Development

Phillips Edison ARC Shopping Center REIT, Inc. acquired Savage Town Square at 14075 Hwy 13 S. in Savage, MN from Wangard Partners, Inc. for $15 million, or about $172 per square foot.

The 87,181-square-foot shopping center was built in 2003 on 16.8 acres in the Burnsville Retail submarket of Scott County. It was fully leased at the time of sale, anchored by Cub Foods.

Joe Girardi, Douglas Sailor, and Mike Sims with Mid-America Real Estate represented the seller.

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Several apartment developments have either been completed recently, are under construction or are in the planning stages in downtown Milwaukee, the East Side and the Historic Third Ward.

Developers say young professionals in the so-called Echo Boom generation, highly interested in living in urban areas and resistant to home ownership, are providing the biggest source of demand for the new apartments. Most of those developers are expressing confidence that demand for downtown area apartments will remain strong for several years and that the planned apartment developments will be filled by tenants.

“Our studies have shown that there’s a sustained demand for the next several years for several hundred units a year that could be absorbed into the market,” said Wayne Wiertzema, executive vice president of Wangard Partners.

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Stewart Wangard, chairman and chief executive officer of Wangard Partners Inc., said linking the future building is vital to its success. Views of the lake are important, he said, but integrating people in the new building with the rest of Milwaukee is more important.

That means passing folks from other businesses in the sidewalk, through skywalks or at nearby restaurants, Wangard said. Those meetings are the stuff that makes real business networking.

“Commerce does not function in isolation,” Wangard said. “Those interactions occur every day in Milwaukee. It’s only going to occur when you are running into other people.”

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Developers are opening new apartments in the Milwaukee area quicker than renter demand for them is growing, drawing notes of caution amid the continuing apartment building boom.

The situation is nowhere near dire, as the multitude of people looking to fill area apartments continues to grow. But developers say people need paychecks to rent their apartments, and job creation is needed to generate tenants for apartments that will open in the coming years.

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Wangard Partners Inc. took over the Uptown Brass shopping center in Kenosha through a friendly foreclosure and will pursue development of two buildings on the property.

In Kenosha, Wangard Partners’ ownership of the Uptown Brass center could signal a turnaround for the property, which has had problems in the past, said Zohrab Khaligian, Kenosha community development specialist. The roughly 15-acre, Pick ’n Save-anchored center is at 1919 63rd St. on the former site of the American Brass factory the city demolished about eight years ago. Uptown includes a TCF Bank and an apartment building with 20 units and 15,000 square feet of first-floor retail space.

Read the entire article at The Business Journal »