The Commercial Association of Realtors Wisconsin on Thursday recognized some of the biggest deals and projects over the last year as part of its annual Deal of the Year awards.
The Bradley Foundation’s relocation to the Hammes Co. building in downtown Milwaukee and ensuing sale of its former home, the Lion House along with two other East Side mansions, landed the top prize in the office category. The group is now located on the top floor of the building at 1400 N. Water St., and sold the mansions to a local developer for $2 million. It was submitted by David and James Barry of The Barry Co.
The win in the investment category went to a four-property, $15 million retail portfolio deal. The four retail centers were bought by Denver-based Baceline Investments LLC from longtime owners, William Reilly and Leon Joseph. The deal was submitted by Kevin Schmoldt and Brian Vanevenhoven of Newmark Knight Frank.
The industrial category winner was the new Western Building Products headquarters and warehouse facility in Milwaukee. The company is in the process of moving from Wauwatosa to the new 326,600-square-foot facility on the former Joy Farms site on the city’s far northwest side. It was one of the last remaining large rural tracts of land in the city. The deal was submitted by Jeff Hoffman, Chad Van De Zande and Nick Unger of Cushman & Wakefield | Boerke, and Sam Dickman of The Dickman Company.
Michels Corp.’s $100 million R1VER project in Milwaukee’s Harbor District won deal of the year in the development category. The Brownsville-based contractor will occupy the top three floors of the first office building being constructed there. Other projects on the horizon there include another office building, apartments, retail and a hotel. It was submitted by David Stegeman of Michels and Erik Lindstrom of Gilbane Building Co.
The retail category winner was the landing of a major tenant in Target at Bayshore in Glendale. A long-desired retail tenant for the area, Target will occupy the former Boston Store space at an undetermined date. It was submitted by Dan Rosenfeld, Dan Cohen and Andrew Prater of Mid-America Real Estate Wisconsin.
Finally, the Deal of the Year judges recognized the Huron Building in downtown Milwaukee with the “Judges’ Choice” award. The recently constructed office building at Clybourn and Broadway was recognized for the linkages it created between downtown and the Historic Third Ward, its use of crowdfunding to raise project equity and the signing of a major law firm in Husch Blackwell as its anchor tenant.
“This project stood out in so many ways and stands in a class of its own in terms of market impact,” said Andy Hunt, director of Marquette University’s Center for Real Estate and a Deal of the Year judge.