Compass Properties plans to redevelop the long-vacant, eight-story office building at 731 N. Water St. into a mixed-use building. “It is our sincere intention to start (the redevelopment project) this year,” said Compass Properties regional manager Sheldon Oppermann. The 80,000-square-foot building is wedged between the 34-story, 420,000-square-foot 100 E. Wisconsin Ave. building and the 17-story, 293,000-square-foot 735 N. Water St. building in downtown Milwaukee.
In 2002, Compass Properties bought the 735 N. Water St. building, designed by renowned Chicago architect Daniel Burnham and built in 1912, and the vacant 731 N. Water St. building, which was constructed in 1952.
The 731 N. Water St. building has been vacant for about 15 years, Oppermann said. The building has a large amount of asbestos contamination that must be removed, he said.
Oppermann declined to provide specific details about his redevelopment plans for the property. He said it would be a mixed-use development. He also said that he did not want to create a large amount of office space that would compete with the 735 N. Water St. building, which is about 65-percent occupied.
One reason the 731 N. Water St. building has been vacant for so long is that the downtown Milwaukee office market is soft, Oppermann said.
It would take about one year to complete the project. Oppermann declined to say what the project will cost.
Compass plans to create a connection on the first floor of the 735 and 731 buildings, where people will be able to go from one building to the other without stepping outside. The company also plans to create a restaurant in a 2,500-square-foot space on the first floor of the 735 building. The restaurant would be at one end of the walkway connecting the two buildings.
“We’re going to do it like an old Chicago building or like the streets of Old Milwaukee,” Oppermann said. “We’ll have tile mosaic floors and rich woodwork.”
Compass hopes to begin construction for the restaurant in early May and have it open in time for summer, Oppermann said. The company is looking for an operator for the restaurant.
“We’re so committed to (the restaurant), if we don’t find an operator, we would consider (running) it,” Oppermann said.
The restaurant will have seating for about 60 people. It will serve coffee, baked goods, soup and sandwiches for lunch and dinner items. The menu could also include a larger breakfast selection.
Compass is also building two new conference rooms in the 735 N. Water St. building, which will be shared by the tenants. The 450-square-foot and 225-square-foot conference rooms will be on the second floor and will include windows that look out at the building’s restored first floor lobby. The new conference rooms will replace less-appealing conference rooms in the building that will be converted to tenant spaces, Oppermann said.
The addition of the restaurant and the new conference rooms are part of Compass Properties’ strategy to position the 735 N. Water St. building as a historic, unique and high-end downtown office building with appealing amenities, Oppermann said. The company has made numerous other improvements to the building, which had not been upgraded for years before Compass purchased it. The company is installing a sprinkler system and has added new carpeting and exit signs in the hallways to update their appearance. The lobby and the first floor space for Private Bank were dramatically restored.
To set itself apart from other downtown buildings, Compass wants to provide an enjoyable and unique experience for its tenants, Oppermann said.
“We have to give you everything,” he said. “This building has been here for almost 100 years, and we want to make sure it is still relevant 100 years from now.”
Other Milwaukee News
A proposal for a mixed-use high-rise that Williams Development planned to build to replace the Chase Bank parking garage at the southwest corner of Water Street and Michigan Street is dead, according to Williams Development president Bill Ornstein. The 21-story building would have had a two-story lobby, nine floors of parking, three floors of office space, six floors of residential space and one floor for storage space and equipment. Williams Development hired Chicago-based Booth Hansen Architects to design the building. The architect is still showing a rendering of the building on its Web site at www.boothhansen.com. “It was a very unique building,” Ornstein said. “(But) it didn’t fit in with the bank’s current plans.” In a nonscientific survey conducted last year by SBT of commercial Realtors and other area businesspeople, the Chase parking garage was voted the most underperforming structure in downtown Milwaukee. “Right now, we don’t have any definitive plans for the structure,” said Chase Bank spokeswoman Calmetta Coleman. “We have explored numerous opportunities, but right now, there is nothing going on.”
Third Street Pier, a seafood restaurant owned by Hans Weissgerber III and located in the Riverfront Plaza building at 1110 N. Old World Third St. in downtown Milwaukee, is for sale. Weissgerber said his current five-year lease for the space is up, and he is negotiating a new lease in the building. He put the restaurant (the business, not the space) up for sale to “explore the market,” but that doesn’t mean it will be sold, he said. “We’ve had the restaurant listed (for sale) five or six times over the last 10 years just to see what’s out there,” he said. The 11,000-square-foot restaurant is listed for sale by Pewaukee-based Judson and Associates S.C. The listed sale price is $400,000. The restaurant has seating for up to 240 people inside and up to 200 on the riverwalk patio. Third Street Pier opened in 1988.
Wauwatosa-based Spectrum Development Group plans to build an 8,700-square-foot multi-tenant retail building on an outlot in front of the new Home Depot store at the southeast corner of Good Hope Road and North 76th Street. The building will be anchored by a 1,800-square-foot Starbucks café. Spectrum purchased 0.86 acres for the development from MidAm Milwaukee LLC. Mid-American Real Estate – Wisconsin LLC represented both parties in the transaction. The Home Depot store filled a vacant space that was formerly a Kmart store. “We’re starting to see some investment in that area,” said Mid-America principal Dan Rosenfeld.
Russ Darrow Group is moving its Kia dealership back to Milwaukee. Last year, the dealership was moved from 8380 N. 76th St. to Russ Darrow’s Isuzu dealership at 7200 W. Mequon Road in Mequon. Now the company is moving the Kia dealership back to 8380 N. 76th St. “We are moving back to 76th Street because it is an opportunity to expand our showroom and service area, and upgrade our overall facilities,” said vice president Mike Darrow. “Plus, 76th Street is a more central location for our customer base.” Russ Darrow also has Kia dealerships in Waukesha, Appleton, Madison and Oshkosh.
Michael and Amy Richichi, who own Moondance Coffee cafes at 5620 S. 108th St. in Hales Corners and at 7001 S. 27th St. in Franklin, plan to open a third location at 207 E. Buffalo St. in the Marshall Building in the Historic Third Ward.
Pleasant Prairie
Target Corp. plans to close its Kenosha store at 7450 Green Bay Road and replace it with a new, 127,000-square-foot store that will anchor the 316,000-square-foot Shoppes at Prairie Ridge retail development southeast of Highway 50 and 104th Avenue in Pleasant Prairie.
The Shoppes at Prairie Ridge is part of the massive, 400-acre, mixed-use Prairie Ridge development by Brookfield-based VK Development. The development was approved by village officials in 1998. Since then, VK has developed the site with 216 single family homes, an 80-room Holiday Inn Express hotel, a Famous Dave’s restaurant, a small retail building called the Prairie Ridge Marketplace, St. Anne’s Catholic Church, Extended Love Day Care Center, Pleasant Prairie Elementary School, St. Catherine’s Hospital, Grand Prairie Nursing Home, Hospice Alliance and Prairie Ridge Senior Center.
The senior center is the first phase of a senior apartment complex. The first phase has 120 units. Future phases will add an additional 400 units. VK Development’s future plans for the Prairie Ridge development also include 98 condominiums, and 131,000 square feet of office space in three buildings.
The Prairie Ridge development is yet another example of how urban sprawl from the Chicago area is stimulating growth in Kenosha County.
“Pleasant Prairie doesn’t have much commercial users,” said Tom Shircel, an assistant planner for the village. “The village’s population is now about 19,000, and we’re starting to attract some more commercial development.”
Sturtevant
Milwaukee-based Marcus Theatres Corp. recently broke ground for the construction of a 13-screen Marcus Cinema in the Renaissance Business Park at Highway 20 and Renaissance Boulevard. The cinema will include a 70-foot-wide, and nearly three-stories-tall, UltraScreen. “This new theatre will provide a first-class experience for moviegoers from Sturtevant, Racine, Kenosha and other communities throughout southeastern Wisconsin,” said Jeff Tomachek, vice president of finance, planning and development for Marcus Theatres. “With its convenient location off I-94 and Highway 20, the theatre can be easily reached from any direction.” The cinema is expected to open in late fall.
Richfield
Two industrial buildings owned by Helsan Development Co. and located near the future site of a Cabela’s store were re-zoned in an attempt to attract retail tenants. Sidney, Neb.-based Cabela’s is building a 165,000-square-foot outdoor gear store on a 60-acre site at U.S. Highways 41 and 45. One of the Helsan buildings has 35,272 square feet of space and the other has 21,000 square feet of space. They are located on the north side of Highway 145/Pioneer Road and are directly across the street from the main entrance to the Cabela’s store, which is expected to open this fall. “It has been estimated that 3 to 4 million people will visit Cabela’s each year,” said Jennifer Miller, operations manager for Helsan Development. “Based on this level of traffic, the buildings would better serve this area as retail than industrial. We plan to either sell the existing buildings or renovate them ourselves in preparation for high demand for retail space.”
Shorewood
Seattle-based Starbucks Corp. plans to open a café in the 1,591-square-foot former OzPies building at 4170 N. Oakland Ave. The building is being extensively remodeled. Starbucks has more than 11,000 retail locations in North America, Latin America, Europe, the Middle East and the Pacific Rim.
New Berlin
Brown Deer-based Guaranty Bank recently opened its newest branch location inside the Pick ‘n Save store at 15445 W. National Ave. Guaranty Bank has about $1.85 billion in assets and more than 150 branches in Wisconsin, Illinois, Michigan, Minnesota and Georgia.
Andrew Weiland is the managing editor of Small Business Times. Send news about commercial real estate to Andrew.weiland@biztimes.com or by calling him at (414) 277-8181 ext. 120. News can also be sent to Andrew Weiland, Small Business Times, 1123 N. Water St., Milwaukee, WI 53202.
CRE Commercial Real Estate Transactions
Leases
Colliers Barry
Marge’s Costume Shop leased 5,000 square feet of space at 7501 W. Greenfield Ave., West Allis, from 6301 Douglas Avenue LLC.
Dickman Company
Stainless Foundry & Engineering leased 5,000 square feet of industrial space at 4711 W. Woolworth Ave., Milwaukee, from Van Brothers III LLC.
First Industrial Realty Trust
Goodwill Industries of Southeast Wisconsin leased an additional 68,393 square feet of warehouse space at 4921 S. 2nd St., Milwaukee, from First Industrial Realty Trust.
Gerald Nell
Center for Diagnostic Imaging LLC leased 797 square feet of office space at 2457 N. Mayfair Road, Suite 202, Wauwatosa, from Sunset Investment Company.
A.L.S. of Wisconsin leased 695 square feet of office space at 2505 N. 124th St., Suite 105, Brookfield, from G&N Investment Company.
Neo Coil LLC leased 8,100 square feet of industrial space at N27 W23910 Paul Road, Unit A, Pewaukee, from Charter Oak Investment LLC.
Superior Pool Products LLC leased 30,400 square feet of industrial space at W229 N1844 Westwood Dr., Waukesha, from G&N Investment Company.
Austin Mortgage Holding Corp. leased 1,242 square feet of office space at 2511 N. 124th St. Suite 100, Brookfield, from G&N Investment Company.
Brookstone Printing Co. leased 4,400 square feet of industrial space and Friese-Mueller Service Inc. leased 3,200 square feet of industrial space at 12020 W. Feerick St., Wauwatosa, from G&N Investment Company.
First Choice Mortgage leased 1,905 square feet of office space at W229 N1433 Westwood Dr., Suite 103, Waukesha, from Sunset Investment Co.
Velcheck & Finger Roof Consulting and Service Inc. leased 6,000 square feet of industrial space at N27 W23713 Paul Road, Unit E, Pewaukee, from Charter Oak Investment LLC.
Doral Dental USA LLC leased 22,000 square feet of office space at 2360 Dakota Dr., Grafton, from CRH Inc.
Carpet Value Inc. leased 5,535 square feet of industrial space at 5470 S. Westridge Dr., New Berlin, from CRH Inc.
Don Koshak leased 4,360 square feet of industrial space at 5478 S. Westridge Dr., New Berlin, from CRH Inc.
Inland Companies
U.S. Postal Service leased 72,686 square feet of flex space at 9635 S. Franklin Dr., Franklin.
Kerry Inc. leased 11,096 square feet of office space at Executive Center V at 300 N. Executive Dr., Brookfield.
K&R Enterprises of Wisconsin leased 3,141 square feet of office space at Vincent Park Business Center, 19435 W. Capitol Dr., Brokfield.
Return to Work and Sports Center leased 2,729 square feet of office space at The Gathering, 8825 S. Howell Ave., Oak Creek.
Miller and Ogorchock S.C. leased 1,771 square feet of office space at Riverfront Plaza, 1110 N. Old World Third St., Milwaukee.
Flanner, Stack & Fahl LLP leased 1,500 square feet of office space at Squires I, 16535 W. Bluemound Road, Brookfield.
Wausau Financial Services leased 1,453 square feet of office space at 11270 W. Park Place, Menomonee Falls.
Insured Information Services LLC leased 392 square feet of office space at the West Allis Center, 1126 S. 70th St., West Allis.
Mid-America Real Estate
Chernin’s Shoe Outlet LLC leased 11,394 square feet of space at Northwest Fashion Square, 8643 W. Brown Deer Road, Milwaukee, from RIG Northwest Fashion Square LLC.
Double D’s of Kenosha d.b.a. Jimmy John’s leased 1,518 square feet of space at 6525 S. 27th St., Franklin, from Maxim Realty & Development LLC.
Ogden & Company
Potawatomi Business Development Corp. leased 3,213 square feet of office space in the P.H. Dye Building at 320 E. Buffalo St., Milwaukee.
Invest-Sure Wealth Management Inc. leased 1,215 square feet of space in the Belmar Office Building at 10555 N. Port Washington Road, Mequon.
Velcheck & Finger Roof Consulting and Service Inc. leased 6,000 square feet of space in the Charter Oaks Building at N27 W23713 E. Paul Road, Pewaukee.
Wayne Jay Agency – American Family Insurance leased 545 square feet of office space and Acme Image Works LLC leased 1,108 square feet of office space in the Eisner Professional Building at 9415 W. Forest Home Ave., Hales Corners.
Dr. Michael L. Kotkin leased 552 square feet of office space in the Valley View Professional Building at 5307 S. 92nd St., Hales Corners.
Loch-Lagina Motor Sports LLC leased 1,920 square feet of space and Advanced Landscape Lawn & Snow Inc. leased 3,840 square feet of space at 21122 Omega Circle in the Town of Norway.
Polacheck Company
Sara Lee Bakery Group leased 13,800 square feet of space at 7301-09 W. Dean Road, Milwaukee, from MIE Development a.k.a. St. John Properties.
Bayside Garden Center leased 2,000 square feet of space at 400 W. Brown Deer Road, Bayside, from North Shore Centers Partners.
What’s for Supper LLC d.b.a. Dinner by Design leased 2,032 square feet of space at 4842 S. 76th St., Greenfield, from Cornerstone Tinley Park LLC.
James R. March leased 1,200 square feet of space at 3648 S. Moorland Road, New Berlin, from New Berlin Associates.
Miroslan Trisic & Bojana Trisic leased 1,582 square feet of space at 5328 S. 27th St., Milwaukee, from Kleczka Family Limited Partnership.
Sales
Dickman Company
Dillett Property Management LLC purchased 14,400 square feet of industrial space at 21625 Doral Road, Brookfield, for $700,000 from Douglas K. Behrens
Inland Companies
Artic Glacier purchased the 11,248-square-foot industrial building at N60 W16280 Kohler Lane, Menomonee Falls.
Mid-America Real Estate
Spectrum Development Group LLC purchased 0.86 acres at 76th Street and Good Hope Road, Milwaukee, from MidAm Milwaukee LLC.
Ogden & Company
The Learning Shop purchased a 7,600-square-foot building at 2911 N. Mayfair Road, Wauwatosa.
Polacheck Company
3A LLC purchased 1.05 acres at 13170 W. Capitol Dr., Brookfield, from Klein-Dickert Company.
New Construction
Briohn Building Corp., Brookfield, recently completed the design and construction of a 28,123-square-foot tenant improvement for A.A. Anderson Pump & Process Company Inc. at 21365 Gateway Ct., Brookfield. Briohn also recently completed the design and construction of a new 64,446-square-foot facility at 5430 W. Layton Ave., Greenfield, with a showroom, warehouse and office space for Bilt Rite Furniture Inc.
Inland Construction, Milwaukee, recently began construction for 7,000 square feet of office and retail space for Vita Fitness and Physical Therapy, which will be located at 222 E. Erie St., Milwaukee. Inland also recently completed construction of a 30,000-square-foot Ace Hardware store at Howell Oaks Plaza, a multi-tenant retail facility at Howell Avenue and Forest Hill Avenue in Oak Creek. Inland also recently completed office alterations of 9,550 square feet of office space at 6938 N. Santa Monica Blvd., Fox Point, for General Capital. Inland was also recently awarded the interior office alterations contract for 32,040 square feet of office space occupied by State Farm Insurance at 245 S. Executive Dr., Brookfield.
MSI General Corp., Oconomowoc, has been selected by Innovative Picking Technologies to design and build a 2,034-square-foot office space expansion at W1236 Industrial Dr. in Ixonia.
Gerald Nell Inc., Waukesha, was selected by Dentaquest Ventures Company to build-out 22,000 square feet of office space for a call center for Doral Dental USA LLC at 2360 Dakota Dr., Grafton. The architect is Welman Architects Inc., Waukesha.
April 14, 2006, Small Business Times, Milwaukee, WI
April 14, 2006, Small Business Times, Milwaukee, WI
Compass Plans Renovations for Water Street Building
By Andrew Weiland, of SBT
Compass Properties plans to redevelop the long-vacant, eight-story office building at 731 N. Water St. into a mixed-use building. “It is our sincere intention to start (the redevelopment project) this year,” said Compass Properties regional manager Sheldon Oppermann. The 80,000-square-foot building is wedged between the 34-story, 420,000-square-foot 100 E. Wisconsin Ave. building and the 17-story, 293,000-square-foot 735 N. Water St. building in downtown Milwaukee.
In 2002, Compass Properties bought the 735 N. Water St. building, designed by renowned Chicago architect Daniel Burnham and built in 1912, and the vacant 731 N. Water St. building, which was constructed in 1952.
The 731 N. Water St. building has been vacant for about 15 years, Oppermann said. The building has a large amount of asbestos contamination that must be removed, he said.
Oppermann declined to provide specific details about his redevelopment plans for the property. He said it would be a mixed-use development. He also said that he did not want to create a large amount of office space that would compete with the 735 N. Water St. building, which is about 65-percent occupied.
One reason the 731 N. Water St. building has been vacant for so long is that the downtown Milwaukee office market is soft, Oppermann said.
It would take about one year to complete the project. Oppermann declined to say what the project will cost.
Compass plans to create a connection on the first floor of the 735 and 731 buildings, where people will be able to go from one building to the other without stepping outside. The company also plans to create a restaurant in a 2,500-square-foot space on the first floor of the 735 building. The restaurant would be at one end of the walkway connecting the two buildings.
“We’re going to do it like an old Chicago building or like the streets of Old Milwaukee,” Oppermann said. “We’ll have tile mosaic floors and rich woodwork.”
Compass hopes to begin construction for the restaurant in early May and have it open in time for summer, Oppermann said. The company is looking for an operator for the restaurant.
“We’re so committed to (the restaurant), if we don’t find an operator, we would consider (running) it,” Oppermann said.
The restaurant will have seating for about 60 people. It will serve coffee, baked goods, soup and sandwiches for lunch and dinner items. The menu could also include a larger breakfast selection.
Compass is also building two new conference rooms in the 735 N. Water St. building, which will be shared by the tenants. The 450-square-foot and 225-square-foot conference rooms will be on the second floor and will include windows that look out at the building’s restored first floor lobby. The new conference rooms will replace less-appealing conference rooms in the building that will be converted to tenant spaces, Oppermann said.
The addition of the restaurant and the new conference rooms are part of Compass Properties’ strategy to position the 735 N. Water St. building as a historic, unique and high-end downtown office building with appealing amenities, Oppermann said. The company has made numerous other improvements to the building, which had not been upgraded for years before Compass purchased it. The company is installing a sprinkler system and has added new carpeting and exit signs in the hallways to update their appearance. The lobby and the first floor space for Private Bank were dramatically restored.
To set itself apart from other downtown buildings, Compass wants to provide an enjoyable and unique experience for its tenants, Oppermann said.
“We have to give you everything,” he said. “This building has been here for almost 100 years, and we want to make sure it is still relevant 100 years from now.”
Other Milwaukee News
A proposal for a mixed-use high-rise that Williams Development planned to build to replace the Chase Bank parking garage at the southwest corner of Water Street and Michigan Street is dead, according to Williams Development president Bill Ornstein. The 21-story building would have had a two-story lobby, nine floors of parking, three floors of office space, six floors of residential space and one floor for storage space and equipment. Williams Development hired Chicago-based Booth Hansen Architects to design the building. The architect is still showing a rendering of the building on its Web site at www.boothhansen.com. “It was a very unique building,” Ornstein said. “(But) it didn’t fit in with the bank’s current plans.” In a nonscientific survey conducted last year by SBT of commercial Realtors and other area businesspeople, the Chase parking garage was voted the most underperforming structure in downtown Milwaukee. “Right now, we don’t have any definitive plans for the structure,” said Chase Bank spokeswoman Calmetta Coleman. “We have explored numerous opportunities, but right now, there is nothing going on.”
Third Street Pier, a seafood restaurant owned by Hans Weissgerber III and located in the Riverfront Plaza building at 1110 N. Old World Third St. in downtown Milwaukee, is for sale. Weissgerber said his current five-year lease for the space is up, and he is negotiating a new lease in the building. He put the restaurant (the business, not the space) up for sale to “explore the market,” but that doesn’t mean it will be sold, he said. “We’ve had the restaurant listed (for sale) five or six times over the last 10 years just to see what’s out there,” he said. The 11,000-square-foot restaurant is listed for sale by Pewaukee-based Judson and Associates S.C. The listed sale price is $400,000. The restaurant has seating for up to 240 people inside and up to 200 on the riverwalk patio. Third Street Pier opened in 1988.
Wauwatosa-based Spectrum Development Group plans to build an 8,700-square-foot multi-tenant retail building on an outlot in front of the new Home Depot store at the southeast corner of Good Hope Road and North 76th Street. The building will be anchored by a 1,800-square-foot Starbucks café. Spectrum purchased 0.86 acres for the development from MidAm Milwaukee LLC. Mid-American Real Estate – Wisconsin LLC represented both parties in the transaction. The Home Depot store filled a vacant space that was formerly a Kmart store. “We’re starting to see some investment in that area,” said Mid-America principal Dan Rosenfeld.
Russ Darrow Group is moving its Kia dealership back to Milwaukee. Last year, the dealership was moved from 8380 N. 76th St. to Russ Darrow’s Isuzu dealership at 7200 W. Mequon Road in Mequon. Now the company is moving the Kia dealership back to 8380 N. 76th St. “We are moving back to 76th Street because it is an opportunity to expand our showroom and service area, and upgrade our overall facilities,” said vice president Mike Darrow. “Plus, 76th Street is a more central location for our customer base.” Russ Darrow also has Kia dealerships in Waukesha, Appleton, Madison and Oshkosh.
Michael and Amy Richichi, who own Moondance Coffee cafes at 5620 S. 108th St. in Hales Corners and at 7001 S. 27th St. in Franklin, plan to open a third location at 207 E. Buffalo St. in the Marshall Building in the Historic Third Ward.
Pleasant Prairie
Target Corp. plans to close its Kenosha store at 7450 Green Bay Road and replace it with a new, 127,000-square-foot store that will anchor the 316,000-square-foot Shoppes at Prairie Ridge retail development southeast of Highway 50 and 104th Avenue in Pleasant Prairie.
The Shoppes at Prairie Ridge is part of the massive, 400-acre, mixed-use Prairie Ridge development by Brookfield-based VK Development. The development was approved by village officials in 1998. Since then, VK has developed the site with 216 single family homes, an 80-room Holiday Inn Express hotel, a Famous Dave’s restaurant, a small retail building called the Prairie Ridge Marketplace, St. Anne’s Catholic Church, Extended Love Day Care Center, Pleasant Prairie Elementary School, St. Catherine’s Hospital, Grand Prairie Nursing Home, Hospice Alliance and Prairie Ridge Senior Center.
The senior center is the first phase of a senior apartment complex. The first phase has 120 units. Future phases will add an additional 400 units. VK Development’s future plans for the Prairie Ridge development also include 98 condominiums, and 131,000 square feet of office space in three buildings.
The Prairie Ridge development is yet another example of how urban sprawl from the Chicago area is stimulating growth in Kenosha County.
“Pleasant Prairie doesn’t have much commercial users,” said Tom Shircel, an assistant planner for the village. “The village’s population is now about 19,000, and we’re starting to attract some more commercial development.”
Sturtevant
Milwaukee-based Marcus Theatres Corp. recently broke ground for the construction of a 13-screen Marcus Cinema in the Renaissance Business Park at Highway 20 and Renaissance Boulevard. The cinema will include a 70-foot-wide, and nearly three-stories-tall, UltraScreen. “This new theatre will provide a first-class experience for moviegoers from Sturtevant, Racine, Kenosha and other communities throughout southeastern Wisconsin,” said Jeff Tomachek, vice president of finance, planning and development for Marcus Theatres. “With its convenient location off I-94 and Highway 20, the theatre can be easily reached from any direction.” The cinema is expected to open in late fall.
Richfield
Two industrial buildings owned by Helsan Development Co. and located near the future site of a Cabela’s store were re-zoned in an attempt to attract retail tenants. Sidney, Neb.-based Cabela’s is building a 165,000-square-foot outdoor gear store on a 60-acre site at U.S. Highways 41 and 45. One of the Helsan buildings has 35,272 square feet of space and the other has 21,000 square feet of space. They are located on the north side of Highway 145/Pioneer Road and are directly across the street from the main entrance to the Cabela’s store, which is expected to open this fall. “It has been estimated that 3 to 4 million people will visit Cabela’s each year,” said Jennifer Miller, operations manager for Helsan Development. “Based on this level of traffic, the buildings would better serve this area as retail than industrial. We plan to either sell the existing buildings or renovate them ourselves in preparation for high demand for retail space.”
Shorewood
Seattle-based Starbucks Corp. plans to open a café in the 1,591-square-foot former OzPies building at 4170 N. Oakland Ave. The building is being extensively remodeled. Starbucks has more than 11,000 retail locations in North America, Latin America, Europe, the Middle East and the Pacific Rim.
New Berlin
Brown Deer-based Guaranty Bank recently opened its newest branch location inside the Pick ‘n Save store at 15445 W. National Ave. Guaranty Bank has about $1.85 billion in assets and more than 150 branches in Wisconsin, Illinois, Michigan, Minnesota and Georgia.
Andrew Weiland is the managing editor of Small Business Times. Send news about commercial real estate to Andrew.weiland@biztimes.com or by calling him at (414) 277-8181 ext. 120. News can also be sent to Andrew Weiland, Small Business Times, 1123 N. Water St., Milwaukee, WI 53202.
CRE Commercial Real Estate Transactions
Leases
Colliers Barry
Marge’s Costume Shop leased 5,000 square feet of space at 7501 W. Greenfield Ave., West Allis, from 6301 Douglas Avenue LLC.
Dickman Company
Stainless Foundry & Engineering leased 5,000 square feet of industrial space at 4711 W. Woolworth Ave., Milwaukee, from Van Brothers III LLC.
First Industrial Realty Trust
Goodwill Industries of Southeast Wisconsin leased an additional 68,393 square feet of warehouse space at 4921 S. 2nd St., Milwaukee, from First Industrial Realty Trust.
Gerald Nell
Center for Diagnostic Imaging LLC leased 797 square feet of office space at 2457 N. Mayfair Road, Suite 202, Wauwatosa, from Sunset Investment Company.
A.L.S. of Wisconsin leased 695 square feet of office space at 2505 N. 124th St., Suite 105, Brookfield, from G&N Investment Company.
Neo Coil LLC leased 8,100 square feet of industrial space at N27 W23910 Paul Road, Unit A, Pewaukee, from Charter Oak Investment LLC.
Superior Pool Products LLC leased 30,400 square feet of industrial space at W229 N1844 Westwood Dr., Waukesha, from G&N Investment Company.
Austin Mortgage Holding Corp. leased 1,242 square feet of office space at 2511 N. 124th St. Suite 100, Brookfield, from G&N Investment Company.
Brookstone Printing Co. leased 4,400 square feet of industrial space and Friese-Mueller Service Inc. leased 3,200 square feet of industrial space at 12020 W. Feerick St., Wauwatosa, from G&N Investment Company.
First Choice Mortgage leased 1,905 square feet of office space at W229 N1433 Westwood Dr., Suite 103, Waukesha, from Sunset Investment Co.
Velcheck & Finger Roof Consulting and Service Inc. leased 6,000 square feet of industrial space at N27 W23713 Paul Road, Unit E, Pewaukee, from Charter Oak Investment LLC.
Doral Dental USA LLC leased 22,000 square feet of office space at 2360 Dakota Dr., Grafton, from CRH Inc.
Carpet Value Inc. leased 5,535 square feet of industrial space at 5470 S. Westridge Dr., New Berlin, from CRH Inc.
Don Koshak leased 4,360 square feet of industrial space at 5478 S. Westridge Dr., New Berlin, from CRH Inc.
Inland Companies
U.S. Postal Service leased 72,686 square feet of flex space at 9635 S. Franklin Dr., Franklin.
Kerry Inc. leased 11,096 square feet of office space at Executive Center V at 300 N. Executive Dr., Brookfield.
K&R Enterprises of Wisconsin leased 3,141 square feet of office space at Vincent Park Business Center, 19435 W. Capitol Dr., Brokfield.
Return to Work and Sports Center leased 2,729 square feet of office space at The Gathering, 8825 S. Howell Ave., Oak Creek.
Miller and Ogorchock S.C. leased 1,771 square feet of office space at Riverfront Plaza, 1110 N. Old World Third St., Milwaukee.
Flanner, Stack & Fahl LLP leased 1,500 square feet of office space at Squires I, 16535 W. Bluemound Road, Brookfield.
Wausau Financial Services leased 1,453 square feet of office space at 11270 W. Park Place, Menomonee Falls.
Insured Information Services LLC leased 392 square feet of office space at the West Allis Center, 1126 S. 70th St., West Allis.
Mid-America Real Estate
Chernin’s Shoe Outlet LLC leased 11,394 square feet of space at Northwest Fashion Square, 8643 W. Brown Deer Road, Milwaukee, from RIG Northwest Fashion Square LLC.
Double D’s of Kenosha d.b.a. Jimmy John’s leased 1,518 square feet of space at 6525 S. 27th St., Franklin, from Maxim Realty & Development LLC.
Ogden & Company
Potawatomi Business Development Corp. leased 3,213 square feet of office space in the P.H. Dye Building at 320 E. Buffalo St., Milwaukee.
Invest-Sure Wealth Management Inc. leased 1,215 square feet of space in the Belmar Office Building at 10555 N. Port Washington Road, Mequon.
Velcheck & Finger Roof Consulting and Service Inc. leased 6,000 square feet of space in the Charter Oaks Building at N27 W23713 E. Paul Road, Pewaukee.
Wayne Jay Agency – American Family Insurance leased 545 square feet of office space and Acme Image Works LLC leased 1,108 square feet of office space in the Eisner Professional Building at 9415 W. Forest Home Ave., Hales Corners.
Dr. Michael L. Kotkin leased 552 square feet of office space in the Valley View Professional Building at 5307 S. 92nd St., Hales Corners.
Loch-Lagina Motor Sports LLC leased 1,920 square feet of space and Advanced Landscape Lawn & Snow Inc. leased 3,840 square feet of space at 21122 Omega Circle in the Town of Norway.
Polacheck Company
Sara Lee Bakery Group leased 13,800 square feet of space at 7301-09 W. Dean Road, Milwaukee, from MIE Development a.k.a. St. John Properties.
Bayside Garden Center leased 2,000 square feet of space at 400 W. Brown Deer Road, Bayside, from North Shore Centers Partners.
What’s for Supper LLC d.b.a. Dinner by Design leased 2,032 square feet of space at 4842 S. 76th St., Greenfield, from Cornerstone Tinley Park LLC.
James R. March leased 1,200 square feet of space at 3648 S. Moorland Road, New Berlin, from New Berlin Associates.
Miroslan Trisic & Bojana Trisic leased 1,582 square feet of space at 5328 S. 27th St., Milwaukee, from Kleczka Family Limited Partnership.
Sales
Dickman Company
Dillett Property Management LLC purchased 14,400 square feet of industrial space at 21625 Doral Road, Brookfield, for $700,000 from Douglas K. Behrens
Inland Companies
Artic Glacier purchased the 11,248-square-foot industrial building at N60 W16280 Kohler Lane, Menomonee Falls.
Mid-America Real Estate
Spectrum Development Group LLC purchased 0.86 acres at 76th Street and Good Hope Road, Milwaukee, from MidAm Milwaukee LLC.
Ogden & Company
The Learning Shop purchased a 7,600-square-foot building at 2911 N. Mayfair Road, Wauwatosa.
Polacheck Company
3A LLC purchased 1.05 acres at 13170 W. Capitol Dr., Brookfield, from Klein-Dickert Company.
New Construction
Briohn Building Corp., Brookfield, recently completed the design and construction of a 28,123-square-foot tenant improvement for A.A. Anderson Pump & Process Company Inc. at 21365 Gateway Ct., Brookfield. Briohn also recently completed the design and construction of a new 64,446-square-foot facility at 5430 W. Layton Ave., Greenfield, with a showroom, warehouse and office space for Bilt Rite Furniture Inc.
Inland Construction, Milwaukee, recently began construction for 7,000 square feet of office and retail space for Vita Fitness and Physical Therapy, which will be located at 222 E. Erie St., Milwaukee. Inland also recently completed construction of a 30,000-square-foot Ace Hardware store at Howell Oaks Plaza, a multi-tenant retail facility at Howell Avenue and Forest Hill Avenue in Oak Creek. Inland also recently completed office alterations of 9,550 square feet of office space at 6938 N. Santa Monica Blvd., Fox Point, for General Capital. Inland was also recently awarded the interior office alterations contract for 32,040 square feet of office space occupied by State Farm Insurance at 245 S. Executive Dr., Brookfield.
MSI General Corp., Oconomowoc, has been selected by Innovative Picking Technologies to design and build a 2,034-square-foot office space expansion at W1236 Industrial Dr. in Ixonia.
Gerald Nell Inc., Waukesha, was selected by Dentaquest Ventures Company to build-out 22,000 square feet of office space for a call center for Doral Dental USA LLC at 2360 Dakota Dr., Grafton. The architect is Welman Architects Inc., Waukesha.
