Real Estate

Home sales in January were down 3.2 percent from a year earlier in the 4-county metropolitan Milwaukee real estate market, according to the latest report from the Greater Milwaukee Association of Realtors. There were 846 homes sold in the area in January compared to 874 a year earlier.

Proposed legislation that would define the location of the Milwaukee shoreline, and therefore determine where private development can be built downtown near the lakefront, is based largely on a 1927 state Supreme Court ruling, according to state Rep. Joe Sanfelippo, R-West Allis, the lead sponsor of the Assembly version of the bill.

Wauwatosa-based real estate development firm Irgens announced today that it has secured a $71 million first mortgage loan commitment from a consortium of four banks to finance the development of 833 East, a 17-story office tower that it plans to build near the lakefront in downtown Milwaukee.

United Natural Foods Inc. will build a $37.8 million distribution center in Prescott, a project expected to create up to 314 new jobs over three years.

Developer Joshua Jeffers, the owner of Milwaukee-based J. Jeffers & Co. LLC, is seeking a $250,000 loan from the Milwaukee Economic Development Corp. to renovate a 6,300-square-foot historic retail building at 6505-19 W. North Ave. in Wauwatosa.

The owners of Milwaukee’s Asian Market are seeking a larger loan to build an 80,000-square-foot public market/community center at 6300 N. 76th St. on Milwaukee’s northwest side.

Vaultas Companies announced that it has opened a data center in a 10,000-square-foot space in the former Blatz Brewery complex in downtown Milwaukee. Vaultas also opened a 3,000-square-foot disaster recovery office space there, available for tenants that need temporary office space.

First Bank Financial Centre is providing a $670,000 SBA-backed loan to Best Place to create a second banquet room in the historic building at the former Pabst Brewery, Best Place owner Jim Haertel said.

Hilco Real Estate, LLC plans to sell the Milwaukee Airport Inn at a public auction live and online on March 13 at the property, 1716 W. Layton Ave.

A Four Points by Sheraton hotel is planned for the Drexel Town Square development in Oak Creek.