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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.
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
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
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..."
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Paid Sick Leave Mandate
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
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
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 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
4/17/09
"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
4/03/09
"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..."
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Virchow Krause
THE MILWAUKEE JOURNAL SENTINEL
3/26/09
"Hartford agency to buy 65 acres for business park"
By: Tom Daykin
"Manufacturing economy in the tank? That's not a problem for Hartford.
This small city, which straddles the border of Washington and Dodge counties, is undertaking a big addition to its industrial base. Hartford Area Development Corp., a nonprofit economic development agency, is buying 65 acres as it courts two hot prospects that might be moving to the..."
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Hartford agency
THE MILWAUKEE JOURNAL SENTINEL
3/05/09
"Latest Zoo Interchange plans preserve Honey Creek office building"
By: Tom Held
"One highly prized property has been spared from the Zoo Interchange wrecking ball in the push and pull that pits the demands of traffic flow against neighborhoods and tax base on the western front of Milwaukee County.
In a recent development, planners have eliminated an option that would have wiped out..."
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Zoo Interchange plans
BIZ TIMES
3/11/09
"Kaplan University to open downtown Milwaukee instructional site"
 "Iowa College Acquisition Corp. d.b.a. Kaplan University, plans to open an instructional site in a 7,355-square-foot space on the first floor of the building at 211 W. Wisconsin Ave. in downtown Milwaukee, according to information filed with the city's Board of Zoning Appeals.
The 8-story, 101,895-sqaure-foot building is owned by a group of investors known as Zahara Wisconsin Ave LLC and Zaida Wisconsin Ave LLC. Most of the building is occupied by the..."
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Kaplan University
THE MILWAUKEE JOURNAL SENTINEL
3/26/09
"Steinhafels to open three small mattress stores"
By: Doris Hajewski
"Steinhafels Furniture plans to open three small mattress stores this spring, in space that was formerly occupied by WG&R Sleep Shops.
Waukesha-based Steinhafels is taking over the former WG&R shops at 2751 N. Mayfair Road, in Wauwatosa; 5000 S. 76 St., in Greenfield; and in the Wal-Mart shopping center at Hwy. 83 and I-94 in Delafield. Steinhafels aims to open the stores in..."
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Steinhafels Furniture
THE BUSINESS JOURNAL
3/20/09
"MIAD to open new dorm in 3rd Ward"
DEVELOPERS ANXIOUSLY AWAIT ART SCHOOL'S PLAN
By: Pete Millard
"The Milwaukee Institute of Art & Design is looking for developers to provide a residence hall for 250 freshmen students near the school's Jane Bradley Pettit Building in the city's 3rd Ward.
MIAD president Neil Hoffman estimates the school, 273 E. Erie St., Milwaukee, will need at least an 80,000-square-foot building that can accommodate 65 two-bedroom apartments. MIAD will release a request for proposals later this month outlining the school's..."
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MIAD
THE BUSINESS JOURNAL
3/20/09
"City should offer incentives"
By; Rich Rovito
"In todays economic environment, there are few businesses considering expanding and looking for new locations.
That's why it is good to see that Milwaukee is in the running for two major industrial operations. Boston-Power Inc., a Massachusetts-based battery maker, is considering Milwaukee for a new factory. In addition, Astronautics Corp. of America currently is considering several locations in southeast Wisconsin to locate its combined headquarters and..."
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Boston-Power
BIZ TIMES
2/18/09
"Marcus Corp. to renovate downtown Hilton, Grand Geneva"
 "Milwaukee-based Marcus Corp. announced Tuesday that it will immediately begin "major renovations" at the Hilton Milwaukee City Center hotel in downtown Milwaukee and at the Grand Geneva Resort & Spa in Lake Geneva. The total cost for the two projects is about $30 million.
The renovations at the downtown Hilton Milwaukee City Center will begin with guestroom and lobby remodeling. Renovations to the hotel's 730 rooms will include the addition of..."
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Hilton Milwaukee City Center renovations
THE BUSINESS JOURNAL
2/20/09
"Columbia Sportswear still planning showroom in 5th Ward"
By Pete Millard
"Columbia Sportswear Co. is following through with plans to open a showroom for Midwest corporate buyers at Milwaukees South Water Works development even though the retailer is tabling plans to open stores in several U.S. cities.
The Portland, Ore.-based apparel and footwear company has agreed to lease 7,000 square feet on the first floor of the..."
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Columbia Sportswear
THE BUSINESS JOURNAL
2/20/09
"Columbia nears deal to sell hospital"
By Pete Millard
"Columbia St. Mary's Inc. is close to an agreement to sell Columbia Hospital, near the University of Wisconsin-Milwaukee, for a mixed-use project.
The Milwaukee hospital system is expected to announce in the next several weeks that it will sell the 850,000-square-foot hospital, 2025 E. Newport Ave., to..."
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Columbia
SMALL BUSINESS TIMES
1/7/09
"Report projects strong '09 for region's industrial market"
Despite the recession, a recent report by Santa Ana, Calif.-based Grubb & Ellis Co. predicts lower vacancy rates, steady leasing activity and positive absorption for the southeastern Wisconsin industrial real estate market.
The region's industrial market will continue to buck national trends. The national commercial real estate market is expected to have a rough year in 2009 by many industry observers, but the southeastern Wisconsin industrial market will be an exception, according to the Grubb & Ellis 2009 Real Estate Forecast report for the Milwaukee market.
"We didn't get all the upside (when the economy was booming), so we don't get all of the downside," said Jeff Horn, vice president of Brookfield-based Grubb & Ellis affiliate, Apex Commercial.
Some observations from the Grubb & Ellis report include:
"The region is positioned well to ride out the economic storm of 2009."
"The 2009 southeastern Wisconsin market is positioned well for positive absorption with limited speculative development throughout at least the first half of 2009."
"Leasing activity will continue to be steady."
"Average asking rental rates should increase only slightly and sale prices will likely hold firm throughout most markets."
"Vacancy rates will continue to decrease as selected redevelopment and moderate speculative development is absorbed into the market."
"The limited supply of modern product will continue to spur construction of speculative and build-to-suit developments."
"It is anticipated new speculative projects will break ground in 2009 as a result of the increased demand and a shortage of high-bay facilities with modern amenities."
The report also says the I-94 corridor between Milwaukee and the Illinois state line will continue to be a hot spot for the industrial real estate market. The state's plans to expand the freeway could attract more development to the corridor.
"The Kenosha/Racine market continued to be robust (in 2008) and is attracting interest from metro Chicago and Milwaukee industrial developers and users, with new construction contributing to the positive net absorption for the region," the report states. "The Kenosha/Racine market also continues to expand ever closer to southern Milwaukee County and both markets enjoyed significant declines in vacancy in 2008. (In 2008) eight new speculative buildings were completed or started, ranging from 50,000 to 626,000 square feet. Several new business park expansions have already been announced and developers continue to position themselves with inventory for future projects."
Industrial development is also planned in southern Milwaukee County, including the 820,000-square-foot regional distribution and processing center that the U.S. Postal Service plans to build in Oak Creek.
THE BUSINESS JOURNAL
1/30/09
"Dave & Buster's pays $5.7 million for Tosa site"
By: Pete Millard
"Dave & Buster's Inc. has purchased the former Ewald automotive dealership on North Mayfair Road in Wauwatosa for $5.7 million.
The Dallas-based company has submitted plans to Wauwatosa's Community Development Department to redevelop the 4-acre parcel, 2201 and 2215 N. Mayfair Road, into a restaurant, bar and entertainment center. City officials expect construction to begin in the..."
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Dave & Buster's Inc.
THE BUSINESS JOURNAL
1/14/09
"Pabst Towne Center developers insist project to be open in 2010"
By Rich Kirchen
"Despite the difficult environment for retail, tight financial markets and the need for final local approvals, the developers of the Pabst Town Centre reiterated Tuesday night that they believe they can open the first phase of the center in 2010.
"We're still hopeful," of a 2010 opening, Peter Bell of co-developer Pabst Farms Development said in an interview after a..."
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Pabst Centre
THE BUSINESS JOURNAL
1/30/09
"Eaton seeks new site for R&D group"
By: Pete Millard
"Eaton Corp. has narrowed its list of possible development sites for a new research and development center to the former Pabst Brewing Co. complex in downtown Milwaukee or the Milwaukee County Research Park in Wauwatosa.
Milwaukee real estate brokers familiar with Eatons seven-year quest to relocate from its 44-year-old former Cutler-Hammer building at 4201 N. 27th St. said the Cleveland-based manufacturer won't..."
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Eaton Corp.
THE BUSINESS JOURNAL
1/30/09
"Some mall tenants seeking rent reductions"
 By: Rich Kirchen
"While the number of store closings at regional malls in Milwaukees suburbs was surprisingly scant this post-Christmas month, that could change rapidly, as mall managers brace for departures from struggling retailers.
A handful of mall stores closed after Christmas and a few others are seeking lower lease rates, mall managers said. Perhaps more ominously, mall executives know that more national chains and some local tenants will..."
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Rent Reductions
THE MILWAUKEE JOURNAL SENTINEL
1/05/09
"Milwaukee area avoids sharply rising office vacancy rates"
By: Tom Daykin
"The Milwaukee area's office and industrial real estate markets are expected to avoid big increases in their 2009 vacancy rates, even as the recession deepens and job losses mount throughout the nation.
The reason for Milwaukee's relatively good standing is tied to its..."
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Milwaukee's Vacancy Rates
THE BUSINESS JOURNAL
1/20/09
"RedPrairie drops Delafield project, staying in Waukesha"
"RedPrairie Corp. is renewing its lease with Liberty Property Trust at the Crossroads Corporate Park in Waukesha and will not be an anchor tenant in the proposed $66.3 million business park in Delafield thats being planned by RP Technology Group LLC.
RP Technology Group had planned to build its office complex on part of the..."
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RedPrairie Corp.
THE BUSINESS JOURNAL
1/30/09
"Icon puts Wauwatosa project site on sale block"
By: Pete Millard
"As part of its strategy to move forward on the $130 million redevelopment of two former auto dealership properties in Wauwatosa, Icon Development Corp. is marketing the property through CB Richard Ellis to find a joint venture partner or a buyer of the development site.
The Franklin development firm is asking $7.3 million for the 6-acre site on the south side of..."
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Icon Development Corp.
SMALL BUSINESS TIMES
11/25/08
"Real estate deal of the week"
DOWNTOWN OFFICE BUILDING SOLD FOR $11 MILLION
"The five-story office building at 789 N. Water St. in downtown Milwaukee was purchased recently by K&K McKinney Properties LLC from Water Street Investment LLC for $11 million. The sale price is well above the building's assessed value of..."
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Downtown Office Building Sold
SMALL BUSINESS TIMES
10/21/08
"RedPrairie to move HQ to Delafield"
"RedPrairie Corp. has decided to move its headquarters to Delafield, rather than downtown Milwaukee.
The growing consumer-driven optimization company, which has been leasing space in the Crossroads Corporate Center along Interstate 94 in the Town of Brookfield, had been discussing a move with officials from the City of Milwaukee over the past few years.
Instead, the company announced plans to move to..."
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RedPrairie
NATIONAL REAL ESTATE INVESTOR
10/21/08
"Worst Real Estate Downturn Since 1991-1992, ULI Report Concludes"
"Brace yourself for the worst year in commercial real estate since the "1991-1992 depression," according to Emerging Trends, a joint report by PricewaterhouseCoopers and the Urban Land Institute released this afternoon. Commercial property values could drop 15% to..."
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Emerging Trends
THE BUSINESS JOURNAL
10/3/08
"Downtown cheap place to park"
By: Rich Rovito
"Central business district parking rates in Milwaukee are among the cheapest in major cities in the United States and Canada, according to a new study conducted by the National Parking Association.
Milwaukee's average first-hour parking rate of $4 ranked least expensive among the top 50 cities in the survey, tying it with..."
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Downtown Milwaukee Parking
THE MILWAUKEE JOURNAL SENTINEL
10/10/08
"Gorman to buy two more Pabst buildings"
By: Tom Daykin
"The former Pabst brew house and an adjacent building are being sold to a development firm that will convert the long-dormant structures into apartments, offices and..."
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Pabst
THE MILWAUKEE JOURNAL SENTINEL
10/10/08
"Pieces of Eight site could become UWM facility "
By: Tom Daykin
"The former Pieces of Eight restaurant site on downtown Milwaukee's lakefront could be replaced by a University of Wisconsin-Milwaukee facility that would showcase its new..."
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University of Wisconsin-Milwaukee
THE BUSINESS JOURNAL
9/12/08
"Grand letdown: Mall's retailers ponder: Stay or go?"
By: Rich Kirchen
"Earlier this year, Joe Paluso thought about closing his home decor and gift store at The Shops of Grand Avenue.
His concerns about staying included too many shuttered storefronts on Wisconsin Avenue, a decrease in customer traffic after the mall was remodeled in 2004, and the price of..."
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Grand Avenue Mall
THE BUSINESS JOURNAL
9/12/08
"Grand letdown: Downtown mall still trying to attract new tenants"
By: Rich Kirchen
"When Ashkenazy Acquisition Corp. bought The Shops of Grand Avenue in July 2005 for $31.7 million, the New York developer inherited a well-maintained property that had recently undergone a $30 million renovation and added tenants including..."
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The Shops of Grand Avenue
THE BUSINESS JOURNAL
9/12/08
"Grand letdown: Downtown retail decline hampers area businesses"
By: Rich Kirchen
"The view from the lobby of the Hampton Inn & Suites on West Wisconsin Avenue isnt pretty.
Hotel guests look directly at the vacant space for the former Linens n Things at The Shops of Grand Avenue. To the east, three vacant storefronts..."
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Downtown Retail
THE BUSINESS JOURNAL
8/1/08
"Educators Credit Union plans $6 million Milwaukee branch"
By: Rich Kirchen
"Educators Credit Union will construct a $6 million east side Milwaukee branch featuring a "green" rooftop garden.
The Racine-based credit union was to begin demolition in August at the site along East Ivanhoe Place at Prospect Avenue. The credit union bought the site for..."
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Educators Credit Union
THE REAL DEAL
8/1/08
"Just What the Doctor Ordered: Wisconsin Supreme Court Orders Strong Prescription for Wisconsin Municipalities"
By: Douglas Pessefall
"In a significant, unanimous and taxpayer-friendly decision filed on July 8, 2008, the Wisconsin Supreme Court reversed a Dane County Circuit Court decision and reduced by $5 million the combined property tax assessments of two Walgreens stores located in..."
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Walgreens
THE BUSINESS JOURNAL
8/1/08
"Children's Hospital to build in New Berlin"
CLINIC TO BE FIRST IN NEW 35-ACRE PARK FOR MEDICAL OFFICES
 "Children's Hospital of Wisconsin will be the first major tenant of a new 35-acre medical office park in New Berlin owned by Froedtert Memorial Lutheran Hospital and Medical College of Wisconsin Real Estate Ventures LLC.
Irgens Development Partners LLC of Wauwatosa will begin construction this month on a three-story, 74,000-square-foot pediatric primary and specialty outpatient clinic at..."
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Children's Hospital
THE BUSINESS JOURNAL
8/1/08
"Ghazi insists downtown project still on"
By: Rich Kirchen
"Financial disputes have left unfinished a condo tower and delayed the entertainment complex at his EpiCentre in Charlotte, N.C., but Afshin Ghazi insists theyll have no effect on his high-profile $200 million Catalyst project proposed for downtown Milwaukee.
Ghazi said in a phone interview this week that the Catalyst is on schedule for groundbreaking in..."
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Ghazi
THE BUSINESS JOURNAL
8/8/08
"Kenosha 'lifestyle center' delayed"
ECONOMY STALLS RETAIL, RESIDENTIAL PLANS UNTIL 2009 OR LATER
"As retailers nationwide halt or slow their new store plans, groundbreaking has been delayed until 2009 on a $200 million, 750,000-square-foot retail center planned near Interstate 94 in Kenosha County.
Construction originally was scheduled to start by fall 2007 and then was re-set for this spring on the Kenosha Town Center, which has been proposed by Quality Centers of Orlando, Fla. However, Quality Centers president Gary Stetson has informed Kenosha officials that hes now planning to start..."
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Kenosha Lifestyle Center
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