Madison is pursuing a future for the sprawling East Towne Mall area with much more housing, denser retail, high-rise office buildings, new streets and, maybe one day, replacing some or all of the mall.
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In June 2006, in Sun Center City, Florida, retired United States Army Col. John T. Stanfield went on the Korean War Project website to a page he had visited before.
“I am still searching,” Stanfield wrote on the page’s message board, “for anyone in Danny’s family. I served with him on Okinawa in 1950 in the 29th Infantry Regiment and delivered a Red Cross message to him as he was boarding a ship in Naha to go to Korea.”
Years passed, and Stanfield heard nothing...
Ken Notes: This is a story for Memorial Day about Ralph and his father Daniel F. Kamps whom Ralph never met and until a few years ago Ralph thought his father never even new he was born. We want to thank all the veterans who gave so much for our freedoms which we take far too much for granted.
Madison is pursuing a future for the sprawling East Towne Mall area with much more housing, denser retail, high-rise office buildings, new streets and, maybe one day, replacing some or all of the mall.
The emerging Greater East Towne Area Plan, covering an area roughly the size of the Isthmus, will provide guidance on future land use, housing, economic development, parks and open space, transportation and more with the intent to shape a complete new neighborhood.
RSK: Good to see that Madison is planning for the future around these Malls....lots of land and empty buildings to work with. The problem is can developers make it work cost-effectively? Right now with construction materials at an obscene high....not sure they can. This may be a bit too ambitious...but at least it is a start.
Ken Notes: Sounds like a destination to me....
MONONA - Norman David “Norm” Flynn, age 79, of Monona, died unexpectedly at home on Friday, June 4, 2021. Norman was born on July 19, 1941, in La Crosse, Wis., to Irene (Polodna) and Percy Flynn. He attended La Crosse Aquinas High School, the University of Wisconsin-La Crosse and the University of Wisconsin-Madison. On June 6, 1964, he and Susan Ann Romanski were married in Wisconsin Rapids, Wis. They both worked as English teachers at La Crosse Aquinas High School early in their careers. They moved to Madison, Wis., in 1967, and Norm was a speech teacher and award-winning debate coach at Monona Grove High School. In 1970, Norm left teaching to enter the real estate profession joining Munz Investment Real Estate in Madison.
Norm was involved in the development, marketing and management of investment properties from 1970 through the present. In 1978, he founded Norman D. Flynn Associates, Inc., an investment real estate firm located in Madison. Norm has been recognized by the real estate community as Madison’s Realtor of the Year in 1975 and State Realtor of the Year in 1984. He served as President of the Greater Madison Board of Realtors, President of the Wisconsin Realtors Association and in 1990, as President of the National Association of Realtors (NAR). He was a founding member, President and CEO of the International Real Property Foundation which is based in Chicago, Ill., in 1992. ......more
RSK: We lost another of the Good Ones!. Norm, a past President of the National Association of Realtors was a champion for real estate ownership. He was also a friend of mine and a racquetball partner for many years. Norm always had a smile to light up the room and willing to counsel anyone on real estate matters...at no cost. He will be missed on and off the court.
MADISON, Wis. (WMTV) -Madison officials are making plans to give the West Towne Mall area a facelift.
The redevelopment is a part of a bigger goal, which is the Odana Area Plan.
This plan will be formally introduced to the Madison common council at the beginning of July. The city hopes to have a solid answer regarding the decision from the council by September.
A plan to revamp and restructure West Towne Mall is acting as a small piece to a bigger puzzle...
RSK: A bit more information on what may become of West Town Mall redevelopment.....obviously another park.
Google announced Thursday its first-ever retail store, where it will sell Pixel phones, Fitbit wearables, Pixelbooks, Nest thermostats and speakers, and more.
The first-ever Google store is in New York’s Chelsea neighborhood, located in the building that houses Google’s NYC offices and is close to an Apple Store.
The store is expected to open this summer...
RSK: I find this interesting since Apple is closing some non-performing stores and cutting back. Is this a Johnny come lately copycat? Either way, there will be some real estate for lease coming down the line.
Ken Notes: The tie in to an office location makes sense, they will come out with new products soon as the market moves to more online computing and storage...
Madison Lifestyle Office Portfolio comprises 16 Class A properties totaling over 1.7 million square feet of leasable area and an additional 8.3 acres of development land. The portfolio is located on the west side of Madison, Wisconsin.
New provisions in case of a pandemic-level crisis, and changes to force majeure clauses are likely here to stay
No one saw the coronavirus pandemic coming. That’s why real estate leases and contracts never incorporated provisions to handle such a crisis.
But now that’s changed.
Even as California continues to ease restrictions on business operations and increases its country-leading vaccine rollout, the pandemic changed the way real estate transactions will be crafted moving forward, according to experts at Greenberg Glusker Fields Claman & Machtinger. The Los Angeles-based law firm said leases and sale contracts now include new provisions — most notably, regarding force majeure clauses — that are likely to become standard for at least the foreseeable future......more
There is always a catch 22 in these types of contracts. If the tenant has a right to abate rent for certain forces beyond their control, the bank may not be willing to lend as much funds or lend at all.
Ken Notes: I can not believe how badly we handled relief this time around. We could have called an economic "time out" for companies not producing income. Working with the banks, could have suspended payments from all parties (tenants and owners) and used federal funds to keep everyone solvent until revenue restarted. Instead we tried to stimulate the economy making businesses lake Amazon even wealthier while businesses that were closed had to suffer and even close.
Apple employees are pushing back against a new policy that would require them to return to the office three days a week starting in early September. Staff members say they want a flexible approach where those who want to work remote can do so, according to an internal letter obtained by The Verge.
“We would like to take the opportunity to communicate a growing concern among our colleagues,” the letter says. “That Apple’s remote/location-flexible work policy, and the communication around it, have already forced some of our colleagues to quit. Without the inclusivity that flexibility brings, many of us feel we have to choose between either a combination of our families, our well-being, and being empowered to do our best work, or being a part of Apple.”...
RSK: You knew this might happen. Employees flex their muscles. I guess the old work ethic has started to die out. Once school begins I would think many could return a few times per week. Like anything, give someone a taste of something good and they will want more.
Ken Notes: I would be very careful here companies are always looking for an excuse to "downsize" or restructure and a policy for onsite employment may give them the excuse they need.
It was the worst of times, but now the industry is hoping for the best of times.
After an upside-down year of stalled investments, renegotiations of office leases, low residential rent collections and mixed results for retail (grocery and convenience stores thrived, while mom-and-pop shops and restaurants went belly up), the real estate industry is focused on making commercial spaces inviting for employees and customers.
“The operative word is ‘optimism,’ ” said James Whelan, president of the Real Estate Board of New York (REBNY). “There is a real sense that things are heading in the right direction.”
RSK: If it is happening in NYC it is happening here as well. Commercial property is a hot commodity on the for sale side as well as leasing.
After three straight quarters of declines, home purchases by investors rose 2.7% year over year in the first quarter of 2021, marking the first period of growth since the COVID-19 pandemic began, per a new study from Redfin.
Looking to take advantage of the hot housing market and a soaring stock market, investors bought about 1 of every 7 U.S. homes in the first quarter — up from the prior three quarters, in which they bought closer to 1 in 10 homes.
Investor purchases of single-family homes rose 4.8% year over year in the first quarter, outpacing growth in every other property type. They also still have the biggest market share in the multifamily sector, buying 25.8% of multifamily properties that sold in the U.S. during the first quarter......more
RSK: And this is adding to the rising prices and demand for single-family homes.
Ken Notes: I wish I had the money and had bought condos in 2008, but the prices are now pretty high so this is now a bit more risky...
Retailers and commercial real estate companies alike are feeling good about the retail brick-and-mortar recovery.
Sixty-percent of commercial real estate leaders and 55% of retailers expect a return to pre-pandemic levels by the end of the year – a testament to the resilience of consumers and a strong desire to safely visit brick-and-mortar retail, according to a new ICSC survey of retailers and CRE companies.
RSK: Good news but how do lenders feel about new retail and lending them money as well as landlords?
High Point Office Park is an 11-building, 217,418 square foot office park located in one of Madison, Wisconsin’s finest western locations.
Granite Properties exec Will Hendrickson says
while the office provides the ideal space for collaboration, it has to
be an inviting place where employees want to be.
Companies like Amazon have been reshaping consumer expectations around speed and convenience for years, and the pandemic has only escalated this trend. Remember when 2-day shipping seemed fast?
Now it’s same-day delivery, grocery delivery, or food delivery from just about any of your favorite restaurants (margaritas included). You can order it all and pay for it easily with your smartphone. Convenience is catchy, and the consumer is increasingly demanding more speed, flexibility, and a higher level of customer service. Once you experience this in one aspect of your daily life, you start to expect it everywhere else, including our industry....
RSK: This is what tenants want in their office space. Good synopsis.
Ken Notes: Do Ralph and I get any street cred for talking about this pre-pandemic. Both retail and office will required a destination experience to get people out of the home. Also for the record people want to get out of the home, we had a house guest this weekend and every event we visited was full. Music, food, shopping, and work is about the experience...
Big regional malls are usually located at major highway crossroads, also a good spot for distribution centers. So it’s no surprise that three warehouses might be going up on the former site of the Burlington Center Mall in New Jersey.
Plans for 1.9 million sq. ft. of warehouse space will be put before the Burlington Township planning board on June 3 by an affiliate of Lion Heart Industrial Trust, a Maryland-based real estate investment trust, according to a report in the Burlington County Times.
Also in the plans for what’s being called The Crossings is 100,000 sq. ft. of retail to include shops, restaurants, and medical offices in eight buildings that would range in size from 2,850 sq. ft. to 55,655 sq. ft......more
RSK: You will see more and more of this. Amazon has already purchased 6 malls for distribution.
Ken Notes: I also see Amazon creating hybrid facilities with showroom and delivery pickup for larger items and warehouse distribution for other items. Sears had it right in the 60`s...
KINGSTON, N.Y. — Inside a Victorian house flecked with chipping white paint, 65 group home residents must suddenly find a new place to live, an unintended consequence of a Federal Reserve policy meant to save an economy in crisis.
The group home —refuge for people with mental illness, disabilities and substance dependence — is closing after its owners agreed to sell the property this spring. Now, Mary Chisholm, who runs the home, is struggling to relocate the most vulnerable. It’s particularly challenging because the area is unexpectedly experiencing the second-fastest growth in housing prices in the nation....
RSK: Yes the housing market is in turmoil but really just comes down to supply and demand especially with low-interest rates.
A few years ago, I had a pretty good scam going that got me a co-working space for a cut rate. I paid $35 a month for an app that gave me access to various co-working spaces that relied on an honor system for users logging their hours — sometimes I logged my hours accurately, sometimes I did not, and sometimes I “forgot” to log them altogether. In my defense, I was a struggling freelancer living paycheck to paycheck in New York, barely making rent, and it was difficult for me to see it as anything other than a victimless crime. The space I was “stealing” was luxurious, almost certainly flush with VC money, and never more than half-full; I didn’t feel guilty for sitting in a chair that otherwise would have been empty, quietly typing away on my laptop. Besides, paying to work is something of a scam to begin with — a scam that now, in a post-pandemic world where many are disillusioned with work full stop, feels particularly grating.
RSK: I guess if you are a freelance person you can dictate where and how you work. Many others cannot and need the human interaction in person. Pay to work? You work from home you are paying your rent, paying your mortgage taxes and utilities or someone else is paying for your space so that argument thought cut is not looking at the whole picture of work.
Ken Notes: I see the "new" co-working space being much more that space. I see partnerships or proximity to hotels, gyms, coffee, dining, mail, meeting space and office supplies. Again destination is key, a place you would rather be than home. I also think office space will need to think about these amenities as well. EPIC has been doing this for over a decade now...
Homeowners are getting richer and richer as prices keep soaring – and the numbers are staggering.
Those with mortgages — about 62% of all properties — saw their equity jump by 20% in the first quarter from a year earlier, according to CoreLogic. This represents a collective cash gain of close to $2 trillion. Per borrower, the average gain was $33,400.
RSK: Mark up means nothing until it sells...usually means your assessments will go up which means higher taxes.
A little more than a decade ago, Seattle’s South Lake Union neighborhood was a low-rise industrial district with a sea of surface parking lots. Fast-forward to today, and the grid of high-rise office towers, nicknamed Amazonia, underscores how the growth of Amazon and its fellow tech giant, Microsoft, has transformed the city’s real estate market.
Another booming tech industry, life sciences, is poised to accelerate that growth.
Consider the Dexter Yards development by BioMed Realty, a 500K SF project with 150K SF of potential lab space opening in the neighborhood later this year. It’s another high-tech workspace in South Lake Union, but what potentially makes it so valuable to tenants are its neighbors...
RSK: Madison is on the same growth path but on a smaller scale. I think our lab space rent is under the $55 to $65 per sq. ft here. Our cost of living is less as well but yes, we are not the west coast unless you count lake Michigan or lake Mendota.
Heather Ewing - 608.239.4781 - Heather@ABSTRACT-CRE.com
Even after the vaccine breakthrough
last November, which caused sentiment to shift towards industries that would benefit most from the reopening process, the uncertainty over future demand for office space persisted.
RSK: The work from home fatigue will have a slight impact on the demand for office space. I believe there will not be as much downsizing as people project.
As the occupancy rates around the country have dropped due to the pandemic, hotel owners and operators are taking a look at new ways that they can fill their rooms. Many of them are beginning to look at adding multifamily residential units to their properties to guarantee that they always have spaces occupied.
With many condominiums and luxury apartments adding more hotel-style amenities, it just makes sense for hospitality properties to extend their offerings to the renters who want them...
RSK: I see this as an option for many hotels that will be coming into the market. Not sure if existing Hotels can retrofit and have it make economic sense but it just might pay off.
Ken Notes: I wonder if Rooms could be converted into more affordable small housing for a very niche tenant looking for small affordable lifestyle housing. We always are trying to build what we would live in and fail to realize other may not want that.
Facebook Inc. is preparing to bring employees back to its New York City offices.
Employees on Tuesday received an email from the company informing them that offices in Manhattan will open July 12 at 25% capacity. Masks will be required and “where possible, weekly Covid-19 testing will be required for anyone working on site,” a Facebook spokeswoman said in a statement....more
Facebook employees have been able to work remotely since offices were closed last spring, and will be allowed to continue doing so until a month after their office returns to 50% capacity...
RSK: And the migration has started back to the physical office, although it will be a slow migration, it has started. Another reason to get the vaccine I guess...
The last year and a half has been anything but normal for college students coping with remote learning, Covid and dire economic prospects. But for those looking to get into commercial real estate, the rapid shifts in the industry and overall economic picture this spring portend better chances for landing jobs, albeit it during an unprecedented time of flux....more
RSK: UW Madison is one of the few in the USA that offers a degree in Real Estate...thanks to Grasskamp.
PACE programs are now operating in nearly half the states in the U.S. and only 14 have not passed legislation enabling the financing structure.
C-PACE financing has been gaining in popularity and new legislation set to take effect in New York City is expected to further catapult the use of the structure in retrofits and ground-up construction projects.
Commercial Property Assessed Clean Energy (C-PACE) financing has been on a sharp upward trajectory over the past several years with the cumulative amount of capital invested jumping from $111.2 million in 2014 to $2.07 billion through 2020. “It’s no longer accurate to say that C-PACE is poised for explosive growth. That growth is happening,” says Colin Bishopp, executive director of PACENation, a non-profit organization that works to expand access to residential and commercial PACE. “We’re in the early stages of really rapid growth for Commercial PACE.”...
RSK: The link to which counties in Wisconsin have C PACE programs. Dane is one.
As fast food chains struggle to find workers, one sandwich shop is offering new hires up to $10,000.
A Jersey Mike`s in Santa Cruz, California told Fox Business it will pay a $10,000 incentive for a new assistant manager. The payment will be made in three installments during the manager`s first year at the shop.
The chain told the network that it has already received several qualified applications for the position that will pay $18 to $20 per hour.
RSK: My question is what do those loyal employees that stayed on, stuck out the hard time, and worked through it all receive?
Endcap | VISIBILITY | Garage Doors
5-Story Mixed-Use Development. Strong Co-Tenancy with proven success including The Healthy Place, PROSE Nails, Club Pilates and across the street from Panera, GOLFTEC, Eno Vino and more. Robust daily vehicle counts of ~ 37,950 and over 115,000 within 1 mile. Retail is Visibility! Build to Suit with 2 space options: 1 Inline (1350 SF) and 2, an Endcap (2329 SF) with Garage Doors and Patio in place. Abundant parking and cross-marketing with one of the highest demographics in Dane County.
1450 sf in the Monona Executive Bldg newly remodeled. Large space with private office and kitchenette. Across from Monona Golf Course......more
A few weeks ago, I wrote about the different types of commercial leases that are out there. It is important to understand them so that you know what other expenses you are on the hook for besides rent. These expenses are called Operating Expenses and a Landlord will do their best to budget for these expenses each year. For some expenses like taxes and insurance, it is not too difficult to determine the budget. However, there is another portion of Operating Expenses referred to as Common Area Maintenance (CAM) expenses. This expense can be a little more difficult to budget, as it will include repairs, maintenance and the operation of any common or shared areas in your building. This can include shared lobbies, hallways, bathrooms, elevators, parking areas and landscaping. Since these types of expenses can vary from year to year, usually a reconciliation happens at the end of each year where a Tenant will either receive a bill for any overages in these expenses or a credit towards the next year if the expenses were less than budget...
RSK: A more in-depth of what CAM charges can entail...even if you have a full gross lease...
As businesses decide what the future of the workplace will look like, including whether employees will need to return to the office, two prominent CEOs have voiced concerns.
During The Wall Street Journal`s CEO Council Summit on May 4, JPMorgan CEO Jamie Dimon said that working remotely "does not work" for young people or "those who want to hustle."
RSK: Seems like the younger ones need the socialization of working in person rather than remotely.
Ken Notes: One more time, it is not an age thing it is a personality thing...
Rent relief was the solution to a possible wave of evictions. It ran headfirst into reality.
Everyone agreed that rent relief was the only way to stop a wave of millions of Americans from being evicted....more
The logic was simple: Give people who were struggling during the pandemic the money to pay their rent, and landlords would have no reason to evict for nonpayment. That simplicity, and the remarkable unity from the landlord lobby and tenant advocates alike in calling for this type of relief, led Congress to allocate $25 billion in rental assistance in December. Less than three months later, in early March, they allocated another $21.55 billion for the same purpose....
RSK: This is sad indeed. Now, with the labor shortage, I would think people could land a job paying $15 to $20 easily if they want to work and make ends meet. Too many nuances in this to know the total answer.
Ken Notes: We failed to call time out for ONLY those who lost income. I have to ask a question to our readers, what did you do with your stimulus checks???
2,335 sq.ft. space available at the stoplight corner of East Washington Ave. and Lien Rd. Other tenants include: AT&T, FedEx and Men`s Wearhouse.
The multifamily space survived the 2020 coronavirus pandemic mostly unscathed despite fears over tenants` ability to pay. That has boosted its appeal as an investment target, but a provision in President Joe Biden`s tax plan could stymie deal flow and could even trickle down to fewer renovations to older properties and a deterioration of the housing stock.
The White House has proposed a tax and spending plan that would end tax deferments on most 1031 exchange transactions effective Dec. 31, 2021.
A study from Ernst & Young estimates the 1031 exchange program drives $4.4B in investments and related consumer spending, and firms participating in or supplying like-kind deals support 568,000 American jobs and $27.5B in wages and benefits. All told, E&Y estimates the existing 1031 exchange rules generate $55.3B in economic impact...
RSK:P A lot of mom and pop property owners could also suffer from this for their retirement, not just the elite 1%.
Consumer confidence about shopping in stores is on the rise.
Half of consumers are neutral (28%) or unconcerned (22%) about shopping in-store. While a third (34%) are still concerned, only 16% said they were currently very concerned, according to Sensormatic’s spring 2021 U.S. Consumer Sentiment Survey. Comparatively, in the spring 2020 survey, 79% of respondents were concerned (20%), moderately concerned (30%) or very concerned (29%) about shopping in-store.
RSK: If the fitting rooms are open I will be back for sure. And, if you didn`t know what BOPIS meant before, you will after reading this and it will remain an important factor in retail shopping.
Fire. That’s the word Ralph Cram, president of Envoy Net Lease Partners in the Chicago suburb of Northbrook, Illinois, uses to describe the net lease market today.
Yes, the net lease business did take a hit during the earlier days of the COVID-19 pandemic. Investors were hesitant to sink their dollars into any property, including net lease ones.
But that began to change this year. As Cram says, the investors came back to net lease assets in a big way starting in early February....
RSK: The author nails it! There is not just a shortage in Net Leased CRE but in almost every sector of commercial real estate, the high demand being fueled by the possibility the rumor 1031 exchanges may disappear.
President Joe Biden offered a series of concessions to Senate Republicans this week, the White House said, as he negotiates passage of his $1 trillion infrastructure deal — a plan that would have huge implications for the real estate industry.
In an Oval Office meeting, Biden proposed new corporate version of the alternative minimum tax, set at 15 percent, rather than raising corporate tax rates to 28 percent from 21 percent to pay for the package, the Washington Post reported. The original funding plan was rejected by Republicans, who oppose the reversal of former President Donald Trump’s 2017 tax cuts.
RSK: Looks like it holds more for the construction industry than real estate.
Leisure travel is looking to surge over Memorial Day weekend and into the summer as vaccination rates edge higher, mask and other pandemic mandates fade, and people start gathering in groups.
Now, the pandemic-crushed hospitality industry says it anticipates a boost.
But with business travel still largely absent, a summer travel boost will be only the beginning of recovery for hospitality, with the possibility of the unknown still haunting the business, industry experts say...
RSK: I do not think hospitality and restaurants will get up to speed until fall. Not enough workers out there to do so at this point.
The pet boom spurred by the pandemic has brought more attention to care for our four-legged friends. Veterinary companies are opening clinics, drawing more investors to vet real estate.
RSK: There are groups and LLC`s that buy out Vet practices and have the Vets continue to work there and a guaranteed income. I sold a property to a Vet who expanded and then was bought out. Still owns the real estate and leases it back to the LLC for a nice monthly return...
The company still sees half its workforce working remotely within 10 years, though
Facebook is in the building.
As one of the most valuable companies in the world, Facebook has indisputable influence on modern workplace strategy — even before considering its animating concept is based on transferring physical life onto a digital platform. But, after a shocking work-from-home phenomenon made the world question its office space needs, one of Facebook’s top real estate executives told Commercial Observer that it has no plans to pull back on an expanding global footprint.
John Tenanes, vice president of global facilities and real estate at Facebook, said the physical workplace remains an important part of the company’s future....
RSK: This makes absolute sense to me. FB understands the worker and that collaboration is important as well. They will Hybrid their office/workforce to do just that.
NEW Mixed-Use Development, BTS with venting chase in place, patio space, > 17,100 VPD, 10:1 Parking Ratio (with 3 access points). Built-In Customers, new Veridian neighborhood (over 650 homes) directly behind. Top Tier demographic beckons stand-out retailers such as Lone Girl Brewery, Buttercup Beauty, Anytime Fitness, Dunkin Donuts and convenience around the corner with Kwik Trip and Walgreens...
Excellent opportunity to own this prominent location at the controlled intersection of Janesville and Wolfe Street as you enter Oregon from the east. 1,596 sf is leased to Oregon Frozen Yogurt and 2,520 sf available for owner-occupant or new owner can lease out for additional income. A 130 unit multi-family project nearby and surrounding residential provides a nice customer base. Great for automotive use, office, retail, and more! Also for lease at $15.00/sf +utilities+janitorial. Deed restrictions apply to gas, alternative energy sources, tobacco, off-sale beer, coffee & Bakery, car wash, adult entertainment, fast food.
building for lease - 856 Janesville St - Oregon, WI
Petco believes its expansive store base not only offers differentiation against its online competitors, including Chewy and Amazon.com, but will ultimately help accelerate its online growth.
“Our structural advantage of 1,453 micro distribution points through our Pet Care Centers is a strategic differentiator versus pure-play online competitors,” said Ron Coughlin, chairman and CEO, last week on its first quarter investor call. “We can get to the customer faster for lower cost than shipping from a DC.”...
RSK: This is not such an advantage to me as a pet owner. I go for product choices and availability and buy from the Company that has what I want...
Ken Notes: This will be interesting to watch, online vs. brick and mortar will continue to seek a balance. I believe we will return to the 60`s with an Amozon "catalogue store" in every community. Order online. pick up downtown...
In its proposed fiscal year 2022 U.S. federal budget, the White House allocated $600B in funds to support the creation of U.S.-based manufacturing jobs. The administration intends to support the initiative by establishing stronger product sourcing requirements to compel companies to build and source their materials in the U.S.
The plan includes funding for the Made in America office, created by executive order in January, which will work with other federal agencies to ensure allocated funds are spent in the U.S. While it`s unknown how much more demand this provision will create for industrial space, commercial real estate experts say any focus on reshoring manufacturing has the potential to further heighten industrial space demand......more
RSK: This may put a strain on the current inventory in this sector. Good time to be in it, however.
Ken Notes: We need to focus on two thing one demand for American products, Two trade balance with the countries with whom we do business.
Michael Clarke, a real estate investor, was able to defer taxes on his gains under Section 1031, a provision of the tax code that allows so-called like-kind exchanges.
The administration wants to rein in a tax deferral on gains from the sale of real estate. Opponents worry that the move would stifle investment....more
RSK: Another way to look at the value of the 1031 Exchanges....it is not just for the 1%. Many taxes and jobs flow back to the economy on an exchange, not just capital gains being withheld...
David Meade has spent five years as executive director of Building Skills New York, a nonprofit that has helped link hundreds of job seekers with entry-level positions in construction. It’s a rewarding job placing workers into positions that may jump-start a career shift, but this year, it’s required employers to be much quicker to respond.
“We’ll get individuals lined up for an interview, and if the firm looking to hire them takes an extra minute, entry-level applicants are on to the next job,” he said.
RSK: It is the perfect storm isn`t it.
Member Meeting & CE-1 Wisconsin Listing Contracts
Date: Wednesday, June 9th, 2021Time: 7:15 AM
We are planning on offering this breakfast meeting and CE-1 on Wednesday, June 9, 2021 (COVID regulations permitting). The breakfast meeting schedule is:
From 9:00 a.m. - 12:00 p.m., CBG is offering CE. This continuing education class will be taught by Reinhart Boerner & Van Deuren, s.c. This approved course will count towards the credits needed for Wisconsin licensee renewal.
If you have any questions, please contact Wendy Sullivan at 608/772-0060 or email@example.com.
24th Commercial Brokers Group Golf Outing
According to global property consultant CBRE, the amount of sublease space in Manhattan ballooned during the Covid-19 pandemic, as tenants looked to cut costs by shedding space they thought they would not need. Since the beginning of 2020, 19.3 million sq. ft. of gross sublease space has been added to the Manhattan office market, and sublease space now accounts 26% of all available space as of June 1, 2021. The Great Financial Crisis saw an even more dramatic increase in sublease space, with 23.7 million sq. ft. of gross space added in 2008-2009, accounting for 31% of all available space in the market at that time.
RSK: I believe this is true in most places in the US. Now if Companies can get the employees back to work is another cog in the wheel.
Malls reinventing themselves as mixed-use centers are finding that the conversions bring them higher rents for residential and office space—as well as retail.
Real estate intelligence provider CoStar recently surveyed 37 U.S. malls that had redeveloped their properties or were planning to do so and found that apartments in their reimagined lots merited rents 13.9% higher than similar spaces within the same market.
Office space on re-made mall sites rented at an 8.6% premium and retail rent rose by 7.3%.
RSK: I like this as an option for certain malls. Makes so much sense to me.
Ken Notes: Hilldale seems to be working...
The opening of a new bookstore is always an act of optimism: a determined belief that there continue to be many people who prefer to pick out books from an actual shelf or table, and buy them while exchanging pleasantries or book recommendations with an actual person. But when the new bookstore is a Barnes & Noble, a national chain that has shuttered three stores in the Seattle area in recent years, it’s not just optimism, but a vast reset, one that takes its principles from small, independent bookstores.
Barnes & Noble, whose newest branch formally opens Wednesday at The Village at Totem Lake in Kirkland, is no indie; it’s owned, since 2019, by the same British private equity firm that owns the U.K. bookstore chain Waterstones. But its current CEO, James Daunt, got his start running his own bookshop (he still owns Daunt Books in London). Since taking the reins at Barnes & Noble nearly two years ago, his goal has been to transform the company by giving local staff more control over the stores. It’s been a successful strategy for the Waterstones chain, over which Daunt also presides, and he’s encouraged by its early results in the U.S. stores....
RSK: Barnes & Noble had a good thing going with their coffee shop concept. People in our area love their morning coffee and love their books and reading material....why not combine the concept once again? Even go further and have beer and wine starting at 4 PM till close at 8. Just saying.
Ken Notes: I like the way Ralph thinks, and in the shameless self promotion category, take a look at my new publication WisCraftNews.com
Right now, anyone willing to work in a restaurant in the United States could probably pick a city, style of food and price of the cuisine, and a job would be waiting. But upward of 1 million of those positions are going begging, leading to a bitter debate over the reasons.
Business owners point to the extra $300 a week in jobless benefits that are part of the American Rescue Plan for a covid-ravaged economy. The implication is that the benefit has allowed those who worked in restaurants before the pandemic and were thrown out of work to basically freeload on federal assistance even though businesses are reopening across the country.
RSK: I think this article and op-ed hits home. So many restaurant workers are treated poorly not only by patrons but by other staff and management. Many have found other types of employment where their work is better compensated. These people are the front line and the marketing part of the restaurant. They have to wear many hats and it isn`t easy to wear them all with some patrons. Management needs to recognize this. People often judge a restaurant by the service more so than the food.
Are you looking for a small Retail space with abundant light? This 1100 SF space is located at the junction point of the street which brings in college students and young professionals to a more mature age demographic working or living on/near the Capitol Square. As part of the Business Improvement District (BID), enjoy various events and programming which amplifies the 1M+ visitors to State Street annually. Easy parking with ~ 17 Parking Ramps in the area. Adjust the space to fit your needs while enjoying the lovely weather from the outdoor seating......more
Across from Golf Course on newly revamped Monona Dr. Many suite sizes available from 100 sf up to 2,300 sf. Spaces can be combined for smaller/larger suites. Plenty of parking and new improvements going in. Rates from $10-$12 per sf. Common Conference room. 3 floors with elevator. Easy access to beltline and interstate, downtown....more
Mid-America Real Estate - Wisconsin, LLC offers the same high level of service in property leasing, asset management, tenant representation and investment sales for which Mid-America has become known.
As businesses worldwide prepare for a sea change in the way we work, many leaders are exploring the practicalities of a ‘hub-and-spoke’ approach
Even before the pandemic set off today’s work-from-home revolution, corporate trends pointed towards a new way of working: the hub-and-spoke model, where a main office (hub) exists, but employees use satellite offices (spokes) or workspaces that are within easy reach during the working week. Here, the benefits are numerous, as many have realised over the last year, with increased flexibility for all parties being a key advantage.
At a February Q&A with Bisnow, IWG’s CEO Mark Dixon spoke of a golden age for the world of hybrid working....
RSK: Although this is more of an advertorial from Regus, it does explain the Hub & Spoke method of doing business.
In April, a team of Yale University public-health professors published a 34-page study that explained how to end the pandemic in America. The researchers’ conclusion? Dollar General.
The Goodlettsville, Tenn.-based retailer is now the closest grocery store for millions of U.S. consumers; 75% of Americans live within 5 miles of a Dollar General. Adding COVID-19 vaccination clinics to Dollar General’s massive store footprint would get vaccines in the arms of the people most in need of them, thus giving America its best shot at ending the COVID-19 crisis, the researchers argued...
RSK: Who would have thought that Dollar General would be your new local corner grocer and keep expanding. Now they just need to work on the digital presence a bit more. One or two coming near you.
Ken Notes: I live in a Dollar General food desert (Albany) and any perishables would be huge. It is 10 miles to buy any vegetable or fresh meat...
Craftsman tools and Kenmore refrigerators will be replaced by veal parmigiana and Picanha sirloin at Simon’s Burlington Mall in Massachusetts.
Simon Property Group announced two years ago that it would convert part of its vacated Sears anchor into a high-end dining gallery, and it now has announced its lineup.
Four restaurants have signed leases for the space. They are Brazilian steakhouse Fogo de Chao, Major Food Group’s Italian restaurant Parm, Maine-based Bennett’s Sandwich Shop, and Shake Shack. All are expected to open this fall....
RSK: Seems to me like an upgraded food court. I hope they can staff the places.
Amazon is opening its first-ever Disaster Relief Hub in an effort to more quickly aid natural disaster response.
The e-tail giant is operating the facility near Atlanta. Amazon selected this location because it is 310 miles from the Gulf Coast, 734 miles from the Bahamas, and within 1,535 miles of Puerto Rico and other Caribbean islands—areas that experience the most active hurricane season.
The hub will stock over 500,000 Amazon-donated relief supplies in 10,000 cubic feet of fulfillment center space. There will be enough supplies to fill an Amazon Air 767 cargo plane and immediately provide critical supplies when a natural disaster strikes across the southeastern U.S., the Caribbean, and Central America.......more
RSK: Good for Amazon seeing there will be more natural disasters in the next coming years.
Ken Notes: Great Idea, but pretty small in the grand scheme of things. This on a much larger scale would be a great public private partnership....
Amazon is softening its earlier stance on having an "office-centric culture" by the fall.
Corporate and tech employees worldwide will be allowed to work remotely for two days per week, the company said in a memo sent on Thursday, viewed by Insider.
RSK: There will be many different Hybrid back-to-work models I am sure.
Development chief Tabassum Zalotrawala shares insights into the fast-casual chain’s plans for growth
Perhaps more than anything else, restaurants of the future will be need to be flexible in format to serve guests with varying needs.
That’s according to Chipotle Mexican Grill’s Chief of Development Tabassum Zalotrawala, who shared her insights during a session on “Inside Chipotle’s Recipe for Growth,” part of the ongoing Nation’s Restaurant News digital series CREATE: The Future of Foodservice.
RSK: They are on the right track...stay flexible, serve good quality food at a fair price and keep morphing.
9-holes of casual golf
6 foursomes per evening
sign up for one or all dates
drinks & dinner
CARW Members Only – Register as a single or as a foursome. If you have specific request for partners, please list them during registration.
Cost: $50 (inclusive of 9-holes, food & drink)
*times vary by location
Ken Notes: Thank you Tracy Johnson President and CEO of CARW for keeping me in the loop. Note CARW events have all moved online and I have not found another organization that has reacted as effectively as CARW to the new realities....
Demise to 1500 SF OR Co-Working Space
Start small! Demise to 1500 SF or utilize space as a Co-Working Hub for 8 Businesses. Plenty of Parking with bike access via Seminole and ease of west/east travel via Hwy. 12/18 with the new Verona Road interchange. Walk out your door and enjoy various lunch options such as Barriques, Subway or Funk`s Bar & Grill. Visit Hy-Vee, Target, The Healthy Place-Apple Wellness for essentials on your drive home. Over 40,000 VPD with great visibility and signage opportunities....more
Macy`s and L Brands are retreating from the American mall.
In first-quarter earnings commentary this week, the two retailers discussed plans to focus on more off-mall locations.
Macy`s is "continuing to test and expand" its presence away from malls, CEO Jeff Gennette said on a call with investors on Tuesday. The company is opening five new locations away from sprawling malls, including Market by Macy`s, its trendy concept store. ...
RSK: Great video at the end of the article on "The Rise & Fall of The Great American Mall"
“I went from flying probably 175 to 200 flights in a normal year to two flights last year after the pandemic hit. I`m a people person and I was depressed,” said one road warrior.
Business travel is slowly but surely resuming — but, like many aspects of professional life post-pandemic, it might not look exactly the way it did back in 2019. For America’s road warriors, every newly scheduled sales call or convention registration holds out the promise of a reversion to familiarity after a chaotic year...
RSK: As someone said, "It is like coming out of a coma". WIll take time and another year to have the pandemic behind us. But as seen by the stats in this article the slow trickle back has begun.
IBM’s U.S. employees will go back to the office the week of Sept. 7, according to a memo sent to staff this week from Chief Human Resources Officer Nickle LaMoreaux.
In the memo, which was viewed by CNBC, LaMoreaux said IBM is working on protocols for fully vaccinated employees to work in the office without masks. In addition, LaMoreaux said IBM is working on health and safety protocols for business travel and meetings with clients from outside the company.
RSK: I see pay bonuses coming soon for those who return to work.
Great location on the Capitol Square surrounded by long-term tenants such as Cooper`s Tavern, Septi Fitness, Fromagination, Genna`s Lounge, and more. Simple changes will expand this open concept with kitchen area and reduce build-out costs as the restroom is already installed. Nearby parking garage and easy access for bicycle and bus transit. Be amidst new development projected for the Square and Judge Doyle Square. Additional Lower Level is 2790 SF at $21/SF NNN.
With the largest Real Estate Practice of any law firm in Wisconsin, Reinhart offers clients custom-tailored real estate insight.
CEO, Americas at The Instant Group overseeing the company`s expansion and operations throughout the Americas.
Commercial real estate has invoked Charles Darwin this year as the evolution of office space and analyzing work, the workplace and what’s next are at the forefront of workplace strategy.
In this evolution of office from property asset to people, five key themes have emerged. Our firm’s 2021 "Breakthrough Insights" report outlines them as follows:
Notes:RSK: I would not exactly compare the office hub and spoke concept to spices, but what this means is office space will still have a demand. It won`t just be for the main headquarters (Hub) for several smaller office spaces (spokes) in the suburbs or even different cities and parts of the country. To me, this means office space usage will remain the same per sq. ft wise because there will be several locations. People want to work closer to home.
Ken Notes: Speciation, the formation of new and distinct species in the course of evolution. - I had to look it up....
A six-minute meeting drove Portia Twidt to quit her job.
She’d taken the position as a research compliance specialist in February, enticed by promises of remote work. Then came the prodding to go into the office. Meeting invites piled up.
The final straw came a few weeks ago: the request for an in-person gathering, scheduled for all of 360 seconds. Twidt got dressed, dropped her two kids at daycare, drove to the office, had the brief chat and decided she was done...
RSK: Here is why many employees want more flexible work between office and home. Commuting being the highest priority. I assume when the unemployment benefits end this too will diminish somewhat. Of course, it is all on supply and demand of employees available, needing to and willing to work....that pool seems small at the moment.
building for lease
Prominent corner on the Capitol Square available for Lease. Bring your concept or create intrigue with a Bond-like theme incorporating the vault/safe into the space design. Western sun exposure for carefree afternoon and evening venues. Use of the lower level is negotiable. It exhibits rounded walls, restrooms and separate sink area and coatroom. Ideal location for a niche retailer that would complement Fromagination, Square Wine, Rare Steakhouse and others. Convenient access to the beltline for travel to Milwaukee and Chicago.
From its 20th-century builders to current owners — with a cameo by former president Donald Trump
The Empire State Building is the ultimate trophy property. Savvy real estate pros will know that today, it’s owned by Tony Malkin’s Empire State Realty Trust — but they might not know the winding path it took to become the crown jewel of the publicly traded REIT’s portfolio....more
RSK: My "now you know the rest of the story" article of the week.
Excellent opportunity to lease an entire first floor in McFarland`s historic downtown. The property is ideal for a dental practice, medical, general office space or other service user. Building features picture windows overlooking Main St and is close to the Public Library, McFarland high School, and food options. Space features reception/waiting area, 3 patient rooms, private office, file room, and back deck/garden...
For decades, anthropologists have been telling us that it’s often the informal, unplanned interactions and rituals that matter most in any work environment. So how much are we missing by giving them up?
In the summer of 2020, Daniel Beunza, a voluble Spanish social scientist who taught at Cass business school in London, organised a stream of video calls with a dozen senior bankers in the US and Europe. Beunza wanted to know how they had run a trading desk while working from home. Did finance require flesh-and-blood humans?
RSK: Some reasons companies want and need employees back to the physical workplace.
Drive-Thru opportunity (6 stack), dual Signage opportunities, strong demographics and flexibility. Build-to-Suit with In/Outdoor Patio Space. Easy access to Verona, Hwy. 12-18 and downtown Madison. Over 40,000 VPD with a 10:1000 Parking Ratio. Strong Retail Mix with Barriques, Burn Bootcamp, Subway, Star Nails, HyVee, Target and more. Meticulous property. Construction planned for Fall/Winter 2020......more
IA Management is a full service property management company located in Madison, Wisconsin. Our objective is to be a profitable leader in both commercial and residential real estate.
Charming space with wood floors, tin metal ceiling and abundant sunshine located on iconic State Street. Some of the highest pedestrian foot traffic in the city! Nestled amongst experiential retailers such as The Overture and The Orpheum Theater and strong retailers such as Goodman`s Jewelers, Red Square Flowers and more. Pocket windows for highlighting retail and a small office with sink/plumbing for convenience. Nearby ramp parking....
Charming space with exposed brick, high ceiling, partial hardwood flooring, and abundant sunlight leads to a large outdoor patio. Ideal location for a breakfast operator or cafe, restaurant, or a creative design/decore firm. Enjoy density in a relaxed environment with 5:1000 parking. Co-Tenants include Lone Girl Brewing Company, Orange Shoe, Edward Jones, Knight Barry Title, Medispa and more...
Apple employees will return to the office three days a week starting in early September, the company confirmed to CNBC.
“For all that we’ve been able to achieve while many of us have been separated, the truth is that there has been something essential missing from this past year: each other,” CEO Tim Cook said in an email to employees that was obtained by The Verge. “Video conference calling has narrowed the distance between us, to be sure, but there are things it simply cannot replicate.”
RSK: Interesting seeing how these companies plan on the new work environment and who, when and how often employees will need to head to the office...
Last spring, when most of the country was under lockdown, essential workers were celebrated as American heroes. They were applauded for risking their lives to take care of others and to keep the economy running. This attention was eagerly extended to those in food service jobs that are traditionally overlooked and underappreciated. Under quarantine, the thinking went, people could no longer take for granted the fast food workers, kitchen staff, and delivery drivers who help transport food and other necessities to their doorsteps. Customers were encouraged to generously tip these workers — at minimum 20 percent, and even more if they were able...
RSK: This is a tough call these days. For me please don`t tell me how much to tip but I normally leave 20% if the service was good. But now, with some wait staff and back end of the house making $20/hour is the tip to be a set number? Good service deserves a good tip but people are also being paid well these days because of the labor shortage in the restaurant and hospitality business...
ENJOY OUTSIDE with TWO PATIOS!
Stunning Newer 3-Story Mixed-Use property at the doorway to Maple Bluff! The property has three spaces available. Fantastic Endcap (3126 SF) with abundant sunlight, beautiful glass walls for maximum visibility and dual signage. Enjoy not one but two adjoining Patios! One section is covered facing McBride Park while the other patio section is open and located at the flatiron. Avoid inclement weather with covered parking next to the space and additional availability in the parking lot. Utilize the chase for convenient kitchen build-out. Bring your own GC or ownership can build-out for you! A generous TI Package applies. Further Amenities for Tenants/Employees include: a Rooftop Terrace, Community Room, and Underground Parking. Inline space (516 SF) is great for a Retail or Office use. The property is professionally managed and manicured with over 70 potential customers built-in and approx. 14,490 VPD...
With over 350 experienced real estate professionals, Knight Barry provides exceptional support and service. Visit our website for more information about our 50+ commercial and residential offices throughout Wisconsin, Michigan, and Minnesota.
MADISON: 2450 Rimrock Road, Suite 204, 608-255-2700
CAP SQUARE: 44 E. Mifflin Street, Suite 101, 608-255-2700
Hybrid work may seem like a step into the future for the American workforce, but it looks to be turning back the clock on population movement.
Across the country, individuals and families have moved away from urban cores to less dense areas within their home markets, empowered to do so by the prospect of not commuting every day but not free to move to another metropolitan area altogether, a new working paper released by the National Bureau of Economic Research on Tuesday found.
"Overall, this finding suggests that the rise of so-called `Zoom towns,` smaller cities across America that have been marketed as remote work hubs, may not represent a broader long-term trend," wrote the authors, Stanford University economists Arjun Ramani and Nicholas Bloom.
RSK: If you live in the suburbs, this is probably true. You may have even moved to the "Burbs" for this particular reason. But the high price of a single-family home is making this a bit prohibitive and negates some of the value in moving there and thinking you will save some time and money.
1 Some jr. military personnel
5 Company that pitched "Think different"
10 Editor`s "ehhhh, leave it"
14 More than a few
15 Balayage business
RSK: Crossword courtesy of the Morning Brew.
Madison Capital, real estate investor known for turning box retail into multifamily and self-storage properties, in new Sun Belt venture.
RSK: Wonder if they will be involved with the redevelopment of East & West Towne Malls here in Madison.
1 New England NFL team, informally
5 Sugar substitute
10 Minor deviation
14 Group voting together, perhaps
15 Official UCLA mascot Joe
Ken Notes: Re #1 not enough spaces for what I was thinking...
Large Corner retail/office space. Loads of glass. Eclectic space in an eclectic neighborhood. High traffic count. Mezzanine, plus finished lower level. 3,500 on main level extra 2,000 lower level. Tenant pays only for main level and pays 25% of cams water/sewer etc....more
West Beltline Commercial property with large lot and plenty of parking. Basement. Many uses permitted. Former bicycle sales and repair. $800+/mo billboard income. Price based on $11/NNN at 7% Cap Rate.
Solid retail/office building on W. Beltline. Formerly bicycle shop. Basement space for storage included at no extra cost. Large parking lot. $11 NNN......more
Offering real estate services and design-build construction solutions for growth oriented clients... ...more
Eclectic Schenks Corners. A bit of old and new mixed in the build out. Up to 2 bays remain 940 sf &1,680 sf. 1,680 sf is perfect for a coffee shop with old brick & beams exposed. Spaces can be combined. Tenant pays utilities. Exposed brick, heating, wood, skylights and more. 2 Units have basement for use.
Just off E. Washington behind the new Hy-Vee. Many suite options ranging from 150 sf to 1,880 sf with rates from $10.00 to $14 gross, depending on size term and TI`s. Landlord pays all. On bus line. Great for non profits, small office/service reps. Interstate and airport a minute away. Agent interest. Controlled storage also available for pharmaceutical reps, suppliers etc......more
1 David, for presidents
5 MBA hurdle
9 Seasoned rice dish
14 Sneaker brand
15 Izzy Azalea song that samples "Mambo Italiano"
RSK: This week`s crossword courtesy of the Morning Brew.
Beginning Thursday, April 16, the WRA will launch a new "Legal Update Live" series of online, open and interactive meetings that cut through the noise and distill key business and practice-related information that you need to know during this coronavirus pandemic. This series will feature the WRA legal team addressing the latest business issues, procedures and programs you need to know. Subject matter experts from Wisconsin law firms, government agencies and the National Association of REALTORS® also will be featured to provide updates and answer your questions.
Let the WRA help you navigate the novel business challenges you face during these difficult times. We hope you`ll join us for our first Legal Update Live at 2:00-2:30 p.m. on Thursday, April 16. The WRA will provide more details -- including the video link to access Legal Update Live -- next week in WRA emails and on the WRA`s social networks.
In the meantime, the WRA has a wealth of resources, including information on SBA programs and programs you may qualify for, such as PPP, PUA and EIDL; coronavirus real estate forms; Q&As and more. Find these on our resource webpage at www.wra.org/coronavirus.
Stay safe, stay healthy and stay informed!
WRA President & CEO
Cirex News is emailed weekly to over 2,000 CRE Brokers/Agents and people interested in commercial real estate. It is online at CirexNews.com. All of our articles are archived and searchable. So a search for "opportunity zone" will bring up dozens of articles on the subject.
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Since 1975, Flad Development & Investment Corp. has emerged as a leader in the development of quality commercial real estate projects in Madison and Milwaukee.
The Gialamas Company`s premier development. The park has over 57 buildings containing 200+ companies, occupying over 3.0 million square feet.
Ruedebusch Development & Construction, Inc. is a highly qualified, vertically integrated full service commercial construction, and real estate development company located in Madison, Wisconsin which offers:
"The attention to detail, preventative maintenance, and proactive communication exhibited by MIG makes them a true business partner."
Professional Real Estate Management and Sales
Expect Professional Management with a Personal Touch
Our focus is your focus, our goals are your goals.
For lease on Medical Circle - Up to 4,902 SF Available
call Mike Herl
NAI Global is a leading global commercial real estate brokerage firm with over 400 offices worldwide and annually completes more than $20 billion in property-related transactions...
Five flex/R&D buildings - 138,000+ sq. ft. - Hwy 51 and Hoepker Road - High End Image - Affordable and Flexible Floor Plans - Warehouse - R&D, Light Manufacturing - Showroom
608-255-5060 or 608-255-8780 firstname.lastname@example.org...more
Keller Real Estate Group Understands Local Business Real Estate Needs
130 S. Pinckney St.Madison, WI
Hours Wednesday - Sunday 4:30PM - 9:00PM