Real Estate

Wells Real Estate Investment Trust II, a real estate investment trust (REIT) owned by Norcross, Ga.-based Wells Real Estate Funds, announced that it has purchased the 240,000-square-foot office building at 11200 W. Parkland Ave., Milwaukee.

Joseph Zilber, the founder of Milwaukee-based Zilber Ltd., plans to purchase two small pieces of vacant property from Milwaukee County for his redevelopment of the former Pabst brewery property in downtown Milwaukee.

Residential real estate sales in southeastern were down 26.4 percent in January and 21.8 percent in February, compared with the previous year, according to the Greater Milwaukee Association of Realtors (GMAR).

The City of Milwaukee's Redevelopment Authority plans to purchase two vacant properties from Milwaukee County to assist a mixed-use development planned by former Milwaukee Bucks coach Terry Porter in the Bronzeville district.

Gov. Jim Doyle said his budget repair plan would garner $6 million for the state by preventing corporations, such as Wal-Mart, from "abusing captive real estate investment trusts (REIT) as a means of avoiding taxes on profits generated in Wisconsin."

Milwaukee-based Wangard Properties announced plans this week to build an eight-story, 155,000-square-foot office building on top of a parking garage just south of the eight-story 875 East Wisconsin office building at 875 E. Wisconsin Ave.

Milwaukee-based Towne Investments announced that it has completed construction of two speculative industrial buildings at LakeView Corporate Park in Pleasant Prairie, and has found an anchor tenant for one of them.

A groundbreaking ceremony will by held Friday, March 14, to celebrate the beginning of construction for the 500,000-square-foot distribution center for GE Healthcare, which will be built on a 35-acre site southwest of Moorland Road and College Avenue in Muskego.

A long list of real estate experts will participate in roundtable discussions during the 2008 Commercial Real Estate Roundtable Forum hosted by The Commercial Association of Realtors Wisconsin (CARW) from 7-9:30 a.m. on Tuesday, April 1 at the Italian Community Center, 631 Chicago St., Milwaukee.

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