News Briefs

Commercial Real Estate & Development

Riverfront Plaza on Old World Third sold

Riverfront Plaza on Old World Third has sold for $7.5 million.

The building at 1110 N. Old World Third St. was sold to Andover Portland Avenue Associates LLC., an investor group from Maine. RFP Office LLC./NAI-MLG previously owned the property.

It includes five floors of office space and ground-floor retail space that currently houses Lucille’s Piano Bar & Grill and Ale Asylum Riverhouse.

Patrick Gallagher, with Siegel-Gallagher, Inc., was one of the brokers representing the owner.

Gallagher said the new owners plan to keep the building as office space and plan to replace the aging HVAC system and make cosmetic improvements to increase the number of tenants in the building.

The property is currently about 77 percent occupied, Gallagher said.

Craft brewery planned in Menomonee Valley

A craft brewery is planned at a former factory in the Menomonee Valley.

Third Space Brewing, 1505 W. St. Paul Ave., will include a sampling and tasting room and have an outdoor beer garden when it opens in summer 2016.

Future plans call for an event space and revitalization of an old train dock on the property, said Kevin Wright, brewery owner.

Wright and his business partners are leasing about 15,000-square-feet of the former factory, located near Sobleman’s and the 16th Street viaduct on the site of the old Geuder, Paeschke & Frey tinware manufacturing facilities.

For the past six years Thiensville native Wright has been head brewer and director of brewing for a 40,000-barrel-per-year operation at Hangar 24 Craft Brewery in Redlands, Calif.

Construction on the new Third Space Brewing facility began in October.  Dan Beyer is the architect on the project and Steve Looft is the developer.

Target to close Brown Deer Road store

Target Corp. will close its Northridge Plaza store at 8501 W. Brown Deer Road on Jan. 30, 2016.

The store’s profits were dwindling, the Minneapolis-based retailer said.

“The decision to close a Target store is not made lightly. We typically decide to close a store after careful consideration of the long-term financial performance of a particular location. Typically, the decision to close a store is as a result of seeing several years of decreasing profitability,” said Kristy Welker, a Target spokesperson.

The retail corridor along Brown Deer Road has been in distress since Northridge Mall closed in 2003. Over that time, Best Buy, Lowe’s, Walgreens, Stein’s Gardens and Gifts, Circuit City and Stein Mart have closed their stores between North 60th and 91st Streets.

Walmart, one of Target’s biggest competitors, closed its store at 8700 N. Servite Drive in the corridor in 2012, but then purchased the vacant Lowe’s store at 6300 W. Brown Deer Road and built a supercenter store that includes a grocery department that opened last year.

Brookfield-based Penzeys Spices has been unsuccessful in attempts to purchase and redevelop the former Northridge Mall, located northwest of Brown Deer Road and North 76th Street.

Cohen Fund Audit Services moves Milwaukee office to Third Ward

Cohen Fund Audit Services has moved its Milwaukee office from 735 N. Water St. in downtown Milwaukee to The Mayer building at 342 N. Water St. in the city’s Historic Third Ward.

The Mayer building is owned by Pieper Properties. Cohen Fund Audit Services is occupying 5,671 square feet of space on the eighth floor of the building.

Cohen Fund Audit Services is headquartered in Cleveland, and has a location in New York in addition to its Milwaukee office.

“We opened our Milwaukee office in 2011 as the ‘next step’ in our overall growth plan,” said Marcy Kempf, a Milwaukee-based partner who helped launch the office. “The dedication of our great team here has helped us surpass our expectations and allowed us to take this important next step to expand our presence in this marketplace.”

Marianne Burish of Siegel-Gallagher brokered the lease for Pieper Properties and Mike Wanazek of Colliers represented Cohen Fund Audit Services.

Fresh Thyme Farmer’s Market coming to Kenosha

Fresh Thyme Farmer’s Market is opening a third location in Wisconsin.

Owners of the Midwest organic grocery chain have leased 28,709-square-feet at Southport Plaza at 7058 Green Bay Road in Kenosha.

Teresa Shemitis and Dan Rosenfeld with Mid-American Real Estate represented Southport Plaza in the deal.

Fresh Thyme has stores in Illinois, Indiana, Michigan, Ohio and Minnesota. It will open two stores in Missouri and is now entering the Wisconsin market.

The North End development in downtown Milwaukee will include a 29,500-square-foot Fresh Thyme Farmers Market grocery store.

HAS Commercial is redeveloping the shopping center at 17300 W. Bluemound Road in Brookfield and rebranding it Calhoun Crossing. The shopping center will be anchored by a Fresh Thyme Farmers Market store.

Mixed-use development planned at North Water and East Brady

Wangard  Partners Inc. is moving forward with plans for a mixed-use development at North Water and East Brady streets.

The Milwaukee developer is proposing a two-phase project that will include 89 apartments with 92 parking spaces and 4,500 feet of commercial space, including a coffee shop, in the first phase, said Wayne Wiertzema, Wangard president.

Phase one is expected to cost $21 million.

Phase two will include a second mixed-use building with a “small amount” of commercial space and an undetermined amount of residential units, Wiertzema said.

The Milwaukee Board of Zoning Appeals will consider Wangard’s proposal Nov. 12.

According to the application filed with the city, the four-story luxury apartment building will incorporate an extension of the Milwaukee Riverwalk along the full length of the property at 1693 & 1701-1729 N. Water St.

There will be three access points to the riverwalk with public access.

Wiertzema said Wangard has owned the property for several years and has made some modifications to development plans for the land.

Wangard would like to begin construction on the development during the first quarter of next year.

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