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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) - Hilldale will welcome four new businesses as part of an expansion in the former space of an AMC Theater.

The shopping center announced Tuesday that businesses Warby Parker, Sephora, Sweetgreen and Jaxen Gray will all open in the coming months.

AMC Madison 6 closed at the end of 2022, making way for the new 40,000-square-foot expansion.

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RSK: Hilldale, being one of the first malls in Madison, has survived all the ups and downs of the retail sector. This is mainly due to its management team and the willingness to adapt....the location doesn`t hurt things either...

Ken Notes: It is all about the destination and the energy when you get there. Hilldale is not a mall it is a destination.

219 E Main St, Mount Horeb, WI	5955 McKee Rd, Fitchburg, WI	640 University Ave Madison, WI	704 Williamson St Madison, WI
5955 McKee Rd, Fitchburg, WI	638 University Ave Madison, WI

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The job market was stronger than expected in September, but that could mean bad news for commercial real estate pros hoping that interest rates drop quickly.

The U.S. added 254,000 nonfarm payroll jobs in September, and unemployment decreased by 0.1% from August, per the latest jobs report from the Bureau of Labor Statistics. But that could spell discontent for CRE if the strong employment data takes away incentives for another interest rate cut.

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RSK: Sort of misleading since most of those jobs were government and hospitality.

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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.

The overall CRED iQ distress was flat to our September 5th print at 9.1% remaining at a record high. CRED iQ’s special servicing rate increased to 8.4% from 8.0% last month, while the CRED iQ delinquency rate, consistent with the distress rate, came in flat at 6.8%.  Most noteworthy change was the Office Distress reaching its new peak at 14.8%, a 156% increase from 18 months ago when distress rates were only 5.8%.

The CRED iQ team evaluated payment statuses reported for each loan (securitized by CMBS financing), along with special servicing status as part of our monthly distress update...
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RSK: It is not just the office sector but hotels and self storage delinquencies are on the rise.

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

• Real estate experts told BI that the office sector will experience a wave of distress in coming years.
• Run-down, vacant offices could be sold in fire sales as owners cut their losses.
• That might be good news for housing supply as former offices get converted to apartments, industry vets said.

A seismic event is brewing in a corner of the commercial real estate market , with many office buildings facing distress as they approach a wall of maturing debt and struggle against enduring work-from-home trends.

Those factors — which have left some of the worst office buildings nearly deserted — are about to spark a handful of fire sales, potentially kicking off a wave of office-to-apartment conversions that will add more housing supply to the pipeline, real estate pros said.

Richard Barkham, the chief global economist of commercial real estate investment firm CBRE, says he sees an upheaval of Class B office buildings — a segment of office properties that struggle to attract tenants, mainly due to being older and in need of renovation...

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RSK: Well, I always said I like re-use of property.

Need to sublet extra office space? 

Let our years of experience help you find relief from this excess space and help your bottom line" 

Call Ralph Kamps 608-345-2880

Warehouse / Office Building for Sale

Commercial Space for Lease – Portage

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Cosm is difficult to explain in words.

During a screening of the Sept. 28 Louisville-Notre Dame college football game, fans throughout the three-tiered stadium seating at Cosm Dallas FaceTimed with friends and family to offer a glimpse of the spectacle, letting the video do the talking.

The 87-foot diameter, 12K LED dome screen put patrons so close to the action that they jumped back when players came barreling toward the screen. But instead of braving the elements at rainy Notre Dame Stadium in South Bend, Indiana, supporters of the Cardinals and the Fighting Irish watched from the climate-controlled comfort of plush seats, served by a full waitstaff offering up wagyu burgers and pork belly banh mi alongside a full menu of signature cocktails.

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RSK: Would you lease to this concept? I would...is it any different than pickleball indoor courts which is the latest craze?

2024 Annual CBG/CCIM
Holiday Party

 December 11, 2024
    4pm-7pm
    Network222

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U.S. adults make about 1.3 billion visits to shopping centers each month, or roughly 62 trips per person annually, according to the International Council of Shopping Centers.

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RSK: Strip Malls, especially well located and well kept ones, have almost no vacancy. Same within our Metro Area.

1200 John Q Hammons Dr Madison, WI	8040 Excelsior Dr Madison, WI	1255 Fourier Dr Madison, WI	8000 Excelsior Dr Madison, WI
8025 Excelsior Dr Madison, WI	8030 Excelsior Dr Madison, WI	8020 Excelsior Dr Madison, WI	1241 John Q Hammons Dr Madison, WI

8150 Excelsior Dr Madison, WI

1289 Deming Way Madison, WI

918 Deming Way 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.

NEW YORK (Reuters) -The Biden administration is working on plans to bring additional decommissioned nuclear power reactors back online to help meet soaring demand for emissions-free electricity, White House climate adviser Ali Zaidi said on Monday.

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RSK: This would be a boon to more data centers and their power hungry needs. I wonder how the Point Beach Nuclear Plant in WIsconsin fits into all this.

CARW Deal of the Year Awards Event

The Deal of the Year Awards & Annual Meeting recognizes the most notable commercial real estate professionals and transactions in Wisconsin. The awards event was created to highlight accomplished CARW REALTOR® members who have displayed exceptional achievement in sale and/or lease transactions.

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

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RSK: Chicago`s office market is going through some rough times but may bottom out soon. BUT there is big money in big parking.

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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

The retailer also aims to generate $520 million through sale-leasebacks of an undisclosed number of stores as its parent company slashes its profit forecast and spins off non-core segments.

Dive Brief:

• 7-Eleven is shuttering 444 convenience stores in North America, including in the U.S., due to underperformance, parent company Seven & i Holdings revealed in its quarterly earnings presentation on Thursday.
  
  
• The world’s largest c-store retailer also agreed last month to offload an undisclosed number of properties in North America via sale-leaseback for a profit of $520 million, Seven & i also revealed Thursday. That deal is expected to close in February 2025.
  
  
• Both moves coincide with Seven & i announcing Thursday that it slashed its net income forecast for the fiscal year 2024, as well as created a spinoff company for its supermarkets, specialty stores and other businesses (SST) amid investor pressure to prioritize its c-store arm...

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RSK: They are doing a sale leaseback on many of the stores to shore up earnings. Much like Sears, the real estate is worth more than the business in many locations.

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Trader Joe’s has seen strong growth in foot traffic through the first eight months of 2024, according to a new report from Placer.ai, which surmised the additional foot traffic has been driven by consumers continuing to seek high-value products.

According to the report, year-over-year visits at Trader Joe’s are up 8.7% through August, compared to growth of 3% for the broader grocery segment. Additionally, Placer.ai said the share of Trader Joe’s California visitors frequenting other grocery stores has decreased. This suggests that more of its shoppers may be treating the retailer as a one-stop grocery destination...
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RSK: I must say that we have become a fan of T Joes and visit once per week and their selection and prices are very good....just not much produce and meat.

6504 Ronald Reagan Ave, Madison, WI	Madison East Business Center 4602 S Biltmore Ln, Madison, WI	4602 S Biltmore Ln Madison, WI

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Ever since offices emptied out during the early days of the pandemic, the real estate industry has been strategizing how to fill them back up again. Companies continue to unveil, tweak, and update return-to-office plans, a term so ubiquitous it’s even been given an acronym: RTO. Figuring out how to incorporate hybrid work schedules into office space plans is an ongoing task for many occupiers while offering attractive amenities is an ongoing effort for building owners.

With many offices dealing with shifting schedules, employees sharing desks has been touted as a smart way to manage office footprints and use space wisely. Companies are choosing to use any number of platforms and software programs that help manage desk sharing in offices. This allows workers to reserve desks for a few hours, a day, or even the whole week....
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RSK: The pros and cons of desk and office sharing. Amenities still rank high and of course I`m all in on the rooftop terrace with a dog park.

75 Gasser Rd Wisconsin Dells, WI

4711 Farwell St McFarland, WI

808 Industry Rd Sauk City, WI

426 Gammon Pl Madison, WI

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(Bloomberg) -- Boston homeowners face a 28% surge in their tax bills if the Massachusetts legislature fails to sign off on a proposal to temporarily raise commercial rates before the end of next month, Mayor Michelle Wu said. 

The city is particularly vulnerable to the nationwide slump in office demand because of its heavy reliance on property tax revenue and state restrictions on its ability to tap other funding sources. That’s forced Boston to develop a workaround in an attempt to preserve its budget without burdening homeowners with the brunt of the revenue shortfall from commercial property taxes.

Commercial property values in Boston have fallen 7% in the current fiscal year, reflecting high vacancy rates in older and lower-quality office buildings amid the persistence of pandemic-era remote and hybrid work policies, Wu said in a presentation Wednesday. The numbers are based on a preliminary assessment that’s subject to change as the city reviews parcel-by-parcel data in the coming weeks. 

The decline in commercial property values isn’t as stark as the mayor’s office had initially estimated, in part because of resilience in retail and hotel businesses. Still, the 28% quarter-to-quarter increase in residential property rates that would be required to compensate for the commercial shortfall is significant, Wu said...

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RSK: Looks like Madison isn`t the only city in this boat.

4901 Eastpark Blvd	2323 Crossroads Dr	2310 Crossroads Dr	2418 Crossroads Dr
5201 Eastpark Blvd Madison, WI	5325 Wall St Madison, WI	2128 City View Dr Madison, WI	5310 Wall St Madison, WI
2801 Crossroads Dr Madison, WI		5315 Wall St 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.

Handbags for Homes

Description

Please join us Thursday, October 17 at Garver Feed Mill in Madison

for an evening of music, celebration, and fun, and to help support the RASCW Housing Foundation, which has been providing down payment assistance to South Central Wisconsin families for more than 30 years.

The event will include:

Formal Reception

Luxury Silent Auction

Cocktail Hour & Passed Heavy Hors D`oeuvres

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Workers pointed to challenges with the current political climate, including increased expenses and workplace stress.

Although most U.S. workers don’t think the November election will influence their careers, 32% of those responding to a recent survey said they believe it will have a “significant impact,” according to an Oct. 7 report from FlexJobs.

Among those who anticipate an impact, 19% said they think it will be positive and 13% think it will be negative. And even among all workers, 22% said the current political climate is causing higher stress at work...

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RSK: This is interesting. Many employees say they won`t work for a company that doesn`t align with their political views...unless, unless the compensation is above their expectations.

2 E Mifflin St Madison, WI	22 E Mifflin St Madison, WI	152 W Johnson St Madison, WI	1400 E Washington Ave, Madison, WI
10 W Mifflin St Madison, WI

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It isn’t every day that Texas legislators liken an industry to pigs at the trough or accuse it of “crashing our grid and turning the lights off.”

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RSK: "Too many pigs at the table" is true. Not only is there not enough power but outdated transmission lines and energy fuel is limited. I really think you will see mini nuclear energy plants popping up rather than a few large ones....but that cost to develop is high as well.I think the key is to somehow scrub coal and gas fired plants so their emissions are close to -0-.

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

Planning Framework

The West Area Plan is one of the initial two area plans prepared following the City’s Planning Framework adopted by the Common Council on August 2, 2022. The framework covers a consistent set of topics and provides clear, high-level plan actions for specific physical improvements. The framework established 12 distinct geographies, each of which will be updated approximately every 10 years. Many actions in this Plan can be implemented over the next decade, but some actions are included that either have an uncertain timeline or may take longer than a decade to implement.

Previously Adopted Underlying Plans

While this Plan is a new effort under the Planning Framework, it is not the first plan to be prepared within the area. The Common Council adopted six plans to guide City ....
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RSK: Madison`s West Side Plan and the approved revisions...

ABSTRACT Commercial Real Estate LLC	The Gialamas Company, Inc.	Artis Reit	Key Commercial Real Estate, LLC
Madison Commercial Real Estate LLC	St. John Properties	IA Management, LLC	Wisconsin Commercial Real Estate
Park Towne Realty LLC	Mullins Group, LLC	Crown Commercial	Flad Development & Investment Corp.
Evans Properties, LLC	Keller Real Estate Group		MIG Commercial Real Estate, LLC
First Weber Group, Inc - West Towne	Opitz Realty, Inc.	First Weber Group, Inc - Prairie Du Sac	Peterson Management Company Inc.
The Lenhart Company, Inc	Scott Faust & Associates	Shamrock Real Estate Services, LLC	Targa, Inc
Executive Management, Inc	Stark Commercial - East	Urban Land Interests	Slinde Realty Company
Assist-2-Sell/Pohlkamp & Associates	Berkshire Hathaway Home Services Matson Real Estate	Artisan Graham Real Estate

Hovde & Hovde, Inc

Betty Thompson Realty

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