“Norway House” building in Milwaukee sold

The Barry Company represents Seller in transaction

Sons of Norway has sold its 8,100 square foot “Norway House” banquet hall located at 7507 W. Oklahoma Ave., Milwaukee, Wis.

The facility was sold Buenavista Banquet Hall LLC who will continue to use the facility as a banquet hall for weddings, birthday parties and other events.  “They already have an event scheduled in two weeks,” said Pete Slezak of The Barry Company.  Slezak represented the seller, Norway House, in the transaction.  He added that Norway House is moving to a smaller leased space.

About The Barry Company

The Barry Company, a 96-year-old independently owned and operated commercial real estate company, provides award-winning services throughout southeast Wisconsin and beyond. The Barry Company has a total of 18 awards from the Commercial Association of Realtors-Wisconsin, including two Realtor® of the Year awards. The company has also received multiple Best Deal/Lease of the Year awards from The Business Journal and has been awarded the Broker of the Year honor by Riverworks Development Corporation.

Milwaukee industrial real estate market remains healthy

The Milwaukee industrial market yet again experienced a robust quarter during Q2 of 2018. This healthy market is exemplified by a vacancy rate of 3.9%, which is considerably lower than the national average of 4.9%. This strong market is evidenced by other metrics:

Net absorption for the quarter was 768,350 square feet, an improvement of nearly 500,000 square feet from the previous quarter. The catalyst for this turnaround was an increase in industrial space occupied by new users entering the market or current users expanding their space within the market. There was just one speculative industrial property coming online at the end of quarter, delivering 307,850 square feet in Racine County. In future quarters, the Milwaukee industrial market will see a higher rate of deliveries due to 921,673 square feet currently under construction, with several additional projects breaking ground next quarter.

Average asking rents in the Milwaukee industrial market ended the quarter at roughly $4.50 per square foot when averaging all subcategories of space. Available flex space in this market currently averages an asking rate of $6.79 per square foot, whereas warehouse/distribution space averages $4.40 and manufacturing space averages $4.08 when including properties that are proposed or under construction.

The Foxconn effect on the industrial market in the Milwaukee area cannot be understated. As mentioned in our previous quarterly report, the prospect of the Racine County industrial market doubling in size is not farfetched, as there is over 8.25 million square feet of industrial space either already under construction or proposed as of the end of Q2. This effect, along with rising land prices close to the interstate intensifies the demand for industrial space along the I-94 south corridor.

Metro Milwaukee is currently experiencing favorable growth in its economy. The strong market for jobs can be seen with year over year job growth beating the national average. Annual job growth for the region was up by 11 basis points from Q2 2017 to Q2 2018, maintaining a relatively low rate unemployment rate of 2.7% in the Metro-Milwaukee area. Combine this with a business-friendly government and the renewed interest of national developers and the stage is set for continued strength in the industrial real estate market.

DOWNLOAD THE FULL REPORT HERE:  The Barry Bulletin – Industrial Q2 2018

Norco Manufacturing building in Racine County sold

The Barry Company represents Seller in transaction

Norco Manufacturing has sold its 37,605 square foot industrial building located at 2713 Nicholas Road, Franksville, Wis. to Chicago-based Imperial Group.

Featuring multiple cranes, reinforced concrete floors and an ideal location in the I-94 corridor, just north of the Foxconn development area, Imperial Group will utilize the facility for its scrap metal recycling and processing business.

The Nicholas Road facility formerly housed the operations of Norco Manufacturing, which recently expanded into a newly constructed 124,000 square foot industrial facility a mile away in the new DeBack farms Industrial Park in Caledonia, Wis.

David Buckley and Kevin Barry, CCIM represented Norco Manufacturing in the transaction.

About The Barry Company

The Barry Company, a 96-year-old independently owned and operated commercial real estate company, provides award-winning services throughout southeast Wisconsin and beyond. The Barry Company has a total of 18 awards from the Commercial Association of Realtors-Wisconsin, including two Realtor® of the Year awards. The company has also received multiple Best Deal/Lease of the Year awards from The Business Journal and has been awarded the Broker of the Year honor by Riverworks Development Corporation.

Screen printing company purchases Northwest Milwaukee industrial property

The Barry Company brokers transaction

La Macchia Real Estate III LLC has sold the 24,090 square foot industrial property located at 9240 N. 107^th Street, Milwaukee to KP Clark Enterprises, LLC.

KP Clark Enterprises, operating as Waterstreet Specialty, offers a wide variety of screen printed and specialty glass decorated logos on a variety of items.  The company currently leases space at an industrial facility in Wauwatosa, Wis.

David Barry, CCIM, SIOR of The Barry Company was the exclusive broker on the transaction..

About The Barry Company

The Barry Company, a 96-year-old independently owned and operated commercial real estate company, provides award-winning services throughout southeast Wisconsin and beyond. The Barry Company has a total of 18 awards from the Commercial Association of Realtors-Wisconsin, including two Realtor® of the Year awards. The company has also received multiple Best Deal/Lease of the Year awards from The Business Journal and has been awarded the Broker of the Year honor by Riverworks Development Corporation.

Northwest Milwaukee Industrial Property Sold

The Barry Company represents Seller in transaction

Private investor JW2 Properties, LLC has sold its 7,900 square foot industrial building located at 11920 W. Carmen Ave., Milwaukee to Rusty Realty LLC.

The buyer, operating as Untouchable Auto & Diesel, will use the property for its truck and auto repair business.  The business is expanding from its current location in Richfield, Wis.

“The building’s large 1.43 acre lot and convenient location near Hwy. 45 & Silver Spring Dr. fit the buyer’s business well,” said Kurt Van Dyke, senior vice president of The Barry Company.  Van Dyke represented JW2 in the transaction..

About The Barry Company

The Barry Company, a 96-year-old independently owned and operated commercial real estate company, provides award-winning services throughout southeast Wisconsin and beyond. The Barry Company has a total of 18 awards from the Commercial Association of Realtors-Wisconsin, including two Realtor® of the Year awards. The company has also received multiple Best Deal/Lease of the Year awards from The Business Journal and has been awarded the Broker of the Year honor by Riverworks Development Corporation.

Chicago-area electrical contractor purchases building near Foxconn development area

The Barry Company represents Seller in transaction

CPV, LLC has sold its 11,800 square foot light industrial/commercial building located at 4325 S. 27^th St., Franksville, Wis. to Arlington Heights, Ill.-based Gurtz Electric Co.

The Racine county property features 290 feet of I-94 frontage in the rapidly evolving I-94 corridor, just north of the Foxconn development area.

Custom Painted Vehicles, a family owned and operated Wisconsin company, grew from its 27^th St. facility to a neighboring 33,150 square foot property at 4234 Courtney Road., Franksville.

David Barry, CCIM, SIOR of The Barry Company represented CPV, LLC in the transaction..

About The Barry Company

The Barry Company, a 96-year-old independently owned and operated commercial real estate company, provides award-winning services throughout southeast Wisconsin and beyond. The Barry Company has a total of 18 awards from the Commercial Association of Realtors-Wisconsin, including two Realtor® of the Year awards. The company has also received multiple Best Deal/Lease of the Year awards from The Business Journal and has been awarded the Broker of the Year honor by Riverworks Development Corporation.

Blast Cleaning Technologies Moves from New Berlin to West Allis, Wis.

The Barry Company represents Tenant and Landlord in largest industrial lease of 2018 to date

Metcast Service Tech Resources, Inc. d/b/a Blast Cleaning Technologies has leased more than 127,000 square feet of industrial space at 6682 W. Greenfield Avenue, West Allis, Wis.

Kevin Barry, CCIM and Kurt Van Dyke, CCIM, SIOR, of The Barry Company, represented the landlord, 6682 LLC in the transaction.  David Buckley of The Barry Company represented the tenant.  Buckley is now marketing all of the space that Blast Cleaning Technologies occupied in New Berlin Industrial Park for sale or lease, including a 35,560 square foot high bay crane facility.

About The Barry Company

The Barry Company, a 96-year-old independently owned and operated commercial real estate company provides award-winning services throughout southeast Wisconsin and beyond. The Barry Company has won a total of 18 awards from the Commercial Association of Realtors-Wisconsin, including two Realtor® of the Year awards. The company has also received multiple Best Deal/Lease of the Year awards from The Business Journal and has been awarded the Broker of the Year honor by Riverworks Development Corporation.

Burgerim leases Downtown Milwaukee retail space; plans first Wisconsin location

The Barry Company represents Tenant in transaction

Zol LLC has leased the first floor of the former Cousins space at 1001 N. Old World Third St., Milwaukee.  They plan to open the first Wisconsin location of California-based burger chain Burgerim in the 2,200 square foot retail space.

Maximilian Yokosh, a broker with The Barry Company, represented Zol LLC in the transaction.

READ MORE about Burgerim’s new location at jsonline.com.

About The Barry Company

The Barry Company, a 96-year-old independently owned and operated commercial real estate company, provides award-winning services throughout southeast Wisconsin and beyond. The Barry Company has a total of 18 awards from the Commercial Association of Realtors-Wisconsin, including two Realtor® of the Year awards. The company has also received multiple Best Deal/Lease of the Year awards from The Business Journal and has been awarded the Broker of the Year honor by Riverworks Development Corporation.

Germantown Industrial Park Building Sold

The Barry Company brokers transaction

Gene & Casey has sold its 6,400 square foot industrial facility located at N114W18633-35 Clinton Dr., in Germantown Industrial Park, Germantown, Wis. to Park4Properties LLC.

“This transaction is indicative of the ever-increasing activity in the Germantown submarket,” said Maximilian Yokosh, a broker with The Barry Company, who was the exclusive agent on the transaction.

The current vacancy rate in Washington County is approximately 1.5 percent for industrial real estate.  “With the increased transaction velocity that has occurred recently in Germantown and nearby industrial corridors, Washington County will in all likelihood continue to maintain maintaining the lowest vacancy rate in the eight-county area of Southeast Wisconsin,” said James T. Barry, III, president of The Barry Company.

About The Barry Company

The Barry Company, a 96-year-old independently owned and operated commercial real estate company, provides award-winning services throughout southeast Wisconsin and beyond. The Barry Company has a total of 18 awards from the Commercial Association of Realtors-Wisconsin, including two Realtor® of the Year awards. The company has also received multiple Best Deal/Lease of the Year awards from The Business Journal and has been awarded the Broker of the Year honor by Riverworks Development Corporation.

Restaurant Owner Purchases Building just Steps from new Milwaukee Bucks Arena

The Barry Company brokers the transaction

Old World Third Properties LLC has purchased the 6,750 square foot commercial property located at 1109-1111 N. Old World 3rd Street, Milwaukee for $882,000 from McNulty Holdings LLC.  Located adjacent to the Wisconsin Entertainment and Sports Center development area, directly east of the entertainment block, the 3-story property features approximately 2,200 square feet of restaurant space on the ground level.

Old World Third Properties LLC intends to open a new restaurant and bar at the location, replacing the former Valhalla Scandinavian restaurant that previously occupied the space.

Kevin Barry, CCIM of the Barry Company brokered the transaction.

About The Barry Company

The Barry Company, a 96-year-old independently owned and operated commercial real estate company provides award-winning services throughout southeast Wisconsin and beyond. The Barry Company has won a total of 18 awards from the Commercial Association of Realtors-Wisconsin, including two Realtor® of the Year awards. The company has also received multiple Best Deal/Lease of the Year awards from The Business Journal and has been awarded the Broker of the Year honor by Riverworks Development Corporation.