Real estate deals of the week

Sendik’s store planned in Germantown. Office space leased at Bayshore. Imperial Lithograph Corp. moving from Milwaukee to New Berlin.

Ted Balistreri, his two brothers, Nick and Patrick, and sister, Margaret Harris, leased 52,000 square feet of space at N112 W15800 Mequon Road, Germantown, in Washington Square Mall, from Devo Properties. The Balistreris plan to open a Sendik’s Food Market store in the space, which was previously occupied by Jewel. The 102,000-square-foot shopping center will be renamed Sendik’s Village Center. Currently, the shopping center has about 17,000 square feet of vacant space. The Sendik’s store is expected to open next summer. The Balistreris, one of several groups of Sendik’s store owners, opened stores in Elm Grove and Franklin this year and also own Sendik’s stores in Whitefish Bay, Wauwatosa, Mequon and Grafton. The new store will create about 170 jobs. "We’ve lost a major grocery retailer in Jewel," said Germantown Village president Thomas Kempinski. "I am happy to see an upscale grocer founded and based in Wisconsin come to Germantown. Germantown will embrace Sendik’s. I see more potential for developments related to this. I expect to see more coming."

The Regus Group, the world’s largest provider of fully furnished and equipped offices, has signed a lease agreement to occupy 18,000 square feet of office space at Bayshore Town Center in Glendale. The company signed an 11-year lease for the site, where it will feature 82 offices, 124 workstations, one board room, and one videoconferencing studio.

Regus has 950 locations in 70 countries. The Bayshore site will be the British company’s fourth location in southeastern Wisconsin. "Bayshore Town Center offered us an ideal location for our new center.  With it’s proximity to Greater Milwaukee and all of the outstanding amenities that it has to offer, it will be a great place for our clients to do business," said Michael Berretta, vice president of business development for Regus. "We feel that our new center will be well received in the north shore market, providing our clients the opportunity to establish a presence in a Class A facility in one of the most desirable areas of the state."

Additional office tenants that have recently signed lease agreements at Bayshore are North Shore Urology (2,824 square feet), Deerwood Orthodontics (2,629 square feet) and Peery Enterprises (1,242 square feet).

"We’re very happy to have these businesses make Bayshore their home. With its retail, entertainment, dining and residential offerings, Bayshore offers the most unique work environment in the metro Milwaukee area," said David Wass, chief operating officer of Steiner Properties, who oversees management of Bayshore. "More and more people are realizing the unique experience that Bayshore has to offer is unparalleled in the market."

Letters of intent are currently being executed with tenants interested in occupying a total of 10,000 square feet of space at Bayshore, while negotiations are taking place with other prospective tenants for 50,000 square feet, Wass said.

Imperial Lithograph Corp. is moving from Milwaukee to New Berlin. The company recently leased 34,000 square feet of space at 2485 Commerce Dr., New Berlin, from First Industrial Realty Trust. The company is currently located at 914 E. Hamilton St., Milwaukee, and is moving to accommodate future growth. Bill Langhoff and Bob Flood of RFP Commercial represented First Industrial Realty Trust and Don Schmidt of Judson & Associates represented Imperial Lithograph in brokering the lease. When First Industrial Realty Trust, a Chicago-based real estate investment trust (REIT), bought the New Berlin building in August it was completely vacant. It is now 50 percent occupied.

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