JLL Capital Markets closes $53 million sale of 274-unit mid-rise Vim + Vigor community in Brewery District of Milwaukee, WI

Amanda Friant

 

 CHICAGO, IL – JLL Capital Markets announced it has closed the $53 million sale of Vim + Vigor, a new, 274-unit, mid-rise multi-housing community in the Brewery District of Milwaukee, Wisconsin.

JLL marketed the property on behalf of the seller, Milhaus Development and The Davis Companies. Weidner Apartment Homes acquired the property.

 

Vim + Vigor was completed in 2019 and was over 90 percent leased at closing.

Wick Kirby

The property comprises two buildings with apartment studio, one-, two- and three-bedroom units ranging from 376 to 1,340 square feet, as well as 7,050 square feet of ground-floor retail, a 237-space parking garage with additional surface parking and an expansive building amenities package.

 

The apartments feature a range of floor plans, 9-to-100-foot ceiling heights, stylish kitchen designs with stainless steel appliances and quartz countertops, high-end bathroom finishes, wood- and concrete-style flooring, abundant in-unit storage spaces, patios and balconies and full-sized in-unit washers and dryers.

Jaime Fink

The community offers a courtyard with grills and fire pit, conference rooms, home brewing studio, and 24/7 fitness center with yoga and Pilates studio. The buildings are enhanced with key-fobbed access and new technology systems throughout.

 

Located at 1303 North 10^th St. and 926 West Juneau Ave., Vim + Vigor is in Milwaukee’s thriving Brewery District, the site of the former Pabst Brewing Company.

 

Situated between I-43 and Fiserv Forum and the Deer District, the now vibrant mixed-use neighborhood embraces a celebrated past, sustainability and modern urbanism to create an authentic live-work-play neighborhood radiating old world charm.

 

Residents enjoy a fully walkable neighborhood, with easy access to surrounding universities, sporting/concert venues, employers, major highways and some of the best local shopping, dining and entertainment in Milwaukee.

Vim + Vigor, a new, 274-unit, mid-rise
multi-housing community in the
Brewery District of Milwaukee, WI

  Everything in Milwaukee’s sought-after Whitestown neighborhood is within a 20-minute walk of the property.

 

The JLL Capital Markets investment sales advisory team that represented the seller was led by Senior Director Wick Kirby and Director Amanda Friant, along with Senior Managing Director Jaime Fink.

  

For more news, videos and research resources on JLL, please visit our newsroom.

 

CONTACT:

 Cierra Lacasse

JLL Associate

 Public Relations

Phone: +1 602 648 8701

Email:  Cierra.Lacasse@am.jll.com

 weidner.com or e-mail info@weidner.com.

milhaus.com.

jll.com

thedaviscompanies.com.

 

 

NCLA sounds the alarm on extending the eviction moratorium.

 

                                       Rochelle Walensky

 

 WASHINGTON, DC, Aug. 3, 2021 --- Just minutes ago, CDC (Centers for Disease Control and Prevention) Director (Rochelle) Walensky officially extended the eviction moratorium, through Oct. 3. In a press release, the agency said the new order applies in "areas of high transmission" of Covid-19.

 In multiple lawsuits across the country, NCLA (New Civil Liberties Alliance) is arguing that the eviction moratorium far exceeds the constitutional and statutory limits of CDC’s authority.

 

 The agency’s radical and unprecedented interference with access to state courts has deprived Americans across the country of their constitutional right to resolve their legal disputes in court.  

Caleb Kruckenberg

 

NCLA released the following statements:

 

“After five members of the Supreme Court concluded that the existing eviction moratorium had no legal foundation, and Congress refused to grant the agency authority to impose a new order, the CDC has now claimed to discover new authority to act.

 

This is not how government should work, much less how 'laws' are written. If the CDC pushes forward the courts must swiftly shut down the agency’s lawless actions.”

 

— Caleb Kruckenberg, Litigation Counsel, NCLA

 Mark Chenoweth

“Reissuing the CDC eviction moratorium is unlawful, irrational, and will devastate mom-and-pop housing providers everywhere.

 

"NCLA will not stand for this. CDC never had legal authority to issue a nationwide eviction moratorium to. Nothing has changed. This is your unlawful administrative state hard at work.”

 

— Mark Chenoweth, Executive Director and General Counsel, NCLA

 

Last month, the U.S. Court of Appeals for the Eleventh Circuit rejected the request of Rick Brown of Virginia and other hard-hit housing providers across the country to put an end to the eviction moratorium issued by CDC.

Judy Pino 

 In a 2-1 decision in Brown, et al. v. CDC, et al., the panel affirmed the lower court’s refusal to enjoin CDC’s unlawful eviction moratorium.

 

 NCLA is carefully considering whether to appeal this adverse ruling to the U.S. Supreme Court or return to district court for trial.

 

NCLA also filed a class-action lawsuit, Mossman v. CDC, in the U.S. District Court for the Northern District of Iowa.

 

For more information, please visit the case pages for Brown v. CDC and Mossman v. CDC.  

 

CONTACT:

Judy Pino 

judy.pino@ncla.legal

 

Uptick in demand drives growth in new JLL Valuation Advisory service

 

Lisa Dorn

 CHICAGO, IL – JLL Valuation Advisory announced it is expanding its new Environmental and Property Condition team, led by Managing Director Jeff Manas, with three key hires – George Bouchie, Ken Voyles and Lisa Dorn.

 

Jeff Manas

As part of its ongoing growth strategy, JLL Valuation Advisory announced in April 2021 the addition of the new service line after hiring Manas to head the Environmental and Property Condition (EPC) service team for all property types in U.S.

Since then, the team has had tremendous demand in this space, specifically around multi-housing – Fannie Mae and Freddie Mac environmental site assessments (ESAs) and property condition assessments (PCAs) – which has supported an accelerated hiring plan as they ramp up to support client needs.

 

“I couldn’t be more excited to have Lisa, Ken and George joining JLL’s Environmental and Property Condition team,” Manas said.

 

“Their business principles, pragmatics and expertise are in perfect alignment with our core objective of creating a world-class level of service to our clients.

George Bouchie

"Their prior experiences in the due diligence industry have led organizations to far exceed goals related to quality of service, training of team members, risk management and revenue growth, and, with their support, JLL’s Phase I ESA and PCA service delivery teams are structured for tremendous success!”

 

Bouchie joins the firm as a Senior Project Management Director with the EPC team, where he will report to Manas and focus on structuring, training and growing the team of PCA specialists. 

He brings with him 30 years of experience in real estate due diligence studies and related services. He has a B.S. in civil and environmental engineering from Tulane University and is a licensed professional engineer in Illinois, where he is based.

Ken Voyles

Voyles brings more than 27 years of experience providing high-quality environmental consulting services to his position as a Senior Project Management Director with the EPC team. 

He will be responsible for growing, training and structuring the Phase I Environmental Site Assessment team. Voyles reports to Manas and will be based in the Carolinas.

 

As a Project Coordinator for the team, Dorn will work closely with Bouchie, Voyles and Manas in support of the production processes and revenue creation.

 Reporting to Senior Operations Associate Bryony Kongabel, she has extensive experience supporting environmental and property condition teams and developing relationships with clients, as well as designing process improvements and business optimization solutions. 

 Bryony Kongabel

The EPC service offers Phase I Environmental Site Assessment and Phase II Oversight Management, along with Property Condition Assessments, Zoning Reports, Seismic Studies, ALTA Surveys and Green Evaluations. 

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

U.S. property valuation and tax consulting services are performed by JLL Valuation & Advisory Services, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

 

 CONTACT:

Kimberly Steele

PR, Capital Markets

Agency Leasing and Valuation Advisory 

JLL

T +1 713 852 3420

M +1 832 244 9994

JLL.com

 

KBS Brings 496,723 Square-Foot Institutional-Quality Business Park in Charlotte, North Carolina to Full Occupancy with 100,233 SF of New Leases with Two Global Tenants

Crossroads Distribution Center, a 496,723 SF
 institutional-quality business park located at
  11401 Granite Street in Charlotte, NC, now
 at full occupancy of 100,233 square feet 

Marc DeLuca

 CHARLOTTE, NC – KBS, one of the largest investors in commercial real estate, has brought Crossroads Distribution Center, a 496,723 square-foot institutional-quality business park located in Charlotte, North Carolina, to full occupancy with 100,000+ square feet of new leases with two global tenants. 

Transactions at the center, which features I-77 frontage consisting of functionally designed warehouse, distribution and office/showroom space to accommodate a variety of tenants and uses, include a long-term, 73,300 square-foot lease with Service Metal, a pipe fitting distributor, and a long-term, 26,933 square-foot lease with Caesarstone US, a quartz countertop manufacturer.

Allen Aldridge

 “One of KBS’ core strengths is identifying markets that are positioned for robust future growth and acquiring best-in-class assets in those markets,” says Marc DeLuca, Eastern regional president for KBS. 

“Charlotte is a thriving industrial and office market that is attracting numerous high-profile companies. 

"The combination of Crossroads Distribution Center’s location and KBS’ reputation for excellent service in this market positioned this property for consistent demand among creditworthy tenants.”

 Matt Treble 

 

According to Cushman & Wakefield, Charlotte’s industrial market continued to flourish in the first quarter of 2021 as developers view the city as a viable logistical hub.

In early April, Amazon announced its plan to occupy more than 1.3 million square feet in the Charlotte market across three separate industrial properties, further increasing interest in the area among industrial users and investors.

Completed in 2007, Crossroads Distribution Center consists of four industrial warehouse buildings with ceiling clear heights ranging from 24 to 30 feet. Each building features 50-foot concrete aprons, loading docks and truck courts ranging from 110 to 140 feet.

 Eric Ridlehoover

“Crossroads Distribution Center is one of the most desirable industrial properties in Charlotte for warehouse and office/showroom uses due to its proximity and visibility to I-277 and its excellent condition as maintained by the KBS team,” says Allen Aldridge, asset manager for Crossroads Distribution Center and senior vice president at KBS. 

“Because of its ideal location and KBS’ superior management, available space is typically quickly leased up at this property as leases expire.”

 Matt Treble and Eric Ridlehoover, directors at Cushman & Wakefield, handled the leasing transactions on behalf of KBS.  

Matt Hargrove

Matt Hargrove, vice chairman and Alek Salfia, industrial sales associate at CBRE represented Ceaserstone and William Maxwell, broker at Trinity Partners represented Service Metal.

 “Crossroads Distribution Center is on the short list for tenants seeking warehouse and distribution space in the Charlotte market,” says Treble. “There is simply no other asset in the region that offers industrial users everything this property does.”

 KBS recently completed a $28.7 million refinancing agreement for Crossroads Distribution Center. 

The transaction demonstrated the ability of KBS’ in-house finance team to understand a complex capital markets environment and identify potentially advantageous refinancing opportunities, notes Aldridge.

William Maxwell

 In addition to Crossroads Distribution Center, KBS also manages other properties in the Charlotte market, including Carillon, a 24-story trophy office tower that recently underwent several capital improvements such as the addition of spec suites, a state-of-the-art fitness center, side lobby and a newly renovated courtyard adjacent to the Grand Bohemian Hotel.

 Crossroads Distribution Center is located at 11401 Granite Street in Charlotte, North Carolina.

 

Alek Salfia

  

CONTACT:

Katie Haga · Account Manager
O 949 438 6262 

Brower Group, Inc. 
The Smart Agency^® for Smart Clients who want Smart Work 
220 Newport Center Drive, Suite 22 · Newport Beach, CA 92660

Email · Website · Facebook · Twitter · Instagram

 

 www.kbs.com.