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Cirex News is emailed weekly to over 2,000 CRE Brokers/Agents and people interested in commercial real estate. Email Ralph or call 608-345-2880 to feature your business or properties in CirexNews...

MADISON, Wis. (WMTV) - The Dane County Regional Airport will be opening a new south terminal to pave the way for more flights, larger planes and more.

The south terminal will officially be opened June 5 in anticipation of the first flight from the terminal the next day, the airport announced.

Dane County Executive Joe Parisi, Airport Director Kim Jones and local leaders will hold a media event June 5 to cut the tape on the terminal.

The airport began construction in 2021 on the $85 million project to expand the airport and allow for more and bigger flights...

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RSK: Good news for Greater Madison! MSN airport is very well run.

Madison Office Lifestyle Portfolio is a portfolio of 16, Class A amenity-rich office properties ranging from 14,000 square feet to over 300,000 square feet in size, and is home to over 130 tenants. Nine of the properties are located in Greenway Office Center, a 325,000 square foot retail and specialty development, with just under 40 shops and restaurants within walking distance of all properties. Six of the properties are located in the City Center West Office Park, which is five minutes east of Greenway. This office park has 17 restaurants within walking distance and is minutes from the West Towne Mall, one of the largest enclosed malls in Madison with over 130 retailers, specialty shops, and restaurants. The remaining property is located in Westfield Center, directly across the street from West Towne Mall.
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A planned Amazon warehouse in Bridgeport that faced community opposition when the project was reviewed by city officials in 2020 has been made available for sublease by the company.

Amazon signed a deal for the Bridgeport site in 2020, according to CoStar. Its lease on the 112,000-square-foot facility at 2420 S. Halsted St. began in August 2022. According to planning documents, Amazon had planned to operate the facility as a distribution center.

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RSK: Looks like Amazon has changed its mind on many last mile warehouse/distribution and banking on larger facilities at the moment...but things could change.

Ken Notes: Kohl`s seems to still be a bargain with built in storage and distribution. I wonder if Amazon will make an offer?

7 W Main St Madison, WI

316 W Washington Ave Madison, WI

115 State St Madison, WI

704 Williamson St Madison, WI

409 N Lake St Madison, WI

638 University Ave Madison, WI

313 W Johnson St Madison, WI

8 S Carroll St Madison, WI

2 S Carroll St, Madison, WI

114 E Main St, Waunakee, WI

203 E Main St, Waunakee, WI

5955 McKee Rd, Fitchburg, WI

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RSK: These amenities keep changing as years and different generations come into play. Cost is still the number 1 factor. More of a wish list than an actual "I will pay more for these amenities"...

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RSK: Copy of the June Lease Asking Rates where landlord pays some or all CAM.

Join us for engaging presentations and updates from our local governments, conversation on Commercial Real Estate in Dane County and beyond.

Thursday, June 22, 2023 (1:00 PM - 6:00 PM) (CDT)

Friday, June 23, 2023 (12:00 AM - 4:00 PM) (CDT)

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RSK: LIke anything, it takes time to settle down all the forces of change. Eventually all the factors involved in cre will come together. Rates are up but then asking prices may drop some until it all settles down. This crystal ball sees a return to a new normal in a few years.

4901 Eastpark Blvd

2323 Crossroads Dr

2310 Crossroads Dr

2418 Crossroads Dr

5201 Eastpark Blvd Madison, WI

5601 Manufacturers Dr Madison, WI

2128 City View Dr Madison, WI

5310 Wall St Madison, WI

2801 Crossroads Dr Madison, WI

5325 Wall St Madison, WI

5315 Wall St Madison, WI

Manufacturers Dr Madison, WI

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One area of expertise for Investors Associated is first class property management. To keep our properties running smoothly, we focus on the little things with the big picture in mind. Our team is comprised of a group of individuals that oversees the day-to-day operations such tenant retention, lease negotiations and property maintenance costs. Bottom line, if you’re not happy, we’re not happy! Check out our properties today and see why you should lease with us.

Our brand new white paper explores the idiosyncrasies of a generation that is growing in the workforce. Find out what makes Gen Z tick and how to attract and retain the best young talent.

Gen Z will make up 27% of the workforce by 2025, and they bring with them a unique set of talents and insights. They are digital natives who have never known a time without the internet. They are strident when it comes to ethics (and they want their employer to be too), and while the paycheck is important to them, there is a lot more that enters the equation when choosing a role.                                                

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RSK: A bit of an advertorial but a good read on Gen Z and what they want in office nspace and how they want to work. The future of the office sector.

75 Gasser Rd Wisconsin Dells, WI

400 Viking Dr Reedsburg, WI

1400 Commerce Pl, Plover, WI

426 Gammon Pl Madison, WI

5806 Co Rd Q Waunakee, WI	4711 Farwell St McFarland, WI	505 S Gammon Rd Madison, WI	808 Industry Rd Sauk City, WI

330 N Century Ave Waunakee, WI

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Commercial real estate owners and managers are under more pressure than ever to show creativity and uncover new sources of revenue as office occupancy continues to underperform its pre-pandemic levels. Few options are off the table, from community-oriented flex space to rooftop restaurants and party venues. Add to this mix data centers, which are increasingly seen as a potential path to office building profitability.

There is a growing need for digital infrastructure, driven by near-universal internet access, mobile phone subscriptions, smartphone-based applications and even adoption of artificial intelligence, according to recent research...
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RSK: This has some potential to put a small chink into the office market vacancy problem but not a cureall that`s for sure.

CCIM | SIOR Golf Outing – The Legend at Merrill Hills

Join Wisconsin’s premier commercial real estate designees for an exciting and unique networking opportunity and a fantastic day of golf on Monday, June 5th. Golfers of all skill levels are invited to network with CCIM and SIOR Designees, Candidates, and CRE industry professionals. Bring a foursome or come on your own and let us introduce you to some new colleagues. Proceeds benefit the CCIM & SIOR scholarship funds. This is a scramble event. 10:30 AM: Registration | 12:00 PM: Shotgun Start | 5:00 PM: Reception…

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Ken Notes: Thank you Tracy Johnson President and CEO of CARW for keeping me in the loop.

1255 Fourier Dr Madison, WI

8040 Excelsior Dr Madison, WI

1289 Deming Way Madison, WI

1 Erdman Pl Madison, WI

8025 Excelsior Dr Madison, WI

8030 Excelsior Dr Madison, WI

1200 John Q Hammons Dr Madison, WI

1111 Deming Way Madison, WI

918 Deming Way Madison, WI

8000 Excelsior Dr Madison, WI

1241 John Q Hammons Dr Madison, WI

8020 Excelsior Dr Madison, WI

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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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RSK: Do not confuse flex space with ...it is what is taking shape in the office sector right now.space...they are two separate entities but are often combined. It can be within one`s own company or several companies sharing the amenities spaces...

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Warehouse Building For Sale

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Madison East Business Center

Nelson Road Business Center

Madison East Business Center

Hoepker Corporate Center

4009 Felland Rd, Madison, WI

4602 S Biltmore Ln Madison, WI

6504 Ronald Reagan Ave, Madison, WI

4602 S Biltmore Ln Madison, WI

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Companies that set out to compete with the likes of Amazon by building their own fulfillment operations are now having second thoughts as disruptions to worldwide supply chains have eased and their efforts have proven to be more difficult and expensive than expected...
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RSK: The scale back is real...even Amazon has stopped plans for many last mile delivery distribution centers.Companies are finding out that it is easier and p[ossibly less expensive to hire this out to logistic companies.

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How empty are offices in major cities? Not everyone agrees on the exact numbers, but vacancy rates fall between 15% and 19% nationally. Numbers from JLL Research pegged the national office vacancy rate for metro cities at 18.7% at the end of 2022. San Francisco’s was the highest at 26.4%. (See chart.)

The weekly worker occupancy report from Kastle Sytems, a building-access swipe card provider, shows the number of workers in offices in the 10 largest U.S. cities plateauing at about 49% the past few weeks. ..
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RSK: It is not all smoke and mirrors ...once you clear the smoke you can see that well positioned and higher class buildings will survive. But there will be some losses.

6250 Nesbitt Rd Madison, WI

122 W Washington Ave, Madison, WI

Sugar Creek Commons 501 W Verona Ave, Verona, WI

3591 Anderson St Madison, WI 53704

316 W Washington Madison, WI

Village Crossing 114 E Main St, Waunakee, WI

16 N Carroll St Madison, WI 53703

1102 N Sherman Ave Madison, WI 53704

2987 Yarmouth Greenway Dr

2917 International Ln Madison, WI

316 W Washington Ave Madison, WI

Former Foremost Farms E10889 Penny Ln, Baraboo, WI

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Interest rate hikes crush syndicators and their investors

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RSK: I do not believe this is the case in our market...at the moment. Small or big time investors and syndications can go belly up if too highly leveraged, short term loans and high up front fees coupled with bad management practices. Again, always do your homework and do not invest needed funds into these types of investments. Normally, there are good returns if you have good syndicators and management.

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Madison Lifestyle Office Portfolio comprises 14 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.

Converting office space into multifamily residences is a change that could benefit both developers and residents. Office buildings that are outdated, vacant or located in areas with high residential demand could be transformed into modern and attractive apartments with many amenities and functions. The pandemic changed the way we work and live, affecting the real estate sector. As more employees work remotely or adopt hybrid models, the demand for office spaces decreases, resulting in higher vacancy and lower turnover.

As the pandemic and the shift to remote work reduce the demand for office spaces, the global rate of speculative-grade investment in office buildings rose from 2.6% in November 2021 to 2.8% in December 2021 and is projected to reach 5.1% by the end of 2023. At the same time, office property valuations in some markets fell to 45% from 28% due to declines in rents, occupancy and rentals. Tighter financial conditions also make it harder for investors to find financing or reinvest in office space. These conditions may cause some investors to move to multifamily or other desirable and profitable properties.
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RSK: This is a very risky investment in my estimation. Try to find lending for the build out, plus holding cost while it`s being worked on. You will need to buy the office building at a low price in order to make this work. Possibly, tax incentives might play a role.

CBG Social & CE-2

• June 14, 2023
• 1:00 pm
• US Bank Building

Thanks to our sponsor, JP CULLEN, for hosting our afternoon social following CE-2 on Wednesday, June 14, 2023 at the US Bank Building, 1 South Pinckney Street, Madison.  The CE portion will be held in the US Bank Plaza Conference Center followed by our meeting/happy hour outside on the US Bank Terrace.  The schedule is:

• 1:00 – 4:00 p.m. CE-2 at US Bank Conference Center
• 4:00 – 6:30 p.m.  Happy Hour/Social at US Bank Terrace

From 1 to 4 p.m., CBG is offering CE-2. 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   ...Full Story Here

Hey Ralph and Ken – I’ve updated the website & Eventbrite, but thought I’d better give you a heads up in case you publish in CIREX, etc. – Our 6/14/23 afternoon CE & meeting/happy hour that was supposed to be at Camp Randall has been moved to US Bank Plaza, 1 South Pinckney Street.  Apparently, there was a scheduling conflict with Camp Randall, and JP Cullen is sponsoring us at US Bank instead.  The board is still seeing if we can have a future meeting at Camp Randall, though!  Thanks.

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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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RSK: Metroburbs, as the author has named them, will probably fare better than CBD offices. The mixing in of lifestyle amenities and short commutes is promising.

2 E Mifflin St Madison, WI	2550 University Ave Madison, WI	152 W Johnson St Madison, WI	1400 E Washington Ave, Madison, WI

10 W Mifflin St Madison, WI

1457 E Washington Madison, WI

212 E Washington Ave Madison, WI

22 E Mifflin St Madison, WI

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Gift cards can be redeemed at all of our restaurants for dine-in visits or call-in carryout orders, and they never expire   ...Full Story Here

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

The listing firm received a letter of intent. Can this be presented, and does it need to be presented by an attorney? Once this letter of intent is signed, is it binding on both parties, or do the parties have to wait until the offer is submitted? The buyer corporation said the seller needs to sign it first and then they will have their attorneys draft an offer to purchase.
A listing broker who receives a letter of intent (LOI) will, per Wis. Admin. Code § REEB 24.13(3), present the LOI to the seller for consideration. All written proposals must be presented.

The LOI may begin the negotiations between the parties. The broker can give a general statement about what the LOI, but the seller may very well want to discuss this with their legal counsel.

LOIs give potential parties to a commercial transaction a nonbinding way to propose terms for a possible future transaction. An LOI is an agreement to agree in the future.

Under Wisconsin law, an agreement to agree is not an enforceable contract. An LOI reflects the parties’ preliminary negotiations and provides a tangible indication that the parties are serious about entering into a potential transaction in the future. It gives the parties a nonbinding picture of what a transaction between the parties might look like and may give them a sense of possible key terms.

An LOI can be used to propose a purchase price and earnest money amount in a contemplated sale or a rent amount and basic lease terms in a contemplated rental. An LOI presents an opportunity to see if the parties can even agree on basic business and economic issues without an intention to be bound.

LOIs are not binding. Neither party is required to proceed even if they were able to agree on basic terms in the LOI. The parties do not have an enforceable contract unless they proceed to actually enter into a lease or offer...
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Company
ABSTRACT Commercial Real Estate LLC Artisan Graham Real Estate
Artis Reit
Baum Revision
Berkshire Hathaway Home Services Matson Real Estate Black Gate Partners
CBRE
Century 21 Affiliated - Roessler Colliers International / Dina Stetler
Cushman Wakefield Beorke / D Ferron
Conrad Real Estate Services LLC
Crown Commercial Real Estate & Development, LLC DSI Real Estate, Inc.
Evans Properties, LLC
First Weber Group, Inc - Capitol
First Weber Group, Inc - Prairie Du Sac
First Weber Group, Inc - West Towne
Flad Development & Investment Corp.
Grosse Real Estate Services LLC
IA Management, LLC
Keller Real Estate Group
Key Commercial Real Estate, LLC
MIG Commercial Real Estate, LLC
Mullins Group, LLC
Opitz Realty, Inc.
Park Towne Realty LLC
Peterson Management Company Inc.
Restaino & Associates
Ruedebusch Commercial Investments, Inc.
Scott Faust & Associates
Shamrock Real Estate Services, LLC
Slinde Realty Company
St. John Properties
Stark Commercial - East
Targa, Inc
The Fiore Companies
The Gialamas Company, Inc.
The Lenhart Company, Inc
The Rifken Group, Ltd.
Urban Land Interests

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