Cirex Views & News Commercial Real Estate Insights
by Ralph Kamps
cirexnews.com
Phoenix Investors Acquires 2 MSF Distribution Center in Wauwatosa, Wisconsin for $31.2M
WAUWATOSA, WIS. — An affiliate of Phoenix Investors has acquired the JCPen- ney Logistics Warehouse and Furniture Outlet Center for $31.2 million. JCPenney sold the 2 million-square-foot property, which is located at 18000 W. Burleigh St. in Wauwatosa, just west of Milwaukee. The buildings are situated adjacent to Inter- state 45 and feature 100 loading docks. The first buildings were constructed in the 1950s. JCPenney has made regular improvements to the buildings and infrastruc- ture over the years. Phoenix plans to renovate the property, both structurally and cosmetically...
RSK: 2 million sq. ft. Think about that for a minute. Ken notes:What 40 acres under one roof, is that a lot?
Retail Landlords Get Ready to Deal with Empty Toys ‘R’ Us Spaces
The move to liquidate did not come as a complete shock, says Greg Maloney, pres- ident and CEO of the Americas retail division with real estate services firm JLL.
Few in commercial real estate were shocked following the announcement that Toys ‘R’ Us has moved to liquidate all its U.S. stores, even as they work to fill the big spaces that will soon be left behind.
The liquidation filing means that more than 800 stores in the U.S. would shutter, taking a major big-box tenant and toy industry player off the market. Most of the Toys ‘R’ Us stores are in the 35,000-sq.-ft. range and located in power centers....
RSK: And there you have it. My guess is that most of the stores in class A locations will have no problem being filled by new tenants.
CBRE Hotels Brokers Sale of 129-Room Quality Inn Near Milwaukee
BROOKFIELD, WIS. — CBRE Hotels has brokered the sale of a Quality Inn in Brookfield, a western suburb of Milwaukee. The 129-room hotel is located at 20150 W. Bluemound Road across from The Corners, a $220 million mixed-use redevel- opment project by IM Properties and Bradford Real Estate. The hotel is also near Brookfield Square Mall and the Milwaukee County Zoo. Brian Silberman, Scott Miller and Paul DeLucia of CBRE Hotels represented the seller, ABP Real Estate Holdings LLC. Neither the sales price nor the buyer were disclosed...
RSK: I stayed there a while back. Not too bad a property.
Wisconsin Development News
by KEN HARWOOD
wisconsindevelopment.com Let’s re-energize the Wisconsin Idea
We met two decades ago — a Republican governor from the small town of Elroy, Wisconsin, and a Democrat University of Wisconsin-Madison professor of biochem- istry from New York.
It might have first appeared we had little in common, but we bonded over the Wisconsin Idea — the belief that the wealth of knowledge and research at the University of Wisconsin should be utilized to improve people’s lives across the state.
Now we’re joining together again to support a new Wisconsin Idea, one that builds on our state’s great history while addressing specific 21st century challenges...
Ken Notes: I have to agree we need to bring the UW, WARF, the Tech System and public schools back to the table and talk about ways to move Wisconsin Forward. I remember working with Tommy on issues when he would actually bring the opposition into the room and lay the cards on the table. I miss this, we need this...
Madison hopes to get grant to upgrade former Oscar Mayer site
MADISON (WKOW) -- The city of Madison is hoping to get help from the state to get the former Oscar Mayer site ready for the future. There’s a proposal to apply for a $500,000 grant from the Wisconsin Economic Development Corpo- ration.
If granted, Madison would give the money to the new owners of the site to help rebuild the electrical, water and sewer systems. The common council still needs to sign off on the proposal before the city applies for the grant....
Ken Notes: Here is an outside the box idea. What if we had a Wisconsin Meat marketing Board working with the Milk Marketing Board and the World Dairy Council plus Animal Genetics in addition to a global distribution center for beef, dairy, produce, cheese, semen, whey and more -- all operating out of a renovated new facility. All the producers could work together to provide pro- tein to the world. Small Wisconsin farms could piggy back on the distribution power of our national producers. Using rail, truck, and air we could ship any- where... What do you think? P.S. Toss in organics for good measure...
KEN HARWOOD The Future Wisconsin Project and Wisconsin Development News P.O. Box 930234 Verona, WI 53593-0234 Phone (608) 334-2174
ken@wisconsindevelopment.com
With over 200 experienced real estate professionals, Knight Barry provides exceptional support and service. Visit us online for more information
about our 40+ commercial and residential offices throughout Wisconsin and Michigan.
MADISON: 2450 Rimrock Road, Suite 204, 608-255-2700 CAP SQUARE: 44 E. Mifflin Street, Suite 101, 608-255-2700
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