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BIZ TIMES
3/3/10
Brookfield office building sold for $5.8 million
 "Chicago-based The Endeavor Companies LLC purchased Executive Center IV, a three-story, 85,612-square-foot office building at 235 N. Executive Dr., Brookfield, from Brookfield-based VK Development LLCfor $5.8 million. The building's occupancy rate is about..."
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BIZ TIMES
2/24/10
Developers plan 6-story office building on historic Wisconsin Avenue block
 "Milwaukee attorney Robert Levine, his son Michael Levine and a group of investors are working on plans to build a 6-story office building on the block southeast of Wisconsin Avenue and Broadway in downtown Milwaukee. Michael Levine is also an attorney and is the owner of Next Generation Real Estate Inc., which is the developer for the project. Current plans for the $35 million project includes 130,000 square feet of office space, 17,000 square feet of first floor retail space and..."
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MULTI-HOUSING NEWS
Jan. - Feb. 2010
Seizing Hidden Opportunities
By: Christopher Hosford
 "We're barely into a new year and perhaps, just perhaps, what is perceived as the beginnings of an economic recovery. The proverbial lights at the end of the tunnel may seem like pinpricks, but lights they are, fledgling bright spots for multifamily investment in the new year. Those flickering opportunities include certain geographic areas and markets that have..."
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BIZ TIMES
2/17/10
Zoning board approves private college near Park East corridor
The city of Milwaukee's Board of Zoning Appeals last week approved a special use permit for an Everest College campus in the Haymarket Square project. Everest College is a private college owned and operated by Santa Ana, Calif.-based Corinthian Colleges Inc. The Everest College campus will be the anchor for the 5-acre, $16 million Haymarket Square redevelopment project at the northwest corner of 6th Street and McKinley Avenue along the Park East corridor in downtown Milwaukee. The college will occupy the entire first floor of the 2-story, 67,500-square-foot former Journal Sentinel garage building on the site.
Corinthian Colleges has about 93,000 students in about 90 schools in the U.S. and about 20 schools in Ontario.
Some city officials expressed concern about the company's business practices. But college officials said they would provide a benefit to the community.
"We look forward to being part of the Milwaukee community and bringing another educational option to students," said Mark Sullivan, president of the Everest College Milwaukee campus. "We are also pleased to bring additional jobs to the area, and we hope our presence will spark further downtown development. We look forward to reaching out to and working with all of our neighbors and community leaders to build positive relationships and live up to Everest's role as a quality educational institution."
The developer for the Haymarket Square project, Dan Druml, has been granted $11 million in tax exempt bonds by the city's Redevelopment Authority.
WISCONSIN DEPARTMENT OF TRANSPORTATION
Plans & Projects
 US 18 Bluemound Road and Moreland Boulevard
This project is located on US 18 (Moreland Boulevard and Bluemound Road) from Manhattan Drive in the City of Waukesha to 124th Street in the Village of Elm Grove, Waukesha County.
US 18 (Moreland Boulevard and Bluemound Road) between Manhattan Drive in Waukesha and 124th Street in Elm Grove is one of most heavily traveled highways in the state. It is a vital transportation corridor connecting major population centers and is fronted with a dense concentration of retail, commercial, office and service businesses.
The project will include rehabilitation of seven miles of roadway pavement to have a new asphaltic concrete resurface. Turn lanes are planned at the Moreland Boulevard/Kossow Road intersection and the Bluemound Road/Barker Road intersection. Safety improvements being considered include minor geometric modifications at certain intersections, median closures, consolidated driveways, potential frontage roads, storm sewer modifications, utility modifications and traffic signal modifications.
Construction will occur in three segments.
The east segment, from east of Moorland Road to 124th Street is planned for 2011.
The center segment, I-94 to Moorland Road, is planned for 2012.
The west segment, Manhattan Drive to I-94, is planned for 2013.
The estimated project cost is $25 million.
The Wisconsin Department of Transportation web site contains detailed information regarding the project, at the following link:
Click here to visit the DOT
THE MILWAUKEE JOURNAL SENTINEL
11/6/09
"Walker's Point buildings sold; future development site"
By: Tom Daykin
"A pair of neighboring industrial buildings have been sold in the Walker's Point/Fifth Ward neighborhood, where several properties have recently been redeveloped.
The former Badger Trailer buildings, at 401-415 S. 3rd St. and 422 S. 4th St., total just over 59,000 square foot and were sold to 5th Ward Partners LLC for an undisclosed price. The properties, and an adjacent parking lot, and have a combined assessed value of..."
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THE MILWAUKEE JOURNAL SENTINEL
11/17/09
"Developer plans $13 million office project north of downtown"
By: Tom Daykin
"An investment group led by Milwaukee developer Dan Druml plans to build a $13 million campus for a for-profit college just north of the Park East area.
The project will cover most of a two-block area bounded by W. McKinley Ave., W. Vliet St., N. 6th St. and N. 8th St., according to information filed with the Department of City Development.
The proposed development features construction of a campus for..."
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THE MILWAUKEE JOURNAL SENTINEL
11/11/09
"Former Menards store becoming discount retail center"
By: Tom Daykin
"A former Menards home improvement store, at 8365 N. 76th St., will reopen this weekend as Mil-Town Marketplace, a multi-tenant retail center featuring discounted items.
The center will feature start-up business; small, independent retailers that are looking for low-cost expansion space, and larger retailers with close-out and overstocked goods, said Michael Short, a partner in the new venture along with building owner..."
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THE BUSINESS JOURNAL
10/30/09
"State, federal funds to be used for Second Street makeover"
By: Pete Millard
"A one-half mile stretch of Milwaukees South Second Street will receive a $5.5 million makeover.
The Wisconsin Department of Transportation will allocate $5 million from its Service Transportation Improvement Program for the makeover and another $500,000 will come from..."
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THE MILWAUKEE JOURNAL SENTINEL
10/21/09
"Erin Hills on course to change hands soon"
By: Gary D'Amato
 "Erin Hills Golf Course, which has earned a national reputation since opening in 2006 and is scheduled to host the 2011 U.S. Amateur Championship, will have a new owner, possibly as early as..."
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THE MILWAUKEE JOURNAL SENTINEL
9/1/09
"Council approves $35 million Tower site redevelopment plan"
By Tom Daykin of the Journal Sentinel
"The Common Council, on a 12-3 vote, this morning approved a $34.6 million redevelopment plan for the former Tower Automotive site--a proposal that carries significant risk for Milwaukee taxpayers, but also the potential to bring..."
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THE MILWAUKEE JOURNAL SENTINEL
9/11/09
"Cudahy lays out restaurant plans"
By: Tom Daykin
 "Milwaukee philanthropist Michael Cudahy will open a family friendly, mid-price restaurant on the former Pieces of Eight site now that the University of Wisconsin-Milwaukee has dropped plans to build a School of Freshwater Sciences there.
The project on Milwaukee's lakefront is also likely to include ..."
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THE BUSINESS JOURNAL
8/05/09
"Business park near Harley Museum proposed"
By: Pete Millard
"Atlas Development Corp. and General Capital Development Inc. have teamed up to propose development of a business park across the Menomonee Canal from the Harley-Davidson Museum.
Redevelopment of the 17-acre parcel would occur with the help of a..."
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THE BUSINESS JOURNAL
8/28/09
"State, federal funds to be used for Second Street makeover"
5TH WARD PROJECT WOULD ADD $117 MILLION IN DEVELOPMENT
By: Pete Millard
"A $117 million business park proposed for Milwaukees 5th Ward along the Menomonee Canal would be aimed at water-based technology firms.
The park is likely to help Milwaukee's burgeoning water research businesses, which city and community leaders have been touting in recent..."
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BIZ TIMES
7/01/09
"Downtown Milwaukee parking costs below national average"
The average monthly unreserved parking rate in downtown Milwaukee is $110, well below the national downtown parking rate average of $154.23, according to a new report from Boston-based Colliers International.
The average monthly reserved parking rate in downtown Milwaukee is $136, compared to the national average of $188.75.
The average daily parking rate in downtown Milwaukee is $12, compared to the national average of $15.96 and the average hourly parking rate in downtown Milwaukee is $3, compared to the national average of $5.57.
The most expensive place to park in the U.S. is midtown Manhattan, where the average monthly cost for unreserved parking is $550.
The least expensive place to park in the U.S. is Bakersfield, Calif., where the average monthly cost for unreserved parking is $40.
Despite downtown Milwaukee's low parking rates, parking here is more expensive than in several major cities including: Indianapolis, St. Louis, Charlotte, N.C., Atlanta, Dallas, Kansas City, Phoenix, Orlando and Memphis.
BIZ TIMES
7/24/09
"Real Estate: Can the city attract businesses to the Tower site?"
By: Andrew Weiland
"Milwaukee's central city is plagued with massive unemployment. More jobs are desperately needed in the area. That's why city officials plan to purchase 84 mostly unused acres of the former..."
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THE BUSINESS JOURNAL
7/28/09
"City approves Rivianna plan"
By: Pete Millard
"The Milwaukee Common Council passed a resolution Tuesday approving the $80 million Rivianna mixed-used development on the shores of the Milwaukee River in the city's 5th Ward.
The project will include three 15-story towers, 166 rental units, a 128-room hotel and..."
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THE BUSINESS JOURNAL
7/10/09
"5th Ward site on sale block"
DEAL COULD BLOCK RIVIANNA PROJECT
By: Pete Millard
"Dave and Craig Jorgensen are trying to sell one of the last prime real estate parcels along the Milwaukee River in the 5th Ward, a deal that could kill the planned $100 million Rivianna mixed-use development.
The Jorgensens, who are the majority owners of VJS Construction Services, Pewaukee, are looking for a developer with an interest in..."
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THE BUSINESS JOURNAL
6/04/09
"Aurora sells Milwaukee-Area medical buildings"
Aurora Health Care has sold two medical office buildings housing ambulatory surgery centers -- in Mequon and in Franklin -- to Grubb & Ellis Healthcare REIT Inc. in a transaction under which Aurora will lease back the buildings.
The acquisition was completed on May 27, 2009. The buildings have approximately 130,000 square feet of gross leasable area. A purchase price was not disclosed in a Grubb & Ellis press release.
The deal is the second sale/leaseback transaction between Aurora Health Care and the Grubb & Ellis Healthcare REIT, the firm said.
"We are very proud to continue to expand this relationship with Aurora, one of the leading providers of healthcare services in Wisconsin," said Scott Peters, chief executive officer and president of Grubb & Ellis Healthcare REIT. "Repeat transactions with significant healthcare providers are of great value to Grubb & Ellis Healthcare REIT and further strengthen our expansive portfolio."
THE MILWAUKEE JOURNAL SENTINEL
6/12/09
"Judge finds city's sick leave mandate unconstitutional"
By: Georgia Pabst and Larry Sandler
"A judge Friday struck down Milwaukee's controversial paid sick day ordinance that mandates that private employers provide paid sick leave, ruling it was invalidly enacted and unconstitutional.
In a 38-page decision, Milwaukee County Circuit Judge Thomas Cooper wrote, "This is a case where the proposed ordinance's reach exceeds its grasp."
The decision will be appealed, said Amy Stear, state director of 9to5 the National Association of Working Women, the group that led the coalition of community organizations that put the measure..."
Click on the link below for the entire story:
Paid Sick Leave Mandate
COMMERCIAL PROPERTY NEWS
6/25/09
"Moody's Pricing Index Shows Worst One-Month Decline in April"
By: Tonie Auer, Contributing Correspondent
"In a stark illustration of just how far pricing has fallen in the industry, Moody's/REAL commercial property price index showed a decrease of 8.6 percent for April--the single largest one-month decline ever.
The Moody's/REAL Commercial Property Price Indices (CPPI) is a monthly report from Real Estate Analytics that shows recent investment activity and..."
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Moodys Pricing Index
BIZ TIMES
5/06/09
"Construction begins for Third Ward apartment development"
 "Construction began recently for Jackson Square. The project, which is being developed by Robert Joseph, is an 81-unit apartment building with 9,000 square feet of retail space, which is being built at the northwest corner of East Menomonee and North Jackson streets. The five-story building is expected to be completed in..."
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Third Ward Construction
THE MILWAUKEE JOURNAL SENTINEL
5/22/09
"County Board approves land sale to UWM"
By: Tom Daykin
"The University of Wisconsin-Milwaukee's goal of becoming a major research university that fuels job growth got a big boost Thursday when the County Board approved selling a Wauwatosa parcel for a new engineering campus, a university official said.
"This is a very important day for..."
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UWM
THE BUSINESS JOURNAL
4/17/09
"Law firm considers anchoring new project"
SECOND TENANT LOOKS AT DOWNTOWN OFFICE BUILDING
By: Pete Millard
"A second large tenant is considering locating in a proposed new office building on East Michigan Street in downtown Milwaukee, giving the long-discussed project more hope of finally occurring.
The law firm of von Briesen & Roper SC, currently located in the 411 Building, 411 E. Wisconsin Ave., is seeking about 75,000 square feet and will explore the possibility of relocating to..."
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New Building
THE BUSINESS JOURNAL
4/24/09
"Goodwill to delay plans for Oak Creek training center"
By: Mark Kass
"Goodwill Industries of Southeastern Wisconsin Inc. will delay plans to build a $22.7 million training center in Oak Creek to instead focus on retail store development.
The 142,000-square-foot Goodwill Center for Work and Training is slated to be built on 13.5 acres the agency bought in 2007 at..."
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Goodwill
THE BUSINESS JOURNAL
4/03/09
"Merger could cost area jobs"
METAVANTE SALE WILL MEAN DOWNSIZING FOR COMPANY
"After a mere 17 months as a stand-alone company, Metavante Technologies Inc. is headed for a whirlwind of change and downsizing after the company's board agreed to a $3 billion acquisition by a competitor from Florida.
Brown Deer-based Metavante and Fidelity National Information Services Inc. of Jacksonville surprised investors and employees April 1 with the announcement that..."
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Metavante
THE BUSINESS JOURNAL
4/03/09
"Virchow Krause looking downtown"
FIRM COULD BE FIRST TENANT IN NEW OFFICE BUILDING
By: Pete Millard
"Virchow Krause & Co. is negotiating with a Brookfield development firm to become the first tenant in a resurrected downtown Milwaukee office building proposed to replace the U.S. Bank parking structure at the intersection of North Cass and East Michigan streets.
The Milwaukee office of Virchow Krause, currently located at 115 S. 84th St., is seeking 50,000 square feet at the location that was at one time planned as a..."
Click on the link below for the entire story:
Virchow Krause
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