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CBL Properties Sells Janesville Mall in Wisconsin for $18M

JANESVILLE, WIS. — CBL Properties has sold Janesville Mall in southern Wisconsin to RockStep Capital for $18 million. Boston Store, Dick’s Sporting Goods, Kohl’s and Sears anchor the 600,000-square-foot mall. Other tenants include Bath & Body Works, American Eagle Outfitters, Claire’s, Finish Line, GameStop, Ulta Beauty, Victoria’s Secret and Yankee Candle. CBL will use proceeds from the sale to supplement cash flow, fund redevelopment programs and other capital improvements, and reduce debt...

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RSK: Anchored by Boston Store? Better have a solid lease with a blackout clause in that one.

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Mid-America Brokers $10.2M Sale of Shopping Center in Oshkosh, Wisconsin
OSHKOSH, WIS. — Mid-America Real Estate Corp. has brokered the sale of Oshkosh Center II for $10.2 million. The 107,456-square-foot shopping center is located at the northeast corner of 20th Avenue and Koeller Street in Oshkosh, nearly 90 miles northwest of Milwaukee. Anchor tenants include Pick ’n Save and Office Max. The sale also includes a 4,150-square-foot outlot building for a total of 111,606 square feet. Carly Gallagher, Rick Drogosz and Dan Rosenfeld of Mid-America brokered the transaction on behalf of the seller, Marlin Properties. Cincinnati-based Midland Atlantic purchased the asset...   ...more
RSK: Congrats to our Dan Rosenfeld of Mid America on this deal.

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Innovative Thinking Paves a Way Forward for Brick-and-Mortar Retail

Retail is constantly changing, though at a faster pace than ever right now, it seems. The rise of Amazon and online shopping has greatly accelerated over the last few years, causing significant disruption in the traditional ways that consumers used to shop.

But several brick-and-mortar retailers are fighting back, both with the use of technology, and marrying the in-store experience with online shopping, which is helping several chains open hundreds of stores, as detailed in a recent report by CB Insights.

Here are a few of the observations made by the research firm....

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RSK: As I often say...it is a constant morphing for retail and online marketing vs brick n mortar.

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Trend-Setting Markets Show Power Of Retail Mix

Cities have always been a hotbed of experimentation in retail. From redevelopment of historic city centers to new shopping destinations built around sports and recreation, here are five markets making notable moves in brick-and-mortar.

Miami

Developers are going big in South Florida. Officials recently approved zoning changes for the development of American Dream Miami,...

Salt Lake City

Central-city developments are revitalizing other areas, too. Salt Lake City, which the Urban Land Institute ranked as the third best market for commercial real estate...

Dallas

The Dallas area, which includes two of the country’s fastest growing cities, is also focusing on mixed-use urban design as AT&T invests $100 million into its downtown campus....

Greenville, S.C. 

Mid-sized metro areas are also worth watching. In Greenville, S.C., the fourth fastest-growing city in the country, local officials recently approved a $1 billion mixed-use redevelopment project to include government offices, housing, and retail...

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RSK: Madison is not quite there yet..maybe another 10 to 15 years.

Ken Notes: We are there we just need to think outside the box. Hilldale is cool...

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4 ways real estate can turbocharge your retirement income
Key Points
  • There are a number of real estate plays that can boost your retirement income.
  • They include, but are not limited to, real estate investment trusts, rental-property purchases and shares in crowdfunding ventures that redo houses or buy commercial property.
  • But while there are great opportunities, there are also risks, and investors must be willing to keep money tied up and weather real estate dips.

It’s not unusual: An investor five or 10 years from retirement worries the nest egg will come up short, wants a boost over the finish line but already has a typical lineup of stocks and bonds.

So what else could fuel the afterburners? Would real estate do the job?...

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RSK: Sort of preaching to the choir here but, if you are in the real estate business and do not own any property yourself or invested in some, you might as well get out. You do not practice what you preach.

Ken Notes: One more time, We would love to develop an Investing in Real Estate news letter for your potential clients. We would include 5 to ten current articles on real estate investments with your comments and your property listings. Staying in front of your investors weekly is worth a great deal and makes you the expert when they have a question or money to invest.

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CBG NOTES: events...
22nd Commercial Brokers Group Golf Outing
Date: Tuesday, September 11th, 2018
Time: 10:30 AM

Event Details:
Make your plans now to attend the 22nd Annual Commercial Brokers Group Scholarship Golf Outing. This fun-filled afternoon will include 18 holes of golf, prizes, lunch, dinner and drink tickets. You can set up your own foursome or we`ll happily assign you to one.

9:30 a.m. - 10:30 a.m. Registration
10:30 a.m. Shotgun Start
4:30 p.m. - 7:00 p.m. Refreshments & Dinner & Prizes!
..........
Congrats Deal of the year winners...  Presentation Here!

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Tech, Finance Firms Dominate U.S. Office Leasing, Says Cushman & Wakefield

CHICAGO — Tech and financial services firms are the most aggressively expanding office users through the first half of the year, according to a report from Cushman & Wakefield. Of the 144.6 million square feet of absorption closed in the first six months of 2018, the tech industry was responsible for approximately 23 percent.

Tech and software firms are investing heavily in their own operations, including expanding in markets they deem necessary to house their staffers...   ...more

RSK: Have to agree...as long as you include biotech...just look at Epic and Exact Sciences alone.

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Growing Competition from Both National Chains and Neighborhood Coffee Shops Threatens Starbucks’ Supremacy

While Starbucks still has an edge in the highly competitive U.S. coffee and breakfast market, other chains are expanding and picking up market share

Amid slowing growth in an increasingly crowded market, coffee chain powerhouse Starbucks announced it will close 150 underperforming, company-operated U.S stores in 2019. Historically, the Seattle-based chain has closed about 50 stores per year. For now, the company, which pioneered the upscale coffee shop business, continues to dominate the U.S. market with 14,000 stores...


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RSK: A few things come to mind here. Every Goliath has its David. How do you eat an elephant? One bite at a time. Heck, maybe Amazon will buy them out.

Ken Notes: This is an awareness / Marketing issue. Madison has far better coffee options and the locals all know it but if you are a visitor SB is a known commodity. I love taking visitors to Dotty Dumpling`s Dowry for a burger...

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Brokers Don’t Need To Be Worried About WeWork’s New Leasing Business (Yet)
When a business with the size, money and ambition of WeWork comes onto your patch, you sit up and take notice.

That is why the leasing brokerage community was all ears at the news that the flexible workspace giant had launched a new division, WeWork Space Services, which would provide leasing advice to small and midsize enterprises leaving WeWork space and moving into office space outside of its portfolio.

The service is not a brokerage, WeWork insists. But in providing advice to tenants on their general leasing needs, it is clearly moving into the tenant representation world....   ...more

RSK: Don`t worry yet? That is like saying even though you are in the path of a hurricane, don`t worry about it till it hits you. Be prepared people. But in reality, it will only serve a small portion of the market like any other brokerage.

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2018 Fitchburg Business Appreciation Luncheon
Get out of your office for an afternoon break and join us for the 2018 Fitchburg Business Appreciation Luncheon! This year’s luncheon will be held at the BioPharmaceutical Technology Center (BTC) in Fitchburg, and will feature Brandon WIlliams as the keynote speaker. Brandon will share how discovering the power of purpose can lead to success and fulfillment in business and in life!

Check-in and networking at 11:15 am and lunch is served at 11:30 am, followed by our keynote address at 12:10 pm, This event fills up quickly, so reserve your spot today! Please RSVP by September 10th, 2018.

Registration fee is $20, that can be paid by credit card, or by check. You can register more than one person, if other members of your team would like to attend.

Please contact Joyce Frey at (608)270-4246 with any questions!...

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Building For Sale: 901 S Whitney Way 115 E Conant St., Portage, WI Madison WI 5371

Two (2) absolute triple net office properties in South Central Wisconsin. Properties have roughly 7 years remaining on their leases. 901 S. Whitney Way is located in a highly visible location on the corner of Whitney Way and the Beltline. 115 E Conant St. is located in Downtown Portage, WI. Buildings to be sold together. Confidentiality Agreement needed for Offering Memorandum...

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IA Management

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Everyone Is Talking About Adding Resi To Retail. Here’s How It Works In Practice
Adding residential space to retail centres is a hot topic right now.

In its strategy review announced this week, Hammerson said it had set up a whole new division to look at adding residential and other kinds of property use like leisure and flexible workspace to 65 acres around its shopping centres.

And at Bisnow’s Retail Revolutions 2018 event last week, panelists pointed to how residential had been added to a town centre retail scheme in Oslo to help solve the city’s housing crisis, with the added bonus of boosting retail values...   ...more

RSK: This is what we love to do and Madison likes it as well. If you have not done it...consider it now. Great for infill projects...anywhere not just Atwood Ave or Monroe neighborhoods.

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Multifamily Sales On Pace of Reaching Record High for the Year
Annual U.S. multifamily property sales are approaching a record in the face of a flood of new apartment construction and increasing home ownership, according to CoStar.

Market doomsayers may be confounded by how the new units are being quickly absorbed by renters, but demand remains unabated across the sector, CoStar`s multifamily analysts predict in a presentation on the state of the market.

"The multifamily market continues to surprise market watchers," said Michael Cohen, director of advisory services for CoStar Portfolio Strategy, the company’s advisory arm. "Expectations that supply would overwhelm demand, expectations that price growth would trail off, both appear to be contrary to what we’re seeing today."...   ...more

RSK: If I had multi-family I would unload it now at it`s highest prices. Then the question of what to put that equity into....maybe just pay the taxes and keep the cash for when prices tumble in the next cycle.

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Building For Sale: Paoli Creamery -- 6858 Paoli Rd

7.5 Acres on the Sugar River in Paoli, this 10 unit mixed-use commercial/residential bldg has 10 unique, large units many with high vaulted ceilings overlooking the Sugar River. No one unit is alike. 7.5 acres, makes room for additional units or building, C1 zoning allows many uses. Real Estate only for sale. Building is fully leased. 48-hour notice for showings 10-12 on Tues & Thurs. Proof of funds availability needed...

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Ken Notes: Now this is a destination property!

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Cash is pouring into tech startups from every source

When it comes to raising money, right now is one of the best times in history to start a technology company. Global initial public offerings (IPOs) for tech firms are off to their hottest start since the dot-com bubble in 2000. Venture capitalists, meanwhile, have invested more than twice that amount in the sector. The crypto craze is also fanning the flames, offering a new source of highly speculative (and legally ambiguous) capital.

A mountain of cash is available for young tech companies, following years of easy money policies from the biggest central banks. Venture capital firms have invested about $67 billion globally so far this year, on pace to exceed the record high of $87 billion in 2016, according to PitchBook data. Valuations have skyrocketed for some startups, altering the mechanics of the investing process, said Michael Jackson, a partner at Mangrove Capital Partners. Some fund managers feel pressured to join in at almost any valuation, he said....

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RSK: Good news for start-ups but not so good for Landlords. They will all want short-term leases that will allow them to cut losses if they fail or give them the opportunity to expand if they take off and grow. Thinking as a Landlord we might want to put a premium on shorter-term leases.

Ken Notes: this is a bit like betting that the next batter at a ballgame will hit a home run...

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New WeWork Service Looks A Lot Like A Brokerage

WeWork is expanding further into a full-service office brokerage through an initiative the coworking giant is calling WeWork Space Services.

"We will now be able to offer holistic real estate solutions — both within and outside of WeWork," WeWork Chief Growth Officer Dave Fano said. "We will help them find office space best suited to their requirements, giving them access to inventory they would not otherwise have."...

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RSK: It does smell a bit like a Brokerage even though WeWork says it should not interfere. I doubt Regus would do this. They are Broker proactive.

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Colliers Brokers $4.3M Sale of Industrial Building in Hartland, Wisconsin

HARTLAND, WIS. — Colliers International has brokered the $4.3 million sale of a 58,828-square-foot industrial building in Hartland, a western suburb of Milwaukee. Printing company JTS Direct LLC fully occupies the property, which is located at 1180 Walnut Ridge Drive. Tom Shepherd, Jennifer Huber-Bullock and Steve Sewart of Colliers represented the seller, SH 1180 Walnut Ridge LLC. Kashou Brothers LLC purchased the asset.

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So, WeWork Is Going Into Brokerage…I Told You So…But…?
Let’s jump back to 2015 when I wrote What Is The New Future Commercial Real Estate Brokerage Model? Hint: It Does Not Include A Broker. Contained within that article was this paragraph, “WeWork has a “Platform for Creators.” A platform that directly faces the user….wait I mean tenant. They directly provide that user a dizzying array of services that the user can choose from. They allow that user to pay them directly ( the more I write about this the more pissed I get that I/me did not come up with this idea and I am “the cre tech shit” how?) and know exactly when where and how they are using “space” commercial real estate space. They have a relationship with that user. A relationship you do not have and may not ever have a chance to develop.”...   ...more

RSK: Duke called this one a long time ago. From Loop/Star to We/Amazon? I love the bit about hooking up with Amazon...be afraid people...be afraid.

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The Gialamas Company, Inc.

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The Gialamas Company`s premier development. The park has over 57 buildings containing 200+ companies, occupying over 3.0 million square feet.

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Is the retail collapse over? Shopping mall owners think so.
  • Foreign brands and "e-tailers" like Warby Parker are helping to fill some of the millions of square feet of retail space that went dark last year.
  • The decline in occupancy rates at shopping centers and malls that marked 2017 has stabilized this year.
  • The retail industry is poised to stage a comeback after several brutal years.

    Bon-Ton, Toys R Us, Sears, Claire`s and Sam`s Club are just a few of the major retailers that have shut hundreds of locations altogether across the U.S. this year, leaving a glut of commercial real estate on the market.

    It`s allowed the few retailers that are still expanding as well as some "e-tailers" looking to plant some roots take advantage of the empty space and cheaper leases.

    The new tenants, filling some of the millions of square feet of retail space that went dark last year, have helped to ease concerns about an uncertain 2018 for shopping center owners.
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RSK: Let`s remind ourselves that the new mall tenants are not necessary retail tenants. Food service, medical, bars and brew pups etc. Even housing has come to the malls.

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Why Amazon can`t touch Ross and TJMaxx

As department stores, specialty stores and big box retailers retrench, discount chains are growing.

Ross (ROST), a clothing and home decor chain, recently opened 30 stores and plans to add 70 more this year. It`s aiming for 2,500 stores eventually, up from about 1,500 today.

TJX Companies (TJX), the parent of TJ Maxx, Marshalls, and HomeGoods, is opening 238 stores this year, and Burlington Stores (BURL) is opening up to 40.

The discounters, also known as off-price sellers, are expanding their physical footprints, even as Americans shop more online and most brick-and-mortar retailers pour cash into their digital operations...

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RSK: Awe yes...the thrill of the hunt...bargain hunt that is.

Ken Notes: I think Kohl`s is using this as well...

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Business for Sale: Water House Foods - 132 E Lake St Lake Mills WI

Farm to table cafe & coffee/wine/cocktail bar. Specialize in using Wisconsin & organic ingredients. Purchase includes high-end extensive restaurant equipment w tabletop inventory, furnishings, licenses. The locals fave hub in downtown Lake Mills for almost 1o years! Add`l income via specialty gift items. Cooking classes & parties are booked & ongoing. Turnkey business w outstanding reviews!...

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Michels to Develop ‘Transformative’ $100M Mixed-Use Project Along Milwaukee’s Riverfront

MILWAUKEE — Michels Corp., a utility and civil engineering firm based in Wisconsin, is planning to develop a $100 million mixed-use project on six acres of riverfront property in Milwaukee’s Harbor District.

Dubbed RIVER 1, the development will include about 220,000 square feet of office space, 19,000 square feet of retail and restaurant space, 67 multifamily residences, a 103-room hotel, 1,000 underground parking spaces and riverwalk space.

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RSK: Now this looks like one nice project Milwaukee.

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Restaurants Need To Adapt To The Rise Of Dark Kitchens

Like every part of the retail and leisure sector, traditional restaurants are being disrupted by new technology.

The latest iteration of this — the rise of dark kitchens and the food delivery apps that they service — occupied the mind of Vapiano Advisor and former Executive Board member Mario Bauer at Bisnow London’s Retail Revolutions 2018 event..

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RSK: So let me get this straight. A Dark Kitchen is one that does not have an actual restaurant but just makes the food for delivery? Thus saving the cost of renting unneeded space, labor etc? Will be interesting to see how this pans out.

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CARW 2018 2nd Quarter Commercial Real Estate Report

Southeastern Wisconsin Commercial Real Estate Markets show relatively steady decline in vacancy rates and positive  absorption, according to the commercial real estate market reports for the second quarter of 2018, released today by CARW.  The market reports are produced in collaboration with CARW members and REDIComps Research and Catylist. 
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Industrial Boomtowns Rise In Unlikely Places As Labor Shortages Shift Site Selection

Rail has always been the economic backbone of Dillon. Throughout the 20th century, trains shipped tobacco and cotton from this South Carolina town to processing plants up and down arteries on the Eastern Seaboard. By the 1990s, the tobacco industry was in sharp decline, and the trains to and from Dillon slowed to a crawl.

Nearly 30 years later, trains are active once more, hauling cargo containers 160 miles from Charleston — one of the South’s busiest ports — into a new $50M distribution hub called Inland Port Dillon....

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RSK: So right on...being in Door County last week you cannot believe all the help wanted signs everywhere for every type of job.

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Increasing Renewable Energy in Real Estate

REITs are taking the lead in bringing renewable energy sources into real estate with both on-site and off-site solutions. These efforts are expanding and evolving as companies continue to explore creative, cost-effective solutions.

Renewables represent a growing part of the U.S. power supply. About half of the estimated 25 gigawatts of new electricity added to the United States’ power grid in 2017 came from renewable resources, according to the U.S. Energy Information Administration...

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RSK: I didn`t realize how much real estate is needed to make a large scale operation viable in renewable energy.

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JULY 2018 - Cirex Digital Version

View Our May Digital Version Online Here

Subscribe to Real Estate CIREX Digest

Subscribe to CIREX to receive our monthly Real Estate Digest in PRINT.

  • Hundreds of property listings, organized for easy browsing.
  • New properties are featured every month.
  • Property/Drive CIREX Members alphabetically listed in our extensive directory.
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All Male Architects Should Be Required To Navigate Their Own Buildings In A Skirt

Los Angeles Times cultural writer Carolina Miranda took glass catwalks and glass staircases to task for making properties awkward to navigate for women in skirts.

The glass designs are featured in several high-profile structures, such as Apple stores.

“After viewing an architectural schematic that featured a pair of elevated glass catwalks, I posted a tweet that invited male architects to navigate their own designs in a skirt,” Miranda wrote. “The post ignited a flurry of responses from women...”

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RSK: I never thought of that...makes sense.

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UPS Pilots In-Building Apartment Deliveries Through Latch Smart Access Devices
  • Provides increased security and convenience to UPS customers in multi-family residences
  • Pilot begins in New York City and may extend to other markets

UPS (NYSE:UPS) today said it has begun a pilot with Latch smart access devices to enable in-building deliveries to multi-unit homes in New York City, providing increased security and convenience for residents who are not at home to receive packages.

Latch’s smart access devices enable UPS drivers to provide more reliable customer service and complete more deliveries on the first attempt. UPS began preliminary tests in Manhattan earlier this year and has now expanded to Brooklyn. Eventually, UPS may offer the service in markets throughout the U.S. together with smartaccess pioneer Latch...

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RSK: They need to do something. I went into an apartment complex and loads of packages stacked up in the open unsecured.

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Yardi: Average U.S. Multifamily Rent Hit All-Time High in July

The average monthly rent for multifamily communities in the United States rose $3 to an all-time high of $1,409 in July, according to a recent report by Yardi Matrix. The increase is thanks in part to strong second-quarter economic growth and healthy demand. Year-over-year, rents are up 2.8 percent.

Yardi is a California-based software company serving the commercial real estate industry. The company’s Yardi Matrix data branch researches and compiles data through a combination of original research studies and references to secondary sources. Numbers are representative of 127 U.S. markets, though the 30 largest metros are highlighted specifically...

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RSK: This is what is driving up sale prices for Multi-family.

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ARTIS REIT / Madison Lifestyle Office Portfolio


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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.

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The Rise And Rise Of Real Estate`s New Buzzwords

Experiential retail. Densification. PropTech. The agile workplace. The language of real estate is ever changing, and particularly in the digital age, new words and phrases are constantly making their way into the lexicon.

Some put an apt name to a phenomenon happening in the real world. Some are ugly. Some are just marketing gimmicks...

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RSK: Your Grammar lesson for the week!

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Most Prefer Amazon Go Experience Over Traditional Grocery Shopping: Report

Most consumers would prefer Amazon Go’s cashier-free shopping experience over that of a traditional grocery store, according to new research from Aurora, Ill.-based Shorr Packaging.

The research shows that 84 percent of respondents to a survey said that they see Amazon Go as a “type of grocery shopping experience” they’d enjoy more than traditional grocery shopping. It also reveals that three in four respondents would be either extremely or very likely to shop at an Amazon Go store if one opened close to where they live...

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RSK: Amen to this people.

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Multifamily Investors Need to Get More Strategic About Value-Add Plays
A good sub-market for a value-add play should show a difference of several hundred dollars between the cost of renting a new, luxury apartment and the cost of renting an older unit.

Multifamily investors continue to be eager to purchase value-add apartment assets. The challenge is to find the right property.

“Many of the easy deals already have been done,” says Greg Willett, chief economist for Richardson, Texas-based RealPage Inc., a provider of property management software and services.

For several years, value-add investment has been a hot trend for apartment building buyers. Many older apartment properties have already been bought and at least partially renovated to earn more income. Also, more investors have become interested in renovating older apartment buildings, increasing the competition to buy these properties...


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RSK: SO true and I have a 10 unit in Paoli that fits the bill with all unique units on the Sugar River...10 minutes to Beltline...

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Student Housing Pushes Out Affordable Living in College Towns

For Kyle Bach, CEO of The Annex Group LLC, there’s an affordable housing crisis taking place in large university towns. After extensive research in Bloomington, Indiana, and other similar towns, Bach found that over the past decade or so virtually all new multifamily product added to the market has been either student or luxury housing. This has priced out the workforce or affordable housing residents in those communities, he says.

About a year-and-a-half ago, Bach’s Indianapolis-based firm reconfigured its development focus in effort to fill this need by providing affordable housing for the university workforce or married students...

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RSK: Yes, this is happening here in Madison...

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Building For Lease: The Ideal = 506 S Park St Madison WI

1,932 SF retail/office suite available at the Ideal. Perfect for a fitness use with tall ceilings, shower and built-in clientele with the above apartments. Great Downtown location with strong visibility, high traffic and eclectic neighborhood. Three (3) parking stalls included in the rent.

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It’s the Law!

Effective August 1, 2018, it is illegal to pretend that a pet dog is a service dog in Minnesota. Can Do Canines brought the issue forward in 2017 and the Minnesota legislature voted to institute a new law during the 2018 session. It is now a petty misdemeanor on the first offense and increases to a misdemeanor on a second offense.

Pet dogs do not receive the rigorous training that true service dogs receive. Poorly trained or dangerous imposters are putting the public and legitimate service dogs at risk. Service Dog handlers are regularly confronted about their service dogs access rights. “Fake” Service Dogs contribute to this problem, creating reasons that the public might challenge access for their trained dog...

...A detailed description of the actual law is seen here.

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RSK: Yes, it is not related to CRE but it is a real problem...and my rescue group Golden Retriever Rescue of Wisconsin knows this. Time to have Wisconsin and other states follow suit. If you own, lease or manage real estate you know this has come up so many times and the people are faking that their dog is a service dog to gain entry.

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Building For Lease: Hoepker Corporate Center - 6602 Ronald Reagan Ave Madison WI

Upon final completion, Hoepker Corporate Center will be comprised of more than 138,000 square feet of flex/R&D space. With close proximity to Dane County Airport, I-90 and I-39, Hoepker Corporate Center provides quick and easy access to major thoroughfares...

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Knight Barry Title Group

                       608-255-2700  www.KnightBarry.com
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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

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Vegetables: The New Way To Diversify Property Income

Manchester`s city centre rooftops could become a new market garden, a Belfast-based academic is claiming.

Experiments by Andrew Jenkins and Manchester developer Urban Splash have revealed that city centre buildings could be turned into a market garden producing up to 180 million packs of salad a year, the Manchester Evening News reports.

Crops could include lettuces, Swiss chard, chillies, courgettes and even strawberries.

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RSK: Wonder if this would work here.

Ken notes: They are doing this in southwest Wisconsin - greenhouse greens that is...

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Building For Sale: 4002 Monona Dr Madison WI

Prime real estate currently occupied by a dental practice for sale on Monona Drive in Madison. The site is ideal for a dental practice, medical, or general office space, with ample parking. The site offers single or multi-tenant options. Great opportunity for owner occupant or investor...

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As Old Legacy Retailers Shutter, New Entrants Help Fuel Retail`s Comeback

As Toys R UsSearsAbercrombie & FitchK-Mart and Sam’s Club continue to downsize, leaving gaping holes and vacant storefronts in malls and retail centers, new companies, international retailers and e-tailers are coming in to fill those spots with a new strategy that blends e-commerce and a physical storefront, according to several reports...

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RSK: I am still not buying it. Most of these new tenants are not retail but entertainment, food service and other services such as health. Still, a long way to go for the Malls to morph with retail.

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Real estate notebook: What happened to demand for office space?

Commercial real estate experts are perplexed.

The office market in the United States averaged just 4.4 million square feet of positive net absorption in the last quarter of 2017 and the first quarter of this year, way less than the 10.8 million square-foot quarter average forecast six months ago, according to a report released this month by the NAIOP Research Foundation.

If just looking at the first quarter of 2018, the numbers are even more bleak, just 1.3 million square feet was leased on a net basis...

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RSK: I think all 3 assumptions are affecting the market.

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Mea culpa: A business should own up to customer service flub

NEW YORK (AP) — Erika Wasser and her staffers arrived for a big appointment — hair and makeup for a bridal party of 11 — to realize someone had goofed and the salon space they share in a Miami hotel wasn’t available that day. And the bride was expected in an hour.

“We messed up HUGE,” is how Wasser, owner of nine Glam+Go salons in three cities, remembers the Saturday a year ago. She quickly pulled out her credit card, reserved a suite in the hotel, and “the bridal party and our team literally transported everything — dryers, chairs, everything basically not nailed down — from our salon and recreated an en suite Glam+Go.”...

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RSK: Wow...there is a great message here for all of us...except those of you who do not mess up now and then.

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Building For Sale: 2407 Brewery Rd Cross Plains WI

Office building - Great opportunity for your business! Past use was a daycare. Two levels can be used as a multiple tenant building or as a sole proprietor. Interior in need of paint and updating. Located next to shopping center and Village office. Great location, Ample parking.

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What’s the Outlook for the Grocery Sector in the Age of Amazon?
Pressures within the sector are already being felt.

Nearly one year after Amazon’s acquisition of organic grocer Whole Foods, the grocery-anchored shopping center sector, typically viewed as more “Internet-proof” than other segments of retail, has taken greater strides to boost its omni-channel offerings.

So far, the acquisition has not been overtly disruptive to the grocery industry, experts say. However, some grocers are still working to hedge any long-term effects of the deal, particularly as smaller chains struggle to keep up with technological pressures and price competition intensifies. These factors could lead to continued consolidation of smaller grocers and increased investor scrutiny of grocer tenants, according to those in the industry...



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RSK: I have to agree, there will be consolidation. Why? You won`t need a physical store in every neighborhood for the convenience of home delivery. Plus...I dislike to no end waiting in line to check out.

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Reinhart Boerner Van Deuren s.c.

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With the largest Real Estate Practice of any law firm in Wisconsin, Reinhart offers clients custom-tailored real estate insight.

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Mall Operators Turning to Retail Incubators to Fill Empty Space
Mall operators are taking a page from the playbook of their office counterparts and setting up retail incubators in some of the space left vacant by departed department and apparel store retailers.

Offering retail and technology startups a shared space to test their concepts before live shoppers, the new retail incubators also provide mall operators with an opportunity to find tenants with the potential for growth - and a diverse variety of new retailers giving shoppers a new reason to visit the mall...    ...more

RSK: It is time to look at Malls not so much as retail outlets but as mixed-use developments with loads of parking. This is a good example...

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Why Warmth Is the Underappreciated Skill Leaders Need

The case for demonstrating more than just competence.

When it comes to success in leadership, there has never been just one playbook. Some leaders are extroverts, natural mentors, and charismatic speakers; others prefer to lead by example and take a more hands-off approach....

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RSK: Warmth is not something you can fake in my book...nor can you teach it. Either people have it or they don`t.

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Brand Partnerships And Physical Space Spark Salvation for Retailers

In recent years, major retailers have been forced to close hundreds of stores while searching for strategies to stay competitive and profitable. Many retailers view Amazon and Alibaba as the trailblazers in the e-commerce revolution and have started to emulate elements of their strategy.

However, emulating Amazon and Alibaba is not enough for retailers to survive. Retailers will need to look for ways to positively differentiate the buying experience in order to prosper. Some retailers are repurposing their existing space with complimentary brands while others have imported e-commerce success strategies from other countries. Global retailers, in particular, have learned to offer shoppers a unique experience they can’t find online to avoid the recent fate of so many of their counterparts...

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RSK: I guess to me this is kind of a "Duh" moment. But once I reread it there is much more to it.

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What every startup founder should know about exits

The dream of a startup founder can often be summarized by the following well-intentioned, and mostly delusional, quote: “We’ll raise a few rounds and in a few years we’ll IPO on Nasdaq.”

But a more likely scenario looks something like this:

You invest a few years of hard work to build something of value. One day you receive an acquisition offer out of the blue. You’re elated. And you’re not prepared. You drop everything to focus on this opportunity. Exclusive due diligence starts. Your company is a mess (IP, contracts, burn). Days become weeks; weeks become months. You’ve neglected business and fundraising. You’re running out of money. M&A is now your one and only option. The buyer says they found a bunch of cockroaches in the walls and drops the price. Now what?

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RSK: Going through this now...kind of scary but reality hits.

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Building For Sale: 515 Atlas Ave 7818 Big Sky Drive, Suite 209

20,000 SF industrial building with 20` clear height, includes 1200 SF office, four loading docks. There is 1200 amp, 3 phase electrical service, two overhead doors including one 18` X 12` door. A 1.57 acre site with shared access easement provides some room for building expansion.


Info Sheet

Floor plan

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Building For Lease: Steamfitter 1214 Ann St 620 W Badger Rd Madison WI
Available sf :     11,900
Max Contig sf :     11,900
Rent PSF (Annual):     $10.00-$12.00
Lease Type :    Gross

• Unique training center layout with garage, welding stalls, classroom and office space
• Beltway Interchange at Fish Hatchery Rd and the Beltine
• Former Steamfitters training center
• Great Beltine Highway visibility   ...more

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Developers Use Street Festivals To Attract Business

CHICAGO — It is a Sunday afternoon and Lincoln Avenue is shut down for six blocks from Fullerton and Halsted, north to Wrightwood and Sheffield for the 35th annual Taste of Lincoln Avenue. Over the course of the weekend the festival — one of the largest in the city — transforms Lincoln Avenue into a concert venue, outdoor dining pavilion, retail shop and community gathering space.

Underneath a canopy tent a block from the festival’s southern entrance is a table manned by two young women, loaded with beer koozies and sunglasses, while a cornhole set bakes in the afternoon sun, waiting for people to play...

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RSK: Not sold on this at all. Just had Atwood Fest where our offices are located and the people pretty much trashed our property. If they really thought this was a cool neighborhood and want to live and work here why would they do these inconsiderate things? I highly doubt it helped any of the Merchants or Landlords much. I know, a few bad apples do not spoil the whole bunch.

Ken Notes: I think you have to know who to talk to. It would be good to target seniors for downtown condo living space at concerts on the square for example...

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Duke Long’s 2018 Global #CRE and #TECH Power 100.

What a year 2018 has been so far for commercial real estate and technology. Billions of dollars invested, millions upon millions of square feet of data pouring in and out along with a robust and thriving market. Behold the mover-shakers, global market makers and my 2018 Global #CRE and #TECH Power 100...


1. Jeff Bezos CEO Amazon...

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Ken Notes: Anyone else think Jeff Bezos look like a CIA operative???

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Building For Sale: Single Tenant Office Portfolio 901 S Whitney Way 115 E Conant St., Portage, WI

Two (2) absolute triple net office properties in South Central Wisconsin. Properties have roughly 7 years remaining on their leases. 901 S. Whitney Way is located in a highly visible location on the corner of Whitney Way and the Beltline. 115 E Conant St. is located in Downtown Portage, WI. Buildings to be sold together. Confidentiality Agreement needed for Offering Memorandum.

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2018 Event Calendar

 AUGUST 2018

August 20
CARW Golf Outing
North Shore Country Club

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RSK: A list of CARW Events and CE.

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Building For Sale: 1850 Hoffman St Madison WI

Prime location two story office building on 4.85 acres available for sale on Madison`s Near East Side. Located close to HWY 51, the site offers easy Highway access and convenient proximity to the Dana County Regional Airport, Madison College and easy connectivity to Madison`s downtown. The site offers single or multi-tenant options. Great opportunity for owner occupant or investor...

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Coworking spaces are one way mall owners are filling empty stores
>Key Points
  • Across America, stores once occupied by now-bankrupt retailers like Toys R Us and Bon-Ton are being converted into shared office space.
  • Mall owner Macerich is teaming up with coworking company Industrious to bring shared office spaces into a handful of its shopping centers.
  • Coworking space is predicted to grow at retail properties by a rate of 25 percent annually through 2023, according to a new report from Jones Lang LaSalle.

    Empty since 2016, the former Barney’s at Scottsdale Fashion Square mall in Arizona is finally getting a new tenant, and it isn’t exactly selling shoes.

    In Scottsdale and elsewhere across America, stores left vacant by retailers, including now-bankrupt Toys R Us and Bon-Ton, are being converted into shared office space. Mall owners are increasingly turning to unconventional tenants to fill some of the estimated 200 million square feet of retail space that’s closed or is expected to close since the beginning of 2017...


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RSK: Another article, malls are incorporating co-work and office sharing.....all this is good.

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Building For Lease: 2030 S Park St Madison W
Available sf:     5,397
Max Contig sf :     5,397
Rent PSF (Annual:     $12.00-$14.00
Lease Type:    Gross
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High Point Office Park

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Affordable. Versatile. Excellent visibility. A unique gem tucked alongside Madison’s West Beltline Highway 12/14...

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Not All Bricks are Created Equal: How Functional Obsolescence Affects Property Taxes

Appraisal districts across Texas often use the cost approach to determine market value for property tax purposes. When valuing certain commercial properties via the cost approach, county appraisers frequently use cost-estimating services. These services enable appraisers to estimate the cost of the subject property’s improvements as if they were new, as well as determine the depreciation to apply to the subject.

Cost estimators can be a great resource and valuation tool, but the appraiser is likely to reach an incorrect value conclusion using estimates from one of these services without also incorporating proper analysis of functional obsolescence...

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RSK: The key here is a venue usually has to change every 20 years or so...even if it is a classic it needs to freshen up especially in the hospitality industry. If a tenant gets stuck with a landlord who does not keep up with his center because the lease lacks these provisions...it could be tough sledding. Even McDonalds keeps changing and refreshing their venue...

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WeWork Launches Another New Business, This Time Aimed At The Missing Middle

WeWork is the dominant figure in the coworking space, pioneering creative spaces for freelancers and giant companies alike, built on the power of community as a draw for 21st-century workers.

But on Wednesday, the company announced a new product line aimed directly at midsize companies that want to be members at a WeWork, but don`t like to share...

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RSK: WeWork is acting somewhat like a property manager, a broker, and a construction manager.

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RASCW Events and updates

Bocce Ball & Backpacks

August 22 @ 1:00 pm - 5:00 pm

Gather your team of 4 – $20/team.  Deadline is August 8, but could fill up sooner.  Space is limited! Backpack for Buddies:  Please bring a NEW backpack to help us reach our goal of 100 backpacks for kids in need! Click on the link below for the registration form. Bocce Ball & Backpacks 2018

Find out more »

New Developments for Commercial Brokers 2018 Review

Adam Sayer, Director of Planning and Development, City of Verona
click here for presentation

Michael Zimmerman, Assistant City Administrator/Director of  Community & Economic Development, City of Fitchburg
click here for presentation

Mike Davis, City Administrator, City of Middleton
click here for presentation

Tax Reform, Josh Ganshert, Baker Tilly
click here for presentation

Key Legal and Regulatory Updates, Tom Larson and Cori Lamont, Wisconsin REALTORS® Association
click here for presentation

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RSK: In case you missed the RASCW Commercial Update Seminar a link to the powerpoint presentations is above. Worth the time to go over it

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Why Arizona Is Building Tiny Homes for School Teachers

The state ranks last in the nation for elementary school teacher salaries. For one rural school district, building a tiny-home community for staffers is one way to address the issue.

Sydney Scharer teaches fifth grade at Senita Valley Elementary School in Vail, Arizona, a small but fast-growing community in the Sonoran Desert southeast of Tucson. The Vail School District spans 425 square miles of adobe-style suburban housing developments sprawling amid the stands of saguaro and ocotillo in the foothills of the Rincon and Santa Rita Mountains. According to Zillow, the average home price is $258,600—and there are no apartments located within district boundaries...

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RSK: Great idea period. However, I can`t see living in anything less than 695 sf myself.

Ken Notes: It all depends on your lifestyle. Many spend their time out and about so a bed and a shower is all they need. I lived in a hotel every other week for three years when at KC. Also compared to living out of a car or cardboard box a tiny home is luxury...

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Building For Lease: 449 State St Unit G/H Madison WI

Former Wasabi space, can be used as restaurant and/or retail. 2nd floor location at 449 State Street. Parking for owner/operator in back.

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Building For Sale: 2359 Murphy Woods Rd Beloit WI 53511

1-story building in beautiful wooded setting. Many positive features, fire alarm, security system, 100% sprinklered. Building currently operates as dental clinic but would fit a number of different uses. Also has 4-car detached garage...

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FoodFight Restaurant Group - WELCOME

Our roster of restaurants reads like a who`s who of Madison`s favorite eateries: From Monty`s Blue Plate Diner, to The Avenue Bar, to Steenbock`s on Orchard, each is unique in its atmosphere and menu and each is the best at what it does!
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Small retailer tells Congress sales tax ruling will end online sellers` price advantage without creating collection burden

WASHINGTON – A small Florida-based retailer who sells both in-store and online told Congress today that last month’s Supreme Court ruling in favor of online sales tax collection will end a price disadvantage suffered by local stores without creating an undue burden for internet sellers...

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RSK: Not sure this levels the playing field but it certainly is as tilted.

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The Evolution of Office Space: Where Are We Going?
What will the brokerage office of tomorrow look like? There’s no crystal ball, but brokers are seeing a trend toward a stronger dependency on technology. The question is: How deeply entrenched will the real estate community become in the cyber world?

Many, including chief operating officer of HomeSmart International Wendy Forsythe, believe the hybrid model that is becoming increasingly popular will win out in the end.

“I believe we will continue to see a hybrid of virtual and brick-and-mortar offices,” says Forsythe. “Our world is mobile—agents need the flexibility and support to do business anywhere. This is also a relationship business, and having a physical connection through sharing a common space, like an office, is important to many people.”

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RSK: Great article. About time someone looked at how our own (Real Estate Brokerage)offices are set up and changing. Although this is geared toward residential, it is not that far off for CRE as well...

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Building For Sale: Ella`s Deli and Ice Cream Parlor

Landmark historic Madison restaurant on the market for the first time in 41+ years as the owners are ready to retire. 5,561 SF building on a 1.04 acre lot with plenty of parking. Sale also includes a rental property located on the adjacent parcel at 2912 E Johnson St. consisting of 3 apartments - one 2 bedroom - 1 bath unit on the first floor and two efficiency units on the 2nd floor...


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Legal Update January 2018 - Commercial Case Law Update 2018

RSK: From the WRA


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25 Ideas to Boost Your Business Curb Appeal

Why is curb appeal important for your store? An enormous 95% of customers say that the external appearance of a store is one of the main influences on their decision on where to shop.

Small Business Curb Appeal Ideas

But how exactly do you improve the appearance of your store, to make it welcoming and appealing to as many customers as possible? Follow these tips:...

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RSK: Landlords should take note as well. If the businesses are successful so should your cash flows be.

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Crown Commercial Real Estate/Development, LLC

Offering real estate services and design-build construction solutions for growth oriented clients...   ...more

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Building For Lease: 400 Venture Ct Verona WI

Nice 4,600 SF space that includes 2,300 SF of office. Office area has 5 offices, a conference room and two bathrooms. One bathroom includes a shower. Warehouse space has 10`w x 12`h drive-in doors. Three phase electric...

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Building For Sale: 130 E Lake St 132 Lake Mills WI

Downtown Lake Mills has a great opportunity for investors and entrepreneurs alike! 2 buildings connected with outstanding businesses & 4 rental units to complete your business portfolio. Long established Water House Foods & art gallery. Beautiful upgrades to the commercial sites, full scale operational kitchen! Apartments have great space, but need some love. Be part of a thriving community!...

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Never Say Never: Wayfair Opening Its First Store

Wayfair has announced it will be opening its first physical store this fall.

How do you respond?

  • A. What took you so long?
  • B. We told you so.
  • C. Get used to this, there will be plenty more to come.
  • D. Never say never.
  • E. All of the above.

Of course, the correct answer is E — all of the above.

Wayfair had been adamant, almost evangelical, in saying that it didn’t need physical stores, that its online model was the way to go and that it saw no reason to change.

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RSK: I love this. Wayfair was adamant in saying it didn`t need physical stores....ugh excuse me. Online and brick n mortar need each other in some form and fashion. Whether a store or warehouse/distribution, they need each other...

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Never Say Never: Wayfair Opening Its First Store

Wayfair has announced it will be opening its first physical store this fall.

How do you respond?

  • A. What took you so long?
  • B. We told you so.
  • C. Get used to this, there will be plenty more to come.
  • D. Never say never.
  • E. All of the above.

Of course, the correct answer is E — all of the above.

Wayfair had been adamant, almost evangelical, in saying that it didn’t need physical stores, that its online model was the way to go and that it saw no reason to change.

   ...more

RSK: I love this. Wayfair was adamant in saying it didn`t need physical stores....ugh excuse me. Online and brick n mortar need each other in some form and fashion. Whether a store or warehouse/distribution, they need each other...

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Building For Lease: Town Center Square - 6808 Odana Rd Suite 201 Madison WI

This space was built out new two years ago. It is in excellent shape. It includes 3 private offices, a work room and a small conference room. The current lease runs through 10/31/2019. This could be a sublease for one year or a new longer term lease...


ALSO: Building For Sale: Odana Road

5567 Odana Rd
402 Gammon Place, Suite 300

Great location for a new bank, restaurant, auto dealership. Great visibility near the corner of Whitney Way and Odana Road. 1.2 acre site ready for re-development...

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Recent sponsors below...
Thanks you for sponsoring CIREX and Cirexnews.com
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Ruedebusch Development & Construction

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:

  • Commercial Real Estate Development
  • Design Build Construction
  • Commercial Real Estate Brokerage
  • Economic Development, Commercial Real Estate, and Facility Consulting
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Mid-America Real Estate Group
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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.

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Evans Properties, LLC.

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Professional Real Estate Management and Sales

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Newmark Grubb Gialamas

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Newmark Grubb Gialamas specializes in investment sales, office, retail, industrial, land, multi-family properties and 1031 exchanges. Our knowledgeable, local brokers are subject experts in their field.

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T. Wall Enterprises





Expect Professional Management with a Personal Touch
with every T. Wall Urban Village.

(608) 575-1018 or Contact@TWallEnterprises.com

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Wisconsin Commercial Real Estate

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Our focus is your focus, our goals are your goals.

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Madison Commercial


For lease on Medical Circle - Up to 4,902 SF Available
  •     Currently being remodeled with new elevator
  •     Open floor plans
  •     Under new ownership
  •     Beltline visibility & monument signage
  •     Plenty of parking

call Mike Herl

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