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Wednesday, December 17, 2014
Moorland Commons sale completed
December 17, 2014 10:40 AM
McFarland-based Sundown Capital LLC recently closed on its purchase of the Moorland Commons shopping center in New Berlin for $10,158,800, according to state records.

Moorland Commons is a 126,561-square-foot shooping center located northeast of Moorland and Beloit roads in New Berlin. The shopping center was sold in an online auction in October. The winning bid was $9,675,000 million. The $10,158,800 purchase price recorded with the state includes a five percent auction.com buyers’s premium.

The agent for Sundown Capital LLC is Steven Doran, who is the principal of Madison-based Lee & Associates Commercial Real Estate in Madison. Doren could not be reached for comment.

Tenants in Moorland Commons, built in 2002, include OfficeMax, Michaels, Buffalo Wild Wings, Subway, ATI Physical Therapy, GNC, Great Clips and U.S. Cellular. The shopping center’s anchor Target store is separately owned and was not included in the auction sale.

In 2012, the shopping center was the subject of a mortgage foreclosure whereby a Waukesha County judge ruled that the original owner, Madison-based EJP Moorland Commons LLC, was in default of $21.3 million on a 2005 mortgage. It was sold at auction to JPMCC 2005 – CIBC13 Beloit Road LLC, an affiliate of Miami Beach, Fla.-based LNR Property LLC, in early 2013.

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Indoor go-kart tracks planned for former American TV store in Pewaukee
December 17, 2014 10:46 AM
Land O’Lakes, Fla.-based SPA Indoor Speedway LLC plans to open a two-track indoor go-kart entertainment facility at the former American TV store building northeast of I-94 and County Highway F in the City of Pewaukee.

SPA plans to lease the northern-two thirds of the building, occupying 60,455 square feet of the 110,424-square-foot structure.

American TV closed all of its 11 stores earlier this year. The Pewaukee store building was acquired by John Schlueter, president of Milwaukee-based Frontline Commercial Real Estate Inc.

The indoor go-kart facility will have electic-powered cars that do not give off exhaust. Snacks will be available for sale. There will be a 4,000-square-foot spectator area with tables, chairs and TVs, rooms for group events such as birthday parties and about 7-10 arcade games.

About 16 full-time employees will work at the facility, according to the proposal filed with the city.

“People from our organization have been at a sister track operated by the same company,” Schlueter said. “It’s truly fantastic. I think everyone is going to love it. People that are into motorsports are traveling out of state to do this.”

Last year SPA planned to open an indoor go-kart track at 5475 S. Westridge Dr. in New Berlin, but the deal fell through.

Menomonee Falls-based Wahlgren-Schwenn Inc. is the general contractor for the indoor go-kart project in the building. Peter Glaser of CBRE’s Milwaukee office is the listing broker for the building.

The southern portion of the building, about 50,000 square feet, remains available for lease.

“We’re talking to several retail users about that space,” Schlueter said.

Schlueter also owns the former American TV store building at 6700 Brown Deer Road in Brown Deer. The village plans to purchase the building from Schlueter, but the closing has been pushed back two more months, he said.

“The (village) and I have an ongoing agreement to work together to fill that space,” Schlueter said. “We are in discussions with several national retailers for it.”

Schlueter also owns six acres to the south and 18.5 acres to the north of the former American TV store in Oak Creek, located at 9191 S. 13th Street, which is being converted into a Steinhafels furniture store. A 50,000-square-foot multi-tenant retail building is planned for the southern site. The northern site is being reserved for a large user needing 150,000 to 300,000 square feet of space, he said.

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Three-building apartment complex planned along I-94 in Pewaukee
December 17, 2014 10:47 AM
The property management division of Pewaukee-based Bielinski Homes Inc. has submitted plans to the City of Pewaukee to build a three-building, 117-unit apartment complex development northwest of I-94 and Springdale Road.

The development will be built on a 32.86-acre site. The development site will consist of 10.36 acres and the remaining 22.5 acres will remain as wetlands and an environmental corridor.

Each of the three buildings will have 39 apartment units. One bedroom units will range in size from 654 to 669 square feet with rents between $760 and $800. Two bedroom units will range in size from 967 to 995 square feet with rents between $950 and $1,000.

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Furniture store coming to Third Ward
December 17, 2014 10:57 AM
West Elm, a New York-based furniture and home decor store chain that is a member of the Williams-Sonoma Inc. portfolio of brands, will open a store in the Historic Third Ward in Milwaukee.

The West Elm store will occupy the entire first floor of The Mayer Building at 342 N. Water St. The space is 11,250 square feet.

The store is expected to open in the spring of 2015.

“We are thrilled to welcome West Elm to The Mayer, the bustling Third Ward retail scene and Milwaukee,” said Ann Pieper of Pieper Properties, which is the owner of The Mayer Building. “West Elm will be an asset to the greater Milwaukee area and provide an even richer retail experience for residents and employees of and visitors to the Third Ward."

The deal was brokered by Marianne Burish and Cory Sovine of Siegel-Gallagher, who represented The Mayer Building, and Bruce Westling of NAI MLG Commercial and Scott Muller of CBRE-Dallas, who represented Williams-Sonoma.

West Elm was launched in 2002 in Brooklyn. The brand collaborates with independent artists and craft communities. The Third Ward store will feature a curated selection of products made by Wisconsin artists and makers.

West Elm offers an assortment of products for the home including furniture, bedding, bathroom accessories, rugs, curtains, lighting, decorative accessories, dinnerware, kitchen products and gifts.

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OSG Billing Services moves New Berlin facility to new site
December 17, 2014 10:55 AM
Englewood, N.J.-based OSG Billing Services recently moved its Midwest production center from 16300 W. Glendale Dr., New Berlin, to 2471 S. Commerce Dr. in New Berlin.

The new location occupies 20,000 square feet of space and is more than twice the size of the previous location.

OSG Billing Services is a provider of outsourced billing and statement services and customer communication management.

“Our continued growth was ample reason for the expansion of our Wisconsin plant,” said John Springthorpe, III, OSG president and COO of OSG Billing Services. “We’ll be outfitting the facility with new equipment and an upgraded network. The new space, added size and new projects will enhance our abilities to provide integrated multi-channel electronic and print and mail solutions through a highly-controlled, state-of-the-art processing environment. This, in turn, will allow us to continue providing our customers with the highest level of service.”

The company plans to hire additional staff to keep up with the increased workload, but the number of jobs that will be added has not been determined.

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Couture developer pledges workforce development funds
December 17, 2014 11:01 AM
Barrett Visionary Development Group, which wants to build the 44-story Couture apartment tower near the lakefront in downtown Milwaukee, has pledged $100,000 for workforce development, which will be matched by a $100,000 grant from the Milwaukee Area Workforce Investment Board, Milwaukee County Board Chairwoman Marina Dimitrijevic announced Tuesday.

The addition of the $200,000 in funds increases the planned workforce development investment for The Couture and the proposed downtown streetcar project to $500,000, Dimitrijevic said.

“This city-county partnership will help touch more than 500 workers, providing the necessary job training skills needed to connect with open positions in our growing economy while building our talent pipeline,” said said.

“The investment of half a million dollars from the city and county together will be used for evaluation, assessment, recruitment workshops, and career pathway/training programs translating into real jobs on these projects,” said Earl Buford, president of the Milwaukee Area Workforce Investment Board.

The Couture is a proposed $144 million development that would be built at the site of the Milwaukee County Downtown Transit Center at the southwest corner of Michigan Street and Lincoln Memorial Drive. A proposal to sell the site to Barrett will be reviewed by the County Board on Thursday, Dec. 18.

For the project, Barrett Visionary Development owner Rick Barrett has also agreed to hire 40 percent of workers from within Milwaukee County and contract with disadvantaged business enterprises for 25 percent of the project.

Barrett is also seeking $17.5 million in tax incremental financing from the city to pay for public spaces in the project including a transportation hub with a streetcar stop. He has said that the streetcar project is vital to the current design of The Couture.

“As a lifelong Milwaukeean, I am excited to help take us to the next level,” Barrett said. “I am happy to partner with the Milwaukee Area Workforce Investment Board to provide additional resources to train workers and develop our diverse workforce.”

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Real estate odds and ends
December 17, 2014 10:54 AM


Water Street Brewery buys site for Oak Creek restaurant
An affiliate of Milwaukee-based Water Street Brewery recently purchased a 2.6-acre site at 7941 S. Howell Ave., Oak Creek, in the Drexel Town Square development, for $1.35 million, according to state records. Water Street Brewery began construction this week on a restaurant at the site.

Downtown Grafton building sold for $1 million
Milwaukee-based LCM Funds 32 Grafton LLC purchased the two-story commercial building at 1218 13th Ave. in downtown Grafton from Grafton Riversite Partners LLC for $1 million. The second floor of the building is occupied by The Black Swan Banquet Hall.

Bell Ambulance buys former Ducati dealership building on Silvernail
An affiliate of Bell Ambulance Inc. purchased the 9,600-square-foot retail building at 2204 Silvernail Road, Waukesha, formerly occupied by a Ducati motorcycle dealership, from Bayside-based PK Properties of Wisconsin LLC.

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Leases
December 17, 2014 10:49 AM

Siegel-Gallagher

Ice Frog Technologies LLC leased 1,500 square feet of space at 223 N. Water St., Milwaukee, from Demco Wisconsin 5 LLC.

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Sales
December 17, 2014 10:51 AM

Colliers International|Wisconsin

Lohill Enterprises LLC purchased the building at 16655 W. Wisconsin Ave., Brookfield, for $2.2 million.

Judson & Associates

Keith Pajot purchased 4,193 square feet of space at 6855-57 W. Beloit Road, West Allis, from William Hangartner.

NAI MLG Commercial

Kunes Family Foundation Inc. purchased 12,000 square feet of space at 205 E. Commerce Ct., Elkhorn, from Thies-Magill Real Estate LLP.

Memet Islami purchased 6,800 square feet of space at 685 E. Valley Road, Oconomowoc, from Park Bank.

The Big Square Inch LLC purchased 2,388 square feet of space at 9600 W. Greenfield Ave., West Allis, from Dearborn Street Holdings LLC Series M&I.

Sundance Inc. purchased 1.17 acres at Moorland Road and Janesville Road in Muskego from Associated Bank.

Siegel-Gallagher

The Jerry and Bernadette Mitchell Living Trust purchased a 4,000-square-foot office building at 170 N. Green Bay Road, Thiensville, from Addison Holdings LLC.

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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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