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This Weeks Articles...
Cirex News is emailed weekly to over 1,300 CRE Brokers/Agents and people interested in commercial real estate. In our weekly News & Views you can promote your clients properties and your services for just $15 for new listings (If it is put into the Cirex Guide no extra charge) and $25 for a banner ad (also free to Guide advertisers). call 608-345-2880...
The nation’s homebuilders have never been this happy.
In November, builder confidence in the construction market for single-family homes soared to its third record high in as many months.
Overall builder sentiment hit 90 on the monthly National Association of Home Builders’ Wells Fargo Housing Market Index. Anything above 50 is considered positive. Last November, the index stood at 71. At the start of the coronavirus pandemic, in April, builder confidence plummeted to 30. Buyer demand has been incredibly and unexpectedly strong since then....
RSK: Sad in a way since downtowns are the heart of any community. Being vacant will only deteriorate them more.
The Gialamas Company`s premier development. The park has over 57 buildings containing 200+ companies, occupying over 3.0 million square feet.
UPDATE: Nov. 23, 2020: Guitar Center filed for Chapter 11 bankruptcy on Saturday to execute a previously announced deal to refinance its debt, inject new liquidity and exit the court process before year`s end. The deal includes $165 million in new equity investments from Ares Management, its private equity sponsor, as well as new investors including The Carlyle Group and Brigade Capital Management.
RSK: Oh no one of my favorite stores, being a guitar player. Madison may survive however.
Ken Notes: We need a chapter "P" to work with banks and government on pandemic issues...
Outside Milwaukee, this 1960 residence features an “upside-down” floor plan with an airy communal area upstairs.
A unique midcentury residence recently resurfaced on the market in Bayside, Wisconsin, a suburb of Milwaukee. Originally built in 1960, the home underwent a year-long renovation that gutted much of the structure but managed to save its most impressive feature: a barrel-vaulted roof. The home’s first designer, thought to have been local architect Robert Newgard Strauss, flipped the traditional floor plan by placing the public spaces upstairs—a feature the latest owner also embraced by turning the closed-off upper level into an open, loft-like living space...
RSK: Cool house of the week just outside Milwaukee!
Ken Notes: Some of the execs from Molson Coors are comming to Wisconsin, the CEO just bought a house so I`d give them a call...
Heather Ewing - 608.239.4781 - Heather@ABSTRACT-CRE.com
Real estate developers are seeking opportunities to buy student housing from strapped universities and convert them into apartments for white-collar workers.
Yeshiva University was in trouble, and Pebb Capital saw an opportunity....more
The financial woes for Yeshiva, the oldest Jewish university in the United States, started in the early naughts, and by 2015, its endowment had shrunk by $90 million. To free up cash, the school began selling pieces of its real estate, including the Alabama, a student housing property in Manhattan that served students at Yeshiva’s Cardozo Law School.
Pebb Capital and its partner, TriArch Real Estate, bought the building for $58 million in 2016, blowing out interior walls and gut-renovating it to convert it from a dated dormitory into sleek, furnished apartments. The investors nearly doubled their money, selling the building for $104 million in February 2020; it now houses a mix of graduate students and young professionals.
“It’s not just students who want this sort of product,” said James Jago, Pebb’s managing director. Demand for inexpensive housing options is rising among those new to the work force.
RSK: Interesting trend. There are few of these luxury student housing buildings adjacent to UW-Madison Campus and this might be an option for some of them.
Ken Notes: Could be fun, attend the kegger down the hall after a long day at the office...
Are ghost kitchens on their way to becoming a mainstream channel? What risks come with the opportunity they promise? Restaurant Dive aims to answer these questions and more in a six-part series.
Dark. Ghost. Host.
These are just a few of the names for the budding restaurant segment rising from the economic upheaval of the novel coronavirus pandemic.
But are ghost kitchens really on their way to becoming a mainstream, if not dominant, restaurant channel? And what risks come with the opportunity they promise restaurants? Restaurant Dive aims to answer these questions and more in a six-part article series that explores how much these concepts cost and what it takes to make them profitable, the major brands and independent operators that have launched ghost kitchens during the pandemic and what a more advanced ghost kitchen market would look like in the U.S. The series also includes a ghost kitchen calculator to help operators assess the financial profile and determine profitability of a ghost kitchen before developing their own concept.
RSK: 5, count `em, 5 great articles about ghost kitchens and their future...good read.
Ken Notes: I would love to see some start up concepts coming from ghost or a food court in a public market. Lower capital investment that could grow into a full scale restaurant.
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.
Real estate researcher CoStar this week reported that sublease space in the second quarter reached 157 million sq. ft. or 1.7% of the total office inventory. That’s also creating availability in retail spaces in urban centers like New York City, where Rockefeller Center is doing something about it.
Rock Center operator Tishman Speyer has introduced a new retail real estate initiative it calls RC Capsule, a six-month leasing program for retailers that it promotes as “bringing together the best of retail, real estate, and technology.”
Tishman’s aim is to use available space to give omnichannel retailers the opportunity to test their concepts in one of the nation’s most highly trafficked urban retail districts—minus the encumberment of a long-term lease...
RSK: This is already a trend in office and retail...shorter and shorter leases.
Ken Notes: If we did it correctly our Madison public market could off low cost short term leases to start-ups to test a concept. The proponents of the market do not seem to be developers so they have very fuzzy numbers. Someone needs to step in an help...
We regretfully must cancel this year`s holiday party due to the COVID pandemic. We hope to get back together in 2021. Everyone stay safe and healthy. Contact Wendy with any questions at firstname.lastname@example.org...
Congrats to all the winners and nominees.
Announcement: CBG has cancelled all meetings and activities through 2020, including their famed Holiday Gathering. See you next year hopefully.
Retailers learned an important lesson since March: Temporarily shuttered stores need constant attention.
Store inspections conducted during the pandemic revealed unexpected damages, many of which caused store preservation work orders to surge. As a result, retailers are rethinking best practices when it comes to inspecting and managing stores during extended closures.
Retailers didn’t miss a beat when it came to proactively cleaning and disinfecting stores before re-opening for customers. However, repairing unexpected damages caused by faulty plumbing, loss of electricity, and other factors gave some companies a run for their money...
Ken Notes: You need to get into the property at lease once in a while to check on little things that can become big things if ignored.
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.
Developers want to turn a mostly vacant Plano shopping mall into a mixed-use project.
They are tired of looking at the blighted and abandoned mall for so many years and are very excited about our future plans,” Lee said. “They are most excited about the jobs the development will create and for higher-quality restaurant options.”
The new plans for Plano Market Square Mall come a year after work began to redevelop Plano’s Collin Creek Mall to the south on U.S. 75. Centurion American Development Group has torn down most of 38-year-old Collin Creek to build a $1 billion mixed-use project....more
RSK: I hope this works out. Will be interesting to follow since other malls may be able to do the same. Much better than a distribution center if it works.
Commercial Real Estate Resources:
REALTOR CV Addendum:
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....
According to new research from CBRE, while sluggish commercial real estate investment activity has caused loan closings to slow in Q3 2020, a rise in loan applications in recent weeks is a promising sign for higher year-end closings.
The CBRE Lending Momentum Index, which tracks the pace of commercial loan closings in the U.S., fell to a value of 160 in September, down 17.6% from June. As of September 2020, the index was down 39.4% from a year ago.
RSK: Less demand and tighter underwriting in the pandemic times. Which no doubt means rates will remain the same.
High Point Office Park is an 11-building, 217,418 square foot office park located in one of Madison, Wisconsin’s finest western locations.
From New York City to Southern California, these restaurants have elevated their outdoor spaces in a safe and stylish way
With COVID-19 (rightfully) cautioning some diners against eating indoors, restaurants with beautiful outdoor-dining spaces are well positioned to capture appetites and serve as a dose of eye candy during a lingering meal. Some restaurants put as much focus into designing their outdoor-dining spaces as they do their interiors. In doing so, they sidestep what everyone else is doing—such as cookie-cutter picnic tables and heat lamps—with truly custom spaces flaunting eclecticism and elegance. Just like decorating an elegant room, interior design elements such as lighting, upholstery, furnishings, tableware and landscaping are all carefully plotted for a sensory experience. In some cases, outdoor dining is another jewel on the eatery’s necklace, with design so strong it can easily stand on its own, while other times it functions as a seamless blend to what lies inside...
RSK: All fine and dandy for the summer and early fall but we need to see options for late fall and winter, especially in our northern climate.
Ken Notes: Too bad we can not use larger venue`s like gyms and arenas to be used for social distanced dinning.
With the largest Real Estate Practice of any law firm in Wisconsin, Reinhart offers clients custom-tailored real estate insight.
Coronavirus may have driven people to move out of dense urban markets like New York, but don’t expect Target to say goodbye to cities.
“We remain really bullish on the small-format stores and the opportunity in front of us there,” said Target’s chief operating officer John Mulligan on a conference call Wednesday, when the retailer reported a 21% jump in third-quarter comparable sales. “Dense urban neighborhoods have continued to perform very well.”
Even though college campus or employment center locations have underperformed as Covid-19 led to school and office closings, Target still “sees great opportunities across all the different trade areas,” he said....
RSK: Not everyone is or can flee the "city" and those that probably are do not shop Target that much anyway. I, for one, applaud Target for sticking with their market.
Columbus - Industrial/Flex available near Hwy. 151
7,000 S/F of versatile industrial/flex space conveniently located on Highway 73, just a quarter-mile from Highway 151. Includes over 300 s/f of mezzanine office, breakroom, private bath, and wash-bay.
CEO, Americas at The Instant Group overseeing the company`s expansion throughout the Americas.
While the retail landscape has experienced a dramatic evolution over the past two decades, commercial real estate, particularly office space, has been notoriously slow to adapt — that was, until March. These past eight months have propelled office real estate 10 years into the future. Where retail transformed from brick-and-mortar businesses to online to omnichannel, a similar trend is happening as office spaces are adapting from a core office to a hub-and-spoke workspace experience with dispersed physical spaces.
In retail, even brands that built themselves as e-commerce companies went from “clicks to bricks,” evolving from online-only to include a physical presence. So, too, will our current remote work landscape as it morphs into a full-scope workplace offering with office space experiences that meet employee needs in core business districts, in shared spaces near home, and yes, within homes for remote work, too...
RSK: Again the Hub and Wheel with many Spokes comes into play here. This concept is very old and has returned dew to the Covid pandemic. It will work...in fact it is working now...
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
Close the bars. Open the schools.
Public health experts have been repeating this same refrain since the summer, when many states and cities reopened businesses like bars, restaurants, and gyms — all areas where the coronavirus is thought to spread readily — without a clear plan to reopen school buildings. And the call has only gotten louder in recent weeks as cases skyrocket in a third viral wave and officials close schools while keeping indoor dining open....more
For example, New York City Mayor Bill de Blasio announced on November 18 that school buildings would close in the city in response to rising cases — but gyms and reduced-capacity indoor dining remain open, at least for now...
RSK: To tell you the truth, I don`t know why either.
A very special offer for the 2020 Holiday Season, Nov. 1 – Dec. 31: For every $100 in Food Fight gift cards you purchase, you’ll get Bonus Book with over $100 in special offers from your favorite Food Fight restaurants. Redeem vouchers in the Bonus Book for dine-in visits or carryout orders all year long!
1 Jay`s son-in-law on "Modern Family"
5 Vaper`s device
9 Belt holder who belts people
14 Best of the best
RSK: This week`s crossword courtesy of The Morning Brew.
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.
Former KFC location. Property only. Vacant. Being sold in”As Is “ Condition. Corner of Oak and E. Wash.. Drive through window. Madison Metro stop at corner. On major E/W route to the Capital. 2nd Picture in Attachments is as it appears today. Co-listed with Ralph Kamps....more
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
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 1,300 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.
In our weekly News & Views you can promote your clients properties and your services for just $15 for new listings (If it is put into the Cirex Guide no extra charge) and $25 for a banner ad (also free to Guide advertisers).
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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.
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."
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.
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 email@example.com...more
Keller Real Estate Group Understands Local Business Real Estate Needs
130 S. Pinckney St.Madison, WI
Hours Wednesday - Sunday 4:30PM - 9:00PM