CRE Briefs

Site for new Sam’s Club store in Milwaukee sold for $5.85 million
A subsidiary of Bentonville, Ark.-based Walmart recently purchased a 19.1-acre site at 8010 N. 124th St. in Milwaukee from The Boerke Company Inc. for $5.85 million, according to state records.

The site is where Walmart plans to build a new 135,000-square-foot Sam’s Club store. The site has an assessed value of $1.87 million, according to city records.

The new store will replace the existing Sam’s Club store located about 3.5 miles east at 7701 W. Calumet Road in Milwaukee.

The 124th Street site is currently vacant. It is bounded by Dretzka Park to the north and east. 124th Street forms the boundary between Milwaukee and Menomonee Falls. A Woodman’s store is located on the opposite side of 124th Street in Menomonee Falls.

MU buys Herzing University building downtown
Marquette University continues to acquire real estate on the west side of downtown Milwaukee. The university recently purchased the Herzing University building, located at 525 N. 6th St., for $1.465 million, according to state records.

The two-story, 19,779-square-foot building was built in 1967 and has an assessed value of $1.282 million, according to city records.

The property was sold to Marquette by Menomonee Falls-based S&R Property LLC. The agent for S&R is Henry Herzing.

Marquette has not announced its plans for the Herzing building.

“Throughout this academic year, (MU) President (Mike) Lovell has emphasized a university priority to spur innovation and to increase our integration and collaboration with partners across the city and in our neighborhood,” said Marquette spokesman Brian Dorrington. “This property offers us a rare opportunity to reach beyond our traditional academic boundaries and extend further east. Similar to other properties we have recently purchased, the university found a unique opportunity to grow our campus in ways that previously did not exist. As a university, we feel that an essential part of our role is to impact the community around us. This purchase is another step in that direction.”

This is the third recent real estate purchase by Marquette on the west side of downtown Milwaukee.

Last fall, MU purchased a 7.5-acre site southeast of West Michigan Street and I-43. The site includes two buildings, a 132,334-square-foot office building and a 7,200-square-foot building, sold by Zilber Property Group for $5.25 million and a 4.6-acre site from the Wisconsin Department of Transportation.

MU recently purchased the 5,046-square-foot Butch’s Old Casino Steak House building at 555 N. James Lovell St. for $690,000.

Marquette plans to build a sports medicine/health and wellness facility, which will be a collaborative partnership between the Milwaukee Bucks and the university, on the sites acquired from Zilber, WisDOT and the owner of Butch’s.

Kmart to close Wauwatosa store
Kmart Corp., a subsidiary of Hoffman Estates, Ill.-based Sears Holdings Corp., recently informed state officials that it will close its store at 3201 N. Mayfair Road in Wauwatosa.

The closure of the store means that 103 employees will lose their jobs. The layoffs will begin on June 14. The store will be permanently closed on June 21.

Kmart and Sears have struggled for years and have closed several of their stores. Last year Kmart stores in Hales Corners and Greenfield and Sears stores in Glendale and Racine closed. Sears closed its Sheboygan store earlier this year.

The Wauwatosa Kmart store is located in a hot retail development area and could turn over quickly. The site is just east of the mixed-use Mayfair Collection development at U.S. Highway 45 and Burleigh Street that includes Nordstrom Rack and Saks Fifth Avenue OFF 5th stores and will later add a Whole Foods store.

Aurora plans $38 million conversion of Germantown building into clinic
Milwaukee-based Aurora Health Care announced that it plans to spend $38 million to convert its administrative office building at W180 N11070 River Lane in Germantown into a medical office building and outpatient surgery center.

“We are excited to unveil our plans in Germantown, which will bring our high-quality, world-class care closer to home for many patients,” said Carrie Killoran, president of Aurora’s Milwaukee-north market. “Additionally, this repurposed facility will increase access to specialty care in an outpatient setting, which has proven to be more cost effective.”

The facility will be an Aurora Health Center and will offer a variety of new specialty and diagnostic care services. Spread over three floors, the new offerings will include outpatient surgery, women’s health, orthopedics, cardiology, medical oncology and imaging.

Estimates call for 140 caregivers to treat 350 patients each day at this location, according to Aurora. The site is currently home to approximately 300 non-clinical Aurora employees who are relocating to other facilities in the region.

Construction for the project will primarily be contained inside the existing structure. External work will include the addition of an awning and minor changes to the parking lot layout. Construction will begin in August 2015 and is expected to continue for approximately one year.

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