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SMALL BUSINESS TIMES
4/30/08
"Whyte Hirschboeck Dudek expands office at Cathedral Place"
 "Whyte Hirschboeck Dudek S.C. recently added 15,000 square feet of space to its headquarters office in Cathedral Place, 555 E. Wells St. in downtown Milwaukee. The law firm now occupies 88,259 total square feet of space on the 16th through 19th floors of the building.
The new space provides room for..."
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Cathedral Place
THE MILWAUKEE JOURNAL SENTINEL
4/30/08
"Big office tower changing hands"
 The Milwaukee Center, one of the largest office towers downtown, is being sold for $55 million to a real estate investment trust in the Boston area.
Transwestern Investment Co. of Chicago is selling the 373,487-square-foot Milwaukee Center, 111 E. Kilbourn Ave., to HRPT Properties Trust Inc. in Newton, Mass.
The 28-story building's tenants have been notified of the pending sale, said Kevin Russell, executive director of the Davis & Kuelthau law firm, a Milwaukee Center tenant.
Commercial Real Estate Direct, a trade publication that first reported the pending sale, said the transaction price was..."
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The Milwaukee Center
THE BUSINESS JOURNAL
3/21/08
"Change in attitude: New RedPrairie CEO happy with region, unlike last boss"
By: Rich Kirchen
"Outspoken and controversial RedPrairie Corp. CEO John Jazwiec is five months gone, and now so is his threat of relocating the fast-growing software firm from southeast Wisconsin.
R. Michael Mayoras, who replaced Jazwiec as chief executive officer in October 2007, said the company's headquarters and 320-plus employees will stay in the area. RedPrairie executives will decide by the end of this year whether to..."
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RedPrairie Corp.
THE BUSINESS JOURNAL
3/21/08
"Harris Bank hungry for expansion"
MORE ACQUISITIONS LIKELY; IS ASSOCIATED AMONG THEM?
By: Rich Kirchen
"While Harris Bank still is digesting two smaller Milwaukee-area banks it recently swallowed up, the Canadian institution is hungry for more deals here -- with Associated Banc-Corp seen as a possible takeover target.
Tom Bolger, president of Harris Bank in Wisconsin, said in an interview with The Business Journal that his company is seeking additional acquisitions -- and wants to..."
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Harris Bank
THE BUSINESS JOURNAL
3/3/08
"Expansion sought for Southridge"
By: Rich Kirchen
"Nearly one year after Southridge Mall was sold, its owner is floating a plan to revitalize the southwest suburban center by adding a Target store, a Dick's Sporting Goods and a hotel in an unused parking area.
Simon Property Group Inc. of Indianapolis has yet to woo any retailers to the site along West Grange Avenue in Greendale, south of the former Younkers store.
While a Simon spokesman would not disclose the identity of the prospective new retailers, Greendale village president John Hermes said the company has presented the plan to..."
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Southridge Mall expansion
THE BUSINESS JOURNAL
3/21/08
"Demolition begins on former Transpak site"
By: Pete Millard
"Demolition crews from Lighthouse Development Co. LLC are gutting the first of several former Transpak buildings that will be redeveloped as part of the Milwaukee firm's $125 million South Water Works project at 235 E. Pittsburgh St.
Lighthouse's first renovated building on the corner of East Pittsburgh and South Water streets will be a..."
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Lighthouse Development
THE BUSINESS JOURNAL
3/7/08
"Twin towers planned for downtown Milwaukee"
DEVELOPER PROPOSES 20-STORY BUILDINGS, DESPITE HOUSING SLUMP
By: Pete Millard
"Banking on a turnaround in the slumping housing market, Milwaukee developer Boris Gokhman is proposing twin downtown Milwaukee high-rise buildings that would offer a mix of residential and retail, The Business Journal has learned.
Gokhman is pursuing zoning changes for two parcels on East Kilbourn Avenue and North Van Buren Street that would be the site of the two 20-story, mixed-use buildings. He envisions them going up within..."
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New Land Enterprises LLP
THE BUSINESS JOURNAL
3/7/08
"New Jersey firm buys Knapp Street building for $14.8 million"
 By: Pete Millard
"The Chicago development company that constructed the U.S. Homeland Security building at 310 E. Knapp St. has sold the 8-year-old property to a New Jersey real estate investment firm for $14.8 million.
Simborg Development Inc. received a whopping $246.67 per square foot from Morristown Plaza Associates Ltd. for the 60,000-square-foot office building. The federal security agency has a long-term lease.
The Homeland Security building is across the street from the Milwaukee School of Engineering's Kern Center and on the border of the Park East development corridor. The building was constructed on a former..."
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Knapp Building
McKNIGHT'S LONG TERM CARE NEWS
3/18/08
"News analysis: Seniors housing likely to recover sooner"
As the housing market continues its slide, a news report offers some encouraging news for long-term care: Senior-housing stocks have the potential to rebound before the rest of the market.
Worries have abounded that the housing downturn would affect occupancy rates of nursing homes and other care facilities since a large portion of seniors sell their houses to fund their long-term needs. But in an analysis piece, The Wall Street Journal points out that the national occupancy rate is still near 90%, and that declining house prices have not affected the pace of rate increases as much as some had predicted.
Currently, 7% of those over 75 live in a retirement community or other senior housing. By 2010, there will be 6.1 million seniors over the age of 85. The "need-driven" aspect of senior care and housing will see these markets through the recession, the Journal suggests.
COMMERCIAL PROPERTY NEWS
3/26/08
"Seniors Housing Isn't About the Real Estate: An Interview with Lisa Brush"
By: Scott Baltic
"In her more than 15 years in the seniors housing sector, Lisa Brush has gained experience at the large and small ends of the industry, with the privately owned and the publicly traded sides, and with properties across the United States and her native Canada. Now, Brush she has left Ventas Inc., where she was senior vice president of seniors housing operations and development, and is starting her own firm, Symphony Senior Living. In an exclusive interview with CPN, she explains.."
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Brush Interview
SMALL BUSINESS TIMES
3/28/08
"Chicago sprawl drives up property values near border"
Southeastern Wisconsin's border counties, Walworth County and Kenosha County, had the highest property value increases during the last year and during the last 10 years, according to a new report from the Public Policy Forum.
From 2006 to 2007, Walworth County's property values rose 10.5 percent, the highest increase in southeastern Wisconsin, and Kenosha County's values rose, 7.2 percent, the second-highest increase in the region.
Over the last 10 years, Walworth County led the region with a 121.4-percent property value increase and Kenosha County had a 109.3-percent increase, the second-highest in the region.
The growth and sprawl from the Chicago metro area is driving the property value increases in Walworth and Kenosha counties. From 2006-07, Chicago's metro area (which includes the Kenosha area) population growth ranked seventh out of 363 metro areas, according to the U.S. Census bureau. During the year, the Chicago area added 66,231 people, bringing its total population to nearly 9.5 million.
For the first time since 1992, Waukesha County had the lowest percentage property value increase of the southeastern Wisconsin counties. From 2006-07, the county had a property value increase of only 5.1 percent, down from the previous year's 8.9 percent growth.
Every county in southeastern Wisconsin had a lower property value increase than in the previous year, according to the report.
This was the second year in a row that Waukesha County had a lower property value growth rate than Milwaukee County. However, Milwaukee County went from having the second-highest property value growth in the region, 12.2 percent from 2005-06, to the second-lowest, 5.5 percent in 2006-07.
As a whole, southeastern Wisconsin had a 6.0 percent property value increase from 2006-07, lower than the state's 6.2 percent growth rate.
THE BUSINESS JOURNAL
3/4/08
"Park Place building sold to REIT"
 "Wells Real Estate Investment Trust II said Tuesday that it has purchased a three-story property in Milwaukee's Park Place office park, fully leased to Wells Fargo until 2016, from Washington Mutual.
The 230,000-square-foot building, 11200 West Parkland Ave., was built in..."
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Park Place Office Park
MILWAUKEE JOURNAL SENTINEL
3/24/08
"Airport belt in need, officials say "
SUMMIT PARTICIPANTS COMPLAIN OF EYESORES, NEGLECT AROUND MITCHELL
By JOHN SCHMID
jschmid@journalsentinel.com
"Jet-set administrators from around the world will convene in Dallas-Fort Worth next month to study "airport cities" - the concentration of corporate headquarters, industrial parks and travel-happy entrepreneurs that spring up around airfields.
No one from Wisconsin's busiest hub, Mitchell International Airport, plans to attend.
Mitchell may generate 245 departures a day and move 7.7 million passengers a year in and out of its terminals. But the hum of activity seems to all but..."
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General Mitchell Field
THE BUSINESS JOURNAL
2/22/08
"Oak Creek might purchase Delphi Corp. property"
By: Pete Millard
"Oak Creek is considering buying the vacant Delphi Corp. plant to accelerate redevelopment of the 85-acre parcel.
If the Oak Creek Common Council chooses to buy the property at 7929 S. Howell Ave., which includes a 1 million-square-foot industrial building, the city would solicit proposals from developers. Delphi declared bankruptcy in 2007 and has not determined the Oak Creek property's sale price. The property had an assessed value of..."
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Delphi
THE BUSINESS JOURNAL
2/1/08
"Transwestern wants $60 million for Milwaukee Center"
By: Pete Millard
"Transwestern Investment Co. LLC has placed the Milwaukee Center on the market with expectations that its largest remaining office building in southeast Wisconsin will fetch $60 million or more.
The Chicago real estate investment firm has owned the 373,500-square-foot Class A office building since 2001, when it acquired the assets of Great Lakes REIT, Oak Brook, Ill. Great Lakes REIT bought the 20-year-old property in 1998 for..."
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Milwaukee Center
MILWAUKEE JOURNAL SENTINEL
2/13/08
"Brookfield land plan includes hotel, no stand-alone eateries"
By: Lisa Sink
Brookfield - An assisted living center, an extended stay hotel, a health club, condominiums, retail and office space, and a possible corporate headquarters are proposed for development on prime vacant land stretching from I-94 to Blue Mound Road west of Calhoun Road.
Ajay Kuttemperoor, president of VK Development Corp., revealed the company's long-awaited site plans Tuesday for the more than 60 acres, fenced off along Blue Mound Road, that formerly housed a..."
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VK Development
McKNIGHT'S LONG TERM CARE NEWS
2/20/08
"Losing steam"
By: John Andrews
"Around July 1, 2007, financial experts painted the rosiest picture in eldercare's history. They raved about a favorable lending climate with unprecedented loan volumes and performance, robust-but-balanced construction growth, breathtaking mega-mergers and vigorous revenue generation.
At mid-year, an exuberant Robert Kramer, president of the National Investment Center for the Seniors Housing & Care Industry, called the first two quarters of 2007, very..."
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Losing steam
MILWAUKEE JOURNAL SENTINEL
2/28/08
"Quad/Graphics to lease new facility in Falls"
By: Tom Daykin
"A huge distribution center for commercial printing firm Quad/Graphics Inc. will be built in Menomonee Falls.
The 388,000-square-foot building will be on 22 acres, about one-quarter mile north of Silver Spring Drive, and east of..."
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Quad Graphics, Inc.
MILWAUKEE JOURNAL SENTINEL
2/28/08
"Park East hotel, condos will rise over Milwaukee River"
By: Tom Daykin
"Construction is to begin in mid-April on a 160-room Aloft Hotel in downtown Milwaukee's Park East area, the $40 million project's developer said Thursday.
Robert Ruvin said financing is lined up for the development, which will include nine two-story condominiums above the seven-story hotel. The development will overlook the..."
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Park East development
THE BUSINESS JOURNAL
1/18/08
"Firm plans $70 million Franklin project"
By: Pete Millard
"A Chicago development firm is planning a $70 million medical office campus in Franklin that would add 230,000 square feet of office and retail along the South 27th Street development corridor.
Ryan Cos. US Inc.'s Franklin Medical Center would go on 28 acres north of the..."
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Franklin Medical Center
THE BUSINESS JOURNAL
1/18/08
"Stark Investments may build St. Francis office complex"
By: Pete Millard
"Stark Investments has acquired 20 acres south of its St. Francis headquarters on South Lake Drive and plans to build two 100,000-square-foot office buildings valued at $30 million to accommodate..."
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St. Francis office complex
THE BUSINESS JOURNAL
1/18/08
"ATC plans $20 million Pewaukee office building"
By: Pete Millard
"American Transmission Co. is working with Interstate Partners LLC to develop a $20 million, 110,000-square-foot headquarters office building in Pewaukee's..."
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Ridgeview Corporate Park
THE BUSINESS JOURNAL
1/11/08
"$15 million medical office planned"
By: Pete Millard
"A real estate investment group is planning to construct a two-building, $15 million medical office complex in Menomonee Falls at the intersection of Pilgrim and Lisbon roads.
Wauwatosa developer Bill Patch is overseeing the project that would be built on 5 acres and include two 27,800-square-foot buildings. Patch is still working with Menomonee Falls village officials to obtain final approval for the development, which would be known as Pilgrim Medical Centre.
Patch's development group has an option to purchase the 5 acres from 333 North Plankinton LLC, Milwaukee. The option is contingent upon..."
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Pilgrim Medical Centre
1/11/08
"Everybody needs an exit strategy"
YOU'VE GOT TO KNOW WHEN TO HOLD'EM AND KNOW WHEN TO FOLD'EM
By: Jim Moore
"Everybody needs an exit strategy - especially small assisted living owner/operators. Most of us have wills, estate plans and life insurance; all are an important part of a personal exit strategy. We don't plan on exiting anytime soon, but it's good to be ready for anything. Even if you don't plan to sell your assisted living community, you still need an exit strategy.
Developing a sound exit strategy is a meaningful exercise to evaluate your community's value and competitiveness. It's a way to address weak points making your community more appealing to a prospective buyer. It doesn't matter whether you intend to..."
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Exit Strategy
THE BUSINESS JOURNAL
1/29/08
"Developer plans $75M project near MATC"
"A Milwaukee development firm plans to construct a $75 million mixed-used development that will include student housing, offices, retail space and a new parking structure for a county-owned parcel near the Milwaukee Area Technical College.
New Vision Development Co. has an agreement to acquire the 2.5-acre parcel at the southwest corner of North 6th and West State streets for..."
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New Vision Development Co.
THE BUSINESS JOURNAL
1/25/08
"Chicago firm buys downtown lot"
By: Pete Millard
"Wispark LLC has sold the 3-acre parking lot east of the Wisconsin Energy Corp. headquarters on West Michigan Street for $6 million to Chicago development firm Clark Street Development.
Clark Street has no immediate plans to develop the parcel that is bounded by West Michigan Street to the north, North 2nd Street to the west, North Plankinton Avenue to the east and West Clybourn Street to the south, said a company spokesman.
Four years ago, Milwaukee city officials and community leaders tried to entice..."
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Wispark LLC
THE BUSINESS JOURNAL
12/28/07
"Third Ward snares more retail"
DEVELOPER TO DEMOLISH BECK CARTON BUILDING FOR MIXED-USE PROJECT
By: Pete Millard
"Hawley Strigenz Development Corp. is constructing a $9 million office and retail building on the northwest corner of North Milwaukee and East Menomonee streets in Milwaukee's 3rd Ward.
The Milwaukee development firm is demolishing a..."
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Hawley Strigenz Dev. Corp.
THE BUSINESS JOURNAL
12/28/07
"More apartments for Walker's Point"
By: Pete Millard
 "Milwaukee developers Sonny Bando and Tim Olson are investing $9 million in the conversion of a Walker's Point warehouse to an apartment and condominium building.
The development team plans to renovate the 104-year-old, 98,000-square-foot building at 223 W. Pittsburgh St., Milwaukee, by adding..."
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Walker's Point redevelopment
THE BUSINESS JOURNAL
10/12/07
"Firm buys downtown parking lot for future office building"
By: Pete Millard
"A Wisconsin company has purchased a high-profile parcel at the northeast corner of North Milwaukee and East Clybourn streets in downtown Milwaukee from Sensient Technologies Corp. with long-term plans to build an office building on the vacant lot.
Exit Strategy L.L.C. bought the one-third acre parcel, 500 N. Milwaukee St., for $725,000 through Michael Hatch, a Milwaukee real estate attorney. Hatch is appearing before the Milwaukee Board of Zoning Appeals Oct. 15 to request a permit for Exit Strategy to use the 14,400-square-foot parcel as a..."
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Exit Strategy
MILWAUKEE JOURNAL SENTINEL
7/31/07
"Theater being sold"
BROKER PLANS OFFICES FOR OLD MARCUS MOVIE HOUSE IN FALLS
By: Mike Johnson
"Menomonee Falls - Falls Festivals Corp. has accepted an offer to sell the old Marcus Cinemas theater to a real estate broker who plans to convert the Main St. building to offices.
David Glazer, the broker, and Ted Klumb of Equity Commercial Real Estate, the agent for Falls Fest, confirmed Monday that the sale is in the works and near completion.
Glazer and Klumb said they are not at liberty to disclose the purchase price until Glazer has closed on the building. Falls Festivals Corp. was seeking..."
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Falls Festivals Corp.
GRUBB & ELLIS RESEARCH
Second Quarter 2007
National Industrial Market Trends
The Bottom Line
The industrial market rebounded in a big way during the second quarter. Net absorption exceeded space completions by approximately 14 million square feet, enough to push the vacancy rate down another 10 basis points to..."
Click here to read more
MILWAUKEE JOURNAL SENTINEL
7/19/07
"30-story Park East tower wins zoning approval"
 By: Tom Daykin
"A $73 million, 30-story development planned for the southwest corner of W. Juneau Ave. and N. Old World 3rd St. received zoning approval Thursday from the city Redevelopment Authority.
The project, dubbed The Moderne, needed authority approval to go higher than 12 stories. Under the city's redevelopment plan for Park East, the authority may grant..."
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The Moderne
THE BUSINESS JOURNAL
11/16/07
"Ghazi brings unique style to city"
By: Pete Millard
"Afshin Ghazi fashions himself as an independent, anti-corporate developer who relies on his intuition to put the right commercial puzzle pieces together for a successful project.
The Charlotte, N.C., developer is bringing his unique style to Milwaukee as he works to finalize plans for a $200 million entertainment and residential project on a prominent site on West Wisconsin Avenue in downtown Milwaukee near the city's..."
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Ghazi Co.
MILWAUKEE JOURNAL SENTINEL
7/21/07
"Rebirth of Old World 3rd St."
HOTELS, CONDOS PLANNED
By TOM DAYKIN
tdaykin@journalsentinel.com
"In July 2006, three people were shot - two fatally - outside a bar on N. Old World 3rd St. Three months later, one of the street's longest-running restaurants closed, followed by another business shutdown earlier this year.
But Old World 3rd St. is now drawing several new investments, including a possible condominium tower, along with upscale nightspots. Most of the action is centered on a two-block stretch of the street, just south of..."
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Old World 3rd St.
THE BUSINESS JOURNAL
6/01/07
"Simon plans $30 million retail center"
By: Pete Millard
"A developer is planning a $30 million retail center in the middle of Pleasant Prairie that will be part of a new village Main Street corridor linking several residential subdivisions and shopping areas.
The Simon Group, Brookfield, will build a cluster of eight buildings -- known as Main Street Market -- that will include 150,000 square feet of retail space on the northeast corner of..."
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Main Street Market
THE BUSINESS JOURNAL
6/15/07
"Indianapolis firm planning $50 million Pleasant Prairie retail center"
By: Pete Millard
"An Indianapolis development firm is seeking approval from Pleasant Prairie for a shopping center that will add 400,000 square feet of retail to the village's growing commercial base.
Gershman Brown & Associates is planning to kick off the estimated $50 million development, to be called The Shoppes of Prairie Ridge, with a new 127,000-square-foot Target discount store that will replace a..."
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Pleasant Prairie retail center
THE BUSINESS JOURNAL
6/22/07
"Postal Service may acquire 440th base"
 By: Pete Millard
"The U.S. Postal Service is negotiating to obtain 50 acres to build a 700,000-square-foot regional processing center at the former base of the 440th Air Force Reserve Airlift Wing in Milwaukee.
The Postal Service is not the only suitor for the prime Air Force property, which is south of General Mitchell International Airport. The airport needs 50 acres to build a new..."
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Post Office
MILWAUKEE JOURNAL SENTINEL
6/13/07
"Renaissance man"
 THIRD-GENERATION DEVELOPER IS LEADING THE WAY IN THE THIRD WARD
By: Tom Daykin
"It's a building only a mother could love - if buildings had mothers.
Vacant since the Clinton administration, the former produce warehouse in Milwaukee's Historic Third Ward saw its salad days fade away decades ago. It's dark and dank, with an odor described politely as "musty."
New owner Robert Joseph is..."
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Third Ward
THE BUSINESS JOURNAL
6/08/07
"Urban Outfitters coming to east side"
 By: Rich Kirchen
"Urban Outfitters, the trendy clothing and housewares chain that appeals to young adults, will open its first Milwaukee store this fall on the city's east side.
The store will be located in the Kenilworth Building on North Prospect Avenue and East Kenilworth Place -- one-and-a-half blocks south of the..."
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Urban
THE BUSINESS JOURNAL
6/01/07
"South 27th Street could attract $1 billion in development"
By: Pete Millard
"Franklin and Oak Creek have released a joint South 27th Street corridor development plan that the two southern Milwaukee County communities hope will attract more than $1 billion in new commercial and residential development.
The cooperative development plan covers a six-mile area from West College Avenue on the north to West Elm Road on the south near the Racine County line along South 27th Street..."
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South 27th Street corridor
MILWAUKEE JOURNAL SENTINEL
10/21/07
"Park East poised to start renewal"
DEVELOPMENT PLANS ARE CLOSE TO BEARING FIRST FRUIT IN AREA NORTH OF DOWNTOWN
By: Tom Daykin
"A few years from now, we might look back at 2007 as launch time for Milwaukee's Park East redevelopment area.
The area's first for-profit project, the 38-unit Flatiron condominium building, is nearing completion. It's across N. Water St. from the former Pfister & Vogel tannery, which is being razed to make way for..."
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Park East redevelopment
MILWAUKEE JOURNAL SENTINEL
8/16/07
"Chicago firm buys another Tosa site"
BURLEIGH ST. PARCELS DESIGNATED FOR REDEVELOPMENT
By TOM DAYKIN
tdaykin@journalsentinel.com
"A Chicago-based real estate investment firm has purchased a high-profile development site in Wauwatosa, adding to its holdings in the area east of U.S. Highway 45 and north of W. Burleigh St.
The former warehouses for Kohl's Food Stores Inc., 11100, 11200 and 11310 W. Burleigh St., were sold by Burleigh Partners LLC, a local investors group, to investors groups affiliated with Chicago-based HSA Commercial Real Estate Inc. for..."
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Wauwatosa Redevelopment
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