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11/18/11
THE BUSINESS JOURNAL
MICHAEL BEST LAW FIRM SEEKS DOWNTOWN MILWAUKEE OFFICE OPTIONS
Baker Tilly shifts search to existing building space
By: Rich Kirchen
"There is about to be a major shakeup in the downtown Milwaukee office market.
A third large tenant - law firm Michael Best & Friedrich LLP - has entered the office space search and another leading prospect, Baker Tilly Virchow Krause, has shifted to seeking space in an existing building rather than in the proposed Washington Square office building.
The Baker Tilly shift represents a blow to Washington Square. The public accounting firm, which currently has offices on Milwaukee's far west side, in April signed a letter of intent to lease 60,000 square feet..."
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11/4/11
THE BUSINESS JOURNAL
TOWN OF BROOKFIELD MAY PROVIDE $30M FOR CORNERS PROJECT
Marcus moving closer on Von Maur project
 By: Stacy Vogel Davis
Reporter - The Business Journal
"The town of Brookfield could provide $25 million to $30 million in financial incentives to The Corners of Brookfield mixed-use project, but the town and owner, The Marcus Corp. remain..."
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10/28/11
BIZ TIMES
REAL ESTATE: BANKS UNLOAD COMMERCIAL REAL ESTATE
 "Since the beginning of the Great Recession, banks have been saddled with a glut of commercial real estate that they took back when property owners could no longer make payments or could not get their loans refinanced.
For a while, the Federal Deposit Insurance Corp. (FDIC) put little pressure on banks to deal with their commercial real estate portfolio, and banks sat on the commercial real estate assets they were accumulating. However, recently sales of bank-owned commercial real estate have..."
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3/9/11
BIZ TIMES
WISPARK PLANS TO DEVELOP DELPHI, LAKEFRONT SITES IN OAK CREEK
 "Wispark LLC, the real estate development division of Milwaukee-based Wisconsin Energy Corp., plans to acquire and develop two key sites in Oak Creek: the former Delphi property and the former Peter Cooper property on the lakefront.
As part of Wisconsin Energy's Oak Creek power plant project, Wispark agreed to invest $20 million..."
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3/9/11
BIZ TIMES
MARCUS CORP.'S BROOKFIELD PROJECT WILL BE A SMALLER VERSION OF BAYSHORE
 "A 150,000-square-foot, three-level Von Maur department store will anchor a retail and office space development that Marcus Corp. plans to build at the former West Point Cinema and Menard's store sites southwest of Blue Mound Road and Barker Road in the Town of Brookfield. The West Point Plaza strip mall will also be..."
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1/9/11
THE MILWAUKEE JOURNAL SENTINEL
22-STORY OFFICE TOWER PLANNED
Godfrey & Kahn intends to lease space
By: Tom Daykin
 "Milwaukee law firm Godfrey & Kahn is the anchor tenant in a new 22-story office tower, a proposed $56 million project that would be the largest office building developed downtown in more than 20 years, it was announced Monday.
Godfrey & Kahn, which now leases about 80,000 square feet at Marshall & Ilsley Corp.'s headquarters, 780 N. Water St., has agreed to lease about the same amount of space at the new building. It would be built on what is now a..."
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11/4/10
THE BUSINESS JOURNAL
I-94 INTERCHANGE AT DREXEL AVE. DRIVES LAND SALES
By: Sean Ryan
"The prospect of a new Interstate 94 interchange opening at Drexel Avenue in 2012 is raising the prospects for development on vacant land in Franklin and Oak Creek.
This is a good time to pounce, as it were, to pounce on properties, because..."
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4/24/09
THE BUSINESS JOURNAL
"Good time to be in the office market"
LANDLORDS WILLING TO OFFER FREE RENT, OTHER INCENTIVES TO GET DEALS
 It's good to be a tenant looking for office space in the Milwaukee-area market.
Due to the economic downturn, landlords are striking deals that include free rent for up to a year, generous tenant improvements or buildout allowances, free parking for employees and other concessions to convince tenants to sign long-term leases of 10 or more years.
"Not many office lease deals are completed without some kind of incentive," said Dan Jessup, president of Grubb & Ellis/Apex Commercial, a Brookfield commercial real estate brokerage.
Jessup has been involved in several recent lease transactions that have included incentives to help defray the cost of moving expenses and even telephone and cabling allowances.
Grubb & Ellis/Apex Commercial is currently leasing medical office space in a new $15 million project by Wauwatosa developer Bill Patch at the intersection of Pilgrim and Lisbon roads in Menomonee Falls that will feature two 27,800-square-foot buildings. Jessup is offering prospective tenants one year of free rent as part of a 10-year lease.
"In the past year, landlord concessions have definitely escalated," said Jessup.
The corner of Pilgrim and Lisbon roads has three developments in planning stages. In addition to the medical offices on the northwest corner that are expected to be constructed by the end of 2009, VK Development, Brookfield, is planning to build 27 single-family homes on the southeast corner. The 40-acre northeast corner of the intersection will be the new home for the Brookfield Victory International Fellowship, a church formerly known as the Brookfield Assembly of God Church.
Sunburst Apparel Inc., a Hartland T-shirt printing company, signed a long-term lease for 35,125 square feet of office and warehouse space at 340 Maple Ave. in Hartland from Roadster Hartland LLC. Jim Young, a broker with Colliers Barry, Milwaukee, said he received free rent and other discounts for Sunburst Apparel by negotiating aggressively with the landlord's broker. He would not disclose the terms of the lease arrangement.
The low cost of the space allowed Sunburst to expand its growing business and keep the relative rental cost equal to its prior space, said Young.
"Landlords are being squeezed, which affects profitability, but doing discounted deals is better than none at all," said Charlotte Zurn, a broker and vice president of NAI MLG Commercial, Brookfield.
While retail numbers locally and nationally have been dismal, Marianne Burish, a vice president broker with Siegel-Gallagher in Milwaukee, said retail landlords in the more sought-after markets such as downtown Milwaukee and in the 3rd Ward are sticking to their guns and refusing to give in to tenants asking for concessions.
Eventually, retail landlords may join office landlords playing the concession game if a property sits idle for an extended period of time, Burish said. Large shopping malls and open-air lifestyle centers may also join the abated rent parade as mall spaces remain vacant for long periods of time, said a spokeswoman at Mayfair Mall in Wauwatosa.
A recent study by the real estate research company Reis Inc., New York City, reported that the amount of retail space occupied in U.S. shopping centers dropped by 8.7 million square feet in the first quarter of 2009. Figures for Milwaukee-area malls and shopping were not available from Reis.
The decline in the amount of occupied space that shopping centers and malls experienced in the first quarter was equal to the retail space lost in all of 2008, according to the Reis study.
"I think brokers are expecting retailers to begin seeking incentives because times are tough and realistically tenants may be in a position to take advantage of landlords," Zurn said.
In the office market, Jessup doesn't see the trend toward concessions, free rent and generous tenant improvement going away any time soon.
6/17/10
THE BUSINESS JOURNAL
ZBB ENERGY GETS $10M CAPITAL COMMITMENT
ZBB Energy Corp. of Menomonee Falls said Wednesday that it has entered into a securities purchase agreement that will give it access to up to $10 million in financing over the next two years.
Under the agreement with Socius CG II Ltd., an affiliate of Denver investment firm Socius Capital Group, ZBB (NYSE AMEX: ZBB) has the option of requiring Socius to buy, in separate tranches, up to $10 million of redeemable subordinated debentures and/or shares of redeemable series A preferred stock. The debentures bear interest at an annual rate of 10 percent and the shares of series A preferred stock accumulated dividends at the same rate.
"The flexibility of this investment allows us to access capital only as..."
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