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Wednesday, August 20, 2014
Diamond Marketing moving HQ from Mequon to West Bend
August 13, 2014 11:06 AM
Diamond Marketing LLC, a firm that designs and manufactures point of purchase displays, is in the process of moving its corporate headquarters from Mequon to West Bend.

An affiliate of the firm recently purchased a 24,000-square-foot building at 2220 Stonebridge Road in West Bend from West Lake LLC and is in the process of moving its corporate headquarters there from its previous location in a 2,500-square-foot space at 11512 N. Port Washington Road. The firm is also moving its warehousing and assembly operations to the building from a 7,000-square-foot space in Hartford.

Diamond Marketing will occupy a 6,000-square-foot space in the building. The rest of the space in the building is leased to existing tenants including Fastenal and Exper Tees.

The property was sold by West Lake LLC, a local investor represented by John Henderson, Brett Garceau and Vytau Barcas of NAI MLG Commercial.

Diamond Marketing, which has a total of about 20 employees and subcontractors, was founded in 1999 by owner Kimberly Laufer, who lives in the West Bend area and says it is more convenient to locate the business near her home.

“We just really enjoy the community here,” she said.

The West Bend location will also benefit the company by bringing its office space, warehousing and assembly operations under one roof.

“It will be a much easier flow,” Laufer said.


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Atlanta-based development firm buys former Gallun Tannery site
August 13, 2014 10:24 AM
Atlantic Realty Partners, an Atlanta-based developer of luxury apartment buildings, recently purchased the 5.7-acre former Gallun Tannery site at 1781 N. Water St. on the Milwaukee River north of downtown Milwaukee, according to state records.

Atlantic Realty bought the vacant site, which has 1,047 feet of river frontage, for $2.5 million from Mayville-based A.F. Gallun & Sons LLC. The sale price was well below the property's $4.54 million assessed value, according to city records.

A representative for Atlantic Realty could not immediately be reached for comment.

The site has been vacant for years and the last of the old tannery buildings there was torn down in 2011.

In 2012 Fiduciary Real Estate Development Inc. and Opus North Corp. were working on plans for a joint venture residential development project on the site, but the project never moved forward.

The property is located in an area that has seen a significant amount of multi-family residential real estate development for several years on both sides of the river.

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Sleep Inn near Sheboygan sold for nearly $2.5 million
August 13, 2014 10:43 AM
Franklin-based Shreedhar Hotels LLC recently purchased the 60-room Sleep Inn & Suites hotel, located just off of I-43 near Sheboygan, for $2.475 million, according to state records.

The hotel is located on a 2.5-acre site at 3912 Motel Road in the Town of Wilson, and is just southeast of the I-43 and County Highway V interchange.

Amenities in the hotel include a 400-square-foot meeting room.

The hotel will sold by Milwaukee-based HM Hotels LLC.

Rattan Soni of Franklin is the registered agent for Shreedhar Hotels LLC and Himanshu Parikh of Milwaukee is the registered agent for HM Hotels LLC, according to state records.

Another investment group led by Parikh, DEV Group LLC, recently recently purchased the 80-room Comfort Suites hotel in Delavan for $2.25 million, according to state records. The hotel, located on a three-acre site at 313 Bauer Parkway, was sold by Beaver Dam-based investment group Delavan Area Hospitality Group LLC. The hotel has a 1,100-square-foot meeting room that accommodates up to 60 people, and a boardroom that can accommodate up to 30 people.

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July metro area home sales down 0.8%
August 13, 2014 10:49 AM
Home sales in the four county metro Milwaukee area continue to lag behind the 2013 pace.

In July, the number of home sales in the metro area were down 0.8 percent, to 1,962 homes sold, compared to July of 2013, according to data from the Greater Milwaukee Association of Realtors.

Home sales in the metro area have been off the 2013 pace for all of 2014 as each month has had a year-over-year decrease in sales.

In July home sales in Milwaukee County were up 5.3 percent to 1,044, but sales were down 5.8 percent in Waukesha County to 602, down 10.8 percent in Washington County to 181 and down 6.9 percent in Ozaukee County to 135.

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Northwestern Mutual to hold groundbreaking ceremony Aug. 26 for office tower
August 13, 2014 10:02 AM
Northwestern Mutual Life Insurance Co. announced today that it will host a groundbreaking ceremony on Tuesday, Aug. 26 to celebrate the start of construction for its Northwestern Mutual Tower and Commons project at its corporate headquarters campus in downtown Milwaukee.

Northwestern Mutual will build a $450 million, 32-story, 1.1-million square foot office building on a site that was formally occupied by a 16-story, 452,000-square-foot office tower that has been torn down. That demolition work began in December of 2013.

Now construction crews are ready to begin work on the new building. A team of Gilbane Building Co. and Milwaukee-based C.G. Schmidt Inc. is the general contractor for the project. New Haven, Conn.-based Pickard Chilton is the design architect for the project. Houston-based Kendall/Heaton Associates is the architect of record for the project.

The construction work for the new building is expected to be complete in 2017.

The new tower will house 1,100 employees that had been housed in the building that was torn down and another 1,900 employees that the company plans to add by 2030.

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Wangard plans $14 million industrial space development in West Allis
August 13, 2014 11:04 AM
Wauwatosa-based real estate development firm Wangard Partners Inc. plans to build a two-building, $14 million industrial space development on the former Yellow Freight Truck terminal sites at 11525 and 11406 W. Rogers St. in West Allis.

The proposal includes a 72,000 square foot building for an undisclosed tenant and a 50,000 square foot flex space industrial building that will be built on speculation.

Wangard Partners plans to start construction in fall 2014 with completion by spring 2015.
“West Allis is seeing a demand for quality industrial space and Wangard Partners’ proposal will offer an attractive, central location opportunity to meet the market demand,” said Ald. Thomas Lajsic, Common Council president.

The city has approved selling Wangard Partners the property for $845,000. The purchase price includes funds to underwrite the city’s demolition and environmental expenses. The city has completed demolition of the site in preparation of construction.

The project is expected to close on financing by September. West Allis’ community development regional entity, First-Ring Industrial Redevelopment Enterprise Inc. (FIRE) has approved a $14 million New Market Tax Credit allocation to Wangard for the project. The tax credit allocation would provide approximately $3 million in equity financing to this project. In addition, the city has offered up to a $500,000 loan from the City of West Allis Revolving Loan Fund.


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Red Lobster restaurants in Milwaukee County sold for $9.5 million
August 13, 2014 10:57 AM
The two Red Lobster restaurants in Milwaukee County, one located in Wauwatosa and the other in Greenfield, sold recently for a combined $9.5 million, according to state records.

The restaurants, located at 2810 N. Mayfair Road in Wauwatosa and at 4645 S. 76th St. in Greenfield, were purchased by an affiliate of Cole Capital, a Phoenix, Ariz.-based  real estate investment trust that is the private capital business of New York-based American Realty Capital Properties Inc. The acquisition of the two Red Lobster restaurants in Milwaukee County is 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.

The Greenfield Red Lobster restaurant sold for about $5 million and the Wauwatosa Red Lobster sold for about $4.5 million, according to state records.

The restaurants sold for well above the assessed value of the properties. The Greenfield Red Lobster property has an assessed value of about $1.93 million and the Wauwatosa Red Lobster property has an assessed value of about $2.2 million, according to municipal records.

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Software firm buys Shorewood office building for $2 million
August 13, 2014 09:59 AM
An affiliate of Northwoods Software Development Inc. recently purchased the 50,000-square-foot office building that it occupies in Shorewood for $2 million, according to state records. The building was sold by an investors group that includes James T. Barry III, president of Cassidy Turley Barry.

The firm moved to the building in 2013 after operating for seven years at 4600 W. Schroeder Dr. in Brown Deer.

“We were leasing (space in the Shorewood building) as we were negotiating the purchase,” said Northwoods Software President Patrick Bieser.

Northwoods received a $200,000 grant from the Wisconsin Economic Development Corp. and a $200,000 loan from the Village of Shorewood to make improvements to the four-story building, which has been vacant since 2011 when Catholic Family Life Insurance moved out after its merger with Catholic Knights, forming Catholic Financial Life.

Northwoods currently occupies the lower two floors of the building and plans to make improvements to the upper two floors, and then will lease them out, Bieser said. The firm could eventually grow into those floors in the future.

Northwoods has 34 employees and hopes to double its staff over the “next several years,” Bieser said.

The company prefers the Shorewood location to its prior home in Brown Deer, Bieser said.
“It’s nice to be cloer to downtown (Milwaukee),” he said. “It’s nice to be close to the restaurants, shops and conveniences of Shorewood.”

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Real estate odds and ends
August 13, 2014 10:46 AM

Premier Real Estate Management plans new HQ in Brookfield
Premier Real Estate Management LLC, an apartment management and development company, plans to build a new 11,141-square-foot, two-story office building on a 2.3-acre site at 3120 Gateway Road in the Gateway West Office Park in Brookfield. The business is currently located at 19105 W. Capitol Drive in Brookfield.

Another office building planned in Brookfield
Marian Mleczko plans to build a two-story, 13,287-square-foot office building at 13785 W. North Ave. The speculative office building could accommodate up to six tenants. Menomonee Falls-based Wahlgren-Schwenn is the design-build firm for the project.

Lakefront Brewery to host groundbreaking ceremony today for warehouse expansion
Lakefront Brewery will host a groundbreaking ceremony today to celebrate the start of construction of a 7,000-square-foot expansion of its cold storage and distribution warehouse at 218 E. Keefe Ave. in Milwaukee’s Harambee neighborhood. The project’s estimated cost is $1.2 million. The expansion will create 10 full-time and 20 part-time jobs. Lakefront Brewery has nearly doubled its production since 2011 and distributes its products to 35 states, Japan, Korea and Canada.

MU to break ground for new Jesuit Residence
Marquette University on Friday will host a groundbreaking ceremony to celebrate the start of construction of a new 40,000-square-foot Jesuit Residence, which is the home for its community of Jesuit priests. The new Jesuit Residence will be flanked by the Alumni Memorial Union and Schroeder Hall on the Marquette campus, and will be located on the 1400 block of West Wells Street. The five-story building, which will be designed by Kubala Washatko Architects, will feature 25 resident rooms and five guest rooms, as well as a chapel and garden space. The current Jesuit Residence will eventually be torn down to increase green space on campus.

World of Beer to open second area location
National tavern franchise World of Beer plans to open its second location in the area on Aug. 25 in Wauwatosa. World of Beer already has a location on Brady Street in Milwaukee, which opened in 2012. World of Beer Franchising Inc. has more than 58 locations in 18 states. Its taverns feature a wide selection of local craft and global premium beers and casual tavern-style food. The Wauwatosa location will open in a 3,200-square-foot space at 418 N. Mayfair Road in Giuseppe’s Plaza. “We’re thrilled to be bringing the one-of-a-kind World of Beer experience to Wauwatosa and neighboring communities,” said Adam Buttina, Managing Partner at WOB-Wauwatosa. “Whether you’re a passionate beer lover or simply looking for a friendly place to gather for great casual food and a drink we hope to see you here.”

Former Cardinal Fitness building on Mayfair Road sold for $1.3 million
Elm Grove-based Advent Property Management Company LLC recently purchased a 10,093-square-foot former Cardinal Fitness building at 2885 N. Mayfair Road in Wauwatosa for $1.3 million, according to state records. The building was sold by Whitefish Bay-based CA Mayfair Road LLC. The registered agent for Advent Property Management is Madan Kandula of Elm Grove and the registered agent for CA Mayfair Road is John Levendusky of Milwaukee, according to state records. The property has an assessed value of $1.5 million, according to Milwaukee County records.

Second warehouse approved for Uline HQ
The Pleasant Prairie Plan Commission on Monday approved plans for Uline to construct a second 1.1 million square foot warehouse at corporate headquarters campus in Pleasant Prairie. The facility is expected to operate 24 hours per day, seven days per week with approximately 350 full-time employees upon start-up. Roughly 100 employees are expected to work from 32,000 square feet of office space inside the new warehouse facility, while 250 are expected to work in the warehouse over three shifts.

Menomonee Valley site put on the market
A long vacant site in the Menomonee Valley where Lakefront Brewery Inc. had recently considered plans to build a brewery, and where Allen Edmonds Corp. several years ago had planned to build a factory, has been put on the market for sale. The 9.4-acre site is located at 841 W. Canal St. Cassidy Turley Barry has been awarded the exclusive listing for the property. Kurt Van Dyke and James T. Barry III of Cassidy Turley Barry will be marketing the property. The property is owned by John Stollenwerk Milwaukee Real Estate LLC. Stollenwerk is the former president, CEO and owner of Allen Edmonds. Last year Lakefront Brewery announced plans to build a second brewery on the site, but has dropped those plans. The site is located southeast of I-43 and Canal Street and has 400 feet of frontage on the Menomonee River. It is located just west of the Harley-Davidson Museum. The property has an assessed value of $412,200, according to city records.

Preschool to move from Kenosha to Pleasant Prairie
Caterpillar College Preschool plans to relocate from its current location in northern Kenosha to an existing building just east of Green Bay Road and south of Highway 50 (8411 Old Green Bay Road) in Pleasant Prairie.

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Leases
August 13, 2014 09:54 AM


Colliers International|Wisconsin

Kerns Carpet leased 12,454 square feet of industrial space and Better Living Family Services leased 9,340 square feet of industrial space at the Mill Run Business Center in Milwaukee.

Children’s Hospital leased 11,000 square feet of industrial space at 8800 W. Washington Ave. in Mt. Pleasant.

Aristicrete leased 2,250 square feet of industrial space at 2074 S. 56th St., West Allis.

NAI MLG Commercial

OneTouchPoint Midwest Corp. leased 8,540 square feet of space at 1631-41 Renaissance Blvd., Sturtevant, from Robka Investments LLC.

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

Spectrum Engineering renewed its lease of 2,763 square feet of space at 19395 W. Capitol Dr., Brookfield, from SB1 Pleasant Prairie WI LLC.

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Sales
August 13, 2014 09:57 AM

NAI MLG Commercial

Diamond Holdings LLC purchased 24,000 square feet of space at 2220 Stonbridge Road, West Bend, from West Lake LLC.

53rd Street IP LLC purchased 7.52 acres at 3760 W. Wheelhouse Road, Milwaukee, from the Redevelopent Authority of the City of Milwaukee.

Siegel-Gallagher

The Pet Apothecary LLC purchased a 4,100-square-foot office building at 403-07 W. Silver Spring Dr., Glendale, from Daniel P. Kondos Law Offices.

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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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