to move on,” Gallagher said. “He’s been a good steward of the course for many years.”

The asking price for the course is $3.5 million.

“That is a fraction of its original cost,” Gallagher said.

The Bog is a public, 18-hole championship caliber golf course, he said. It has been ranked as one of the top 10 golf courses in the state by Golf Digest.

“We have several offers already,” Gallagher said. “This is a really desirable course. The quality of this course is way up there.”

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Riverfront Plaza office building downtown is for sale
April 22, 2015 11:17 AM
Riverfront Plaza, a 6-story office building located at 1110 N. Old World Third St. on the Milwaukee River in downtown Milwaukee is for sale.

The 108,671-square-foot building is currently 71 percent occupied. It is owned by a local investment group and is listed for sale by Patrick Gallagher and Matson Holbrook Jr. of Milwaukee-based Siegel-Gallagher.

Tenants in the building include Lucille’s Piano Bar & Grill and Ale Asylum Riverhouse.

The building was built in 1923 and was completed renovated in 1987, Gallagher said.

“I think (the investment group that owns the building) see that the office market is recovering from the recession,” he said. “It’s a good time to be a seller.”

The property could benefit from being located near the proposed new downtown arena for the Milwaukee Bucks and the ancillary development that the Bucks owners are planning around the arena, Gallagher said.

There is no asking price for the building. An offer due date has been set for May 6, Gallagher said.

“We’ve had four or five tours so far,” he said.

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Hide House is for sale
April 22, 2015 11:15 AM
The Hide House, a series of connected former tannery buildings in Milwaukee’s Bay View neighborhood that now provides space for an eceletic mix of small firms, start-ups and creative tenants, is for sale.

The complex is owned by an affiliate of Fox Point-based General Capital Management. It has a total of 140,875 square feet of gross building area, including about 81,637 square feet of improved, lease-able space. About 82.6 percent of the currently leas-able space is occupied.

The Hide House complex is listed for sale by Patrick Gallagher, Matson Holbrook Jr. and Max Schultz of Milwaukee-based Siegel-Gallagher. The asking price is $2.9 million.

“We have several interested parties that are looking at it,” Gallagher said. “It’s just a really creative space, a very cool building It has a real creative mix of tenants and is located in a neighborhood that attracts that ilk.”

The buildings in the complex were built from 1898 to 1949. The complex was originally the home of the Greenebaum Tannery.

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Leases
April 22, 2015 11:03 AM


NAI MLG Commercial

Lara’s Trucking LLC leased 9,721 square feet of space at 1814 Dolphin Dr., Waukesha, from R.A.B. Properties LLC.

Siegel-Gallagher

Subway Real Estate LLC leased 1,722 square feet of space in County Line Plaza at N95 W25901 County Line Road, Lisbon, from Ertl Investments II LLC.

Zilber Property Group

Edge Messaging LLC leased 937 square feet of office space at 15850 W. Bluemound Road, Brookfield.

Adams Urfer LLC leased 270 square feet of office space in Wells Fargo Plaza at 735 W. Wisconsin Ave., Milwaukee.

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Sales
April 22, 2015 11:05 AM

Judson & Associates

Jesus E. and Thaime L. Nanez purchased 3,336 square feet of space at 4511 S. 6th St., Milwaukee.

NAI MLG Commercial

Out Perform LLC purchased 13,064 square feet of space at 11607 W. Dearbourn Ave., Wauwatosa, from Accetta Family Limited Partnership.

Woodfield LLC purchased 10.3 acres in the Germantown Business Center in Germantown from the Village of Germantown.

Rasmussen Industrial Properties LLC purchased 3.4 acres on Washington Street in West Bend from Ziegler & Bence West Bend LLC.

Paradigm Real Estate

Out Perform LLC purchased a 12,908-square-foot industrial building at 11607 W. Dearbourn Ave., Wauwatosa, from Accetta Family Limited Partnership.

Siegel-Gallagher

Flipeleven purchased a 4,629-square-foot commercial condominium at 1812 N. Water St., Milwaukee, from Spire Development Company.

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Andrew Weiland This exclusive news bulletin is compiled by BizTimes Milwaukee reporter Andrew Weiland. This bulletin is published every Wednesday morning. Send real estate news tips to Andrew.Weiland@biztimes.com or call him at (414) 336-7120.


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