Hartford finalizes land sale to Rincon 225 complex for $1

Land transfer to developer is final step in project process

By Joe VanDeLaarschot

jvan@conleynet.com 262-306-5054

HARTFORD — It may seem like a small price, but the Common Council has approved one big, and final, step in the city’s portion of the process for development of a new 82-unit apartment complex, Rincon 225, adjacent to downtown.

Tuesday night, as part of an earlier approved developer’s agreement between the city and Grey Wolf Partners Inc. of Milwaukee, Hartford formally agreed to sell the property to the developer at a cost of just $1. The five-story building is being built at the corner of Main and State streets, on lots on properties at 23-25 W. State St., 3335 W. State St., 37 W. State St. and 212 N. Johnson St. on the north end of the downtown area.

"Since we ended u p purchasing all of the properties, we completed a certified survey map of lot-1 for the developers and of lot-2 which the city will retain for an improved parking lot," said City Planner Justin Drew. "It’s the proper time to turn the lot over to the developers."

Drew said the developers are expected to close on the loan for the project next week.

"This should be the last step the council should have to make regarding the Rincon 225 project," Drew said. "The Plan Commission earlier this week recommended approval of this."

Demolition of the several buildings on the construction site was started in April

and completed just a few weeks later. Since the n a considerable amount of site work has been underway.

'Our friends at Consolidated Construction say they expect the building to be completed by May 1, 2020. I’m really proud of being part of this downtown community. I love the location and I think it’s going to add a lot to the local businesses," Grey Wolf Partners Residential Vice President Susan Ipsarides said earlier.

Ipsarides said she believes the apartment complex will be a new alternative for those who choose not to own homes in this community.

"I know some of our local businesses’ human resources departments are very excited to be able to offer some other housing alternatives to employees coming into the community," Ipsarides said. "They’ve said they’re trying to draw in new, young talent to their busine sses and one of the concerns in the past has been ‘where do we live’ that’s close to what’s going on."

Key to unlocking more downtown development

Grey Wolf owner Joe Wagner said he hopes the new apartment building will be a key to more development in Hartford’s downtown.

"There’s been a lot of people working on this project for quite some time, even before Grey Wolf got involved," Wagner said. "We did our research and we think the downtown here is more than ready for this type of residential development. We think the industry is here and the workers are already here — it’s going to give them an option to live in downtown. I think it’s a wonderful idea.

"There’s amenities nearby so the residents can walk to the performing arts center or the museum or to a restaurant. Hartford checked all those boxes," Wagner said.

An 82-unit apartment complex will be in downtown Hartford. The sale of the land at State and Main streets was finalized for $1.

Submitted rendering

Two workmen on April 7 supervise as heavy machinery clears more of the buildings that were demolished to make room for the Rincon 225 apartment complex that will be built near the intersection of State and Main streets in Hartford’s downtown


DeForest Memory Care Facility Groundbreaking

DEFOREST, Wis. (December 3rd, 2018) – Greywolf Partners, Inc., a full service commercial real estate company with headquarters in Milwaukee, WI and executive offices in Sun Prairie, WI, closed on 5.51 acres of land and officially broke ground on December 3rd, 2018 in the Village of DeForest, in the Bear Tree Farms subdivision.

The site is located at 6639 Pederson Crossing and will be the future home of ‘The Legacy of DeForest.’ The new site will be used for an assisted living and memory care facility to be managed by Park Vista Senior Housing Management, a division of Greywolf Partners Inc. when completed.

Park Vista Senior Project Management President Julie Lonergan said, “Not only did our research show that this area needs assisted living and memory care services, but also in our discussions with the Village we heard from them about the importance of this project, so we are thrilled to be moving forward and are looking forward to serving the Village of DeForest’s assisted living and memory care needs.”

“We’re very excited about building this facility in the Village of DeForest, and want to thank the Village for their help bringing this much needed product to their community, according to Joe Wagner, CEO of Greywolf Partners, Inc. “I especially want to thank Steve Fahlgren and Sam Blahnik from the Village for all of their support as well as Grunwaldt & Halverson, our architect, JSD our civil engineer, Birrenkott, our surveyor and Consolidated Construction Company, all of whom are key to this project’s success.” Wagner said.

Greywolf Partners values their expertise and their ability to work not only with them, but the many other partners that they’ve had on this project.

The project is scheduled to be completed in late Summer of 2019.



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CIC Groundbreaking

Full Press Release

Greywolf Partners, Inc.  announces the groundbreaking of 138,802 square foot Class A speculative industrial building in Madison
MADISON, Wis. (June 14, 2018) – Greywolf Partners, Inc., a Wisconsin-based regional full-service real estate firm and RIZZO Development Group, LLC had its ceremonial groundbreaking this morning for a new 138,802 square foot speculative industrial facility. The site is located at 3833 John Wall Drive, in the city of Madison’s Center for Industry & Commerce (CIC) business park, just 1.1 miles from the I-90/I-94/I-39 interchange and adjacent to Dane County Regional Airport.

The Class A building will be the largest speculative industrial building constructed in the city of Madison to-date which will also offer modern features not available in the marketplace. The building will be constructed of architectural precast concrete panels, have 32-foot interior clear height, an ESFR fire protection system, LED lighting throughout the project, and an abundance of truck loading and car parking.

The new facility will be ideal for manufacturing, assembly, warehouse, distribution, and research & development uses and offers convenient access to transportation options and a large, highly educated, diverse workforce. Upon completion, the industrial facility will be well positioned to meet the growing demand for modern, functional, energy efficient, and high clear height industrial space in the greater Madison metro area. The facility offers leased space with state-of-the-art building features in a flexible range of sizes, divisible down to 32,000 square feet.  Features also include 50’ x 50’ column spacing with a 60’ speed bay, 22 exterior loading dock doors (expandable), and four drive-in doors (12’ x 14’) and custom office space build out.

The project is being designed by JA Knetter Architects, an architectural firm based in Waukesha, and constructed by CG Schmidt, Inc., a construction management firm with offices in Madison and Milwaukee.

“There is a growing demand for Class A industrial space in the Madison, Wisconsin and Dane County region. We are excited to be breaking ground on this new, state-of-the-art facility, raising the bar on industrial space in the greater Madison area, “according to Joe Wagner, CEO of Greywolf Partners, Inc. “Plus with convenient access to the upper Midwest’s transportation network, we anticipate users will be attracted to the opportunity to locate their business in a new and modern facility situated with superior transportation options.”

Wagner continued, “Greywolf Partners, Inc. is pleased to be joint owners and developers with Todd Rizzo of  RIZZO Development Group, LLC. Rizzo has tremendous experience in industrial property development and has been an invaluable partner in the project.” The project is scheduled to be completed in October 2018.



About Greywolf Partners, Inc.
Formed in 2009, Greywolf Partners is a full-service real estate company specializing in asset management, property management, facility management and brokerage services to commercial real estate owners and investors. Greywolf Partners, Inc. also offers development and property management services for senior housing covering independent, assisted living and memory care. With offices in Milwaukee, Madison, and Green Bay, Greywolf Partners oversees 1.5 million square feet of office and retail space as well as 1,267 residential and senior housing units. Greywolf Partners serves a variety of ownership groups, including small entrepreneurial owners, large institutional investors and Tenant in Common (TIC) ownership structures. For more information, visit www.greywp.com or call 1-877-543-4739.

About RIZZO Development Group, LLC.
Founded in April 2013, RIZZO Development Group, LLC. Boasts over twenty-five years of extensive commercial real estate experience in office and industrial business park development and redevelopment, land development, investment acquisitions, and providing development/owner representation services for third-party property owners. For more information, contact Todd Rizzo at 1-414-702-0085 or todd@rizzodevelopment.com.


CIC Property Details: http://cic.greywp.com
Press Release: https://www.greywp.com/press/cic
Greywolf Partners Home Page: https://www.greywp.com


Michelle Georgeson
p: 877.543.4739 x9803
e: michelle.georgeson@greywp.com

SOURCE: Greywolf Partners, Inc.


Greywolf Partners Now Manages Honey Creek II

An affiliate of Greywolf Partners purchased Honey Creek Corporate Center II from a Dallas-based private equity firm that acquired the underutilized building last year in a sheriff’s sale. A subsidiary of Lone Star Funds sold the 119,596-square-foot, four-story office building at 115 S. 84th St. to Honey Badger LLC, which is registered to Greywolf Partners for $11.2 million, according to state records. The building is 45 percent occupied and has struggled with high vacancy for years. The building will be managed and leased by Greywolf Partners, Inc. This acquisition brings together all four office buildings at the Honey Creek Corporate center under one management company for the first time since 2011. “Controlling all four assets has been a personal goal of mine since the inception of Greywolf. It took five years to get this deal closed but believe that it was worth the wait,” Wagner said. “With the 84th Street exit nearing completion the Honey Creek Corporate center is the best located office building in the Milwaukee area.” Wagner said his focus will be to work on leasing. Greywolf will host a “coming out party” on May 3 for the brokerage community. “When the building was owned by the lender out of Texas, it was widely known they did not have the dollars to make improvements,” Wagner said. “We want to let the brokerage community know this building will be re-infused with capital. We will be redoing the entire parking lot of buildings one through three, and the common areas of building two to give it a more modern and fresh look.” In August 2017, Lone Star Funds purchased the property from a group of tenant-in-common investors for $9 million. The property is assessed by the city of Milwaukee for $9 million. Jack Jacobson, principal at NAI MLG Commercial and Tim Janusz, senior vice president of NAI MLG, brokered this deal. In 2015, Greywolf Partners assisted in the acquisition of Honey Creek I by a separate ownership group led by Joe Wagner, managing partner. And in 2014, Greywolf completed the refinance of Honey Creek III and purchased Honey Creek IV.


New President Named

In a corporate restructure, Greywolf Partners, Inc., a Milwaukee-based regional full service real estate firm, has named Marilyn Herzberg as president. Herzberg operates out of the corporate offices of Greywolf in Milwaukee and will oversee all operations for the company. As part of the restructure, former president and majority owner Denise Wagner has been named Chairman of the Board. Joe Wagner, minority owner, will continue as CEO, and Mitch Ripley will continue as CFO. Also named in the restructure are Doug Geurts, Vice President - Development; and Susan Ipsarides, Vice President – Greywolf Residential. Herzberg has more than 25 years of experience in commercial and residential real estate and construction. Herzberg has managed the operations for properties owned by more than 800 investors, and participating in the sale of more than $150 million of real estate and the refinance of more than a dozen properties since the inception of Greywolf in 2010. Herzberg is an active participant in the local Building Owners and Managers Association (BOMA) and Institute of Real Estate Management (IREM) associations, as well as a member of the CCIM Institute, Commercial Association of Realtors – Wisconsin (CARW), the Minnesota Commercial Association of Realtors (MNCAR) and Wisconsin Commercial Real Estate Women (MNCREW). Marilyn holds the real estate designations of Certified Property Manager (CPM) and Certified Commercial Investment Member (CCIM).


Camanche Groundbreaking

CAMANCHE — Ground was broken Tuesday for a senior housing and assisted-living facility in Camanche. Park Vista Subdivision developers and representatives of the city of Camanche held a groundbreaking ceremony for the new 50-unit senior housing and assisted-living facility, which is anticipated to be completed and open to the community in June. The new 42,000-square-foot facility will feature 50 units of independent-living, assisted-living and memory-care units. The facility will have several common rooms, including a living room, library, salon, movie theater, various activity rooms and dining and club areas. “This is our first development in the state of Iowa,” Park Vista Senior Project Management President Julie Lonergan said. “One that I am personally so proud of because I grew up and have made my permanent home in Clinton. Camanche has pride and ownership in community and we are excited to provide the opportunity for the residents of Camanche to remain in this community where they love. As someone from this area I am also very proud as an employer to be able to promote job growth and retention by offering over 40 new jobs to this community.” Camanche Mayor Trevor Willis said the city for the past few years has worked on providing a facility for senior citizens in Camanche, stating it was a need for the city. City Administrator Andrew Kida added this is the right development for the city to invest in based on the members of the community. “I wanted to point out we’re committed to bringing development to the community,” Kida said. “Bringing smart development to the community. And based on the demographics of the community, this is smart development for the community. And I think many people agree with that. We look forward to being able to maintain the residents of Camanche for them to be able to stay in Camanche. That’s our goal.”


CREW Award-Congratulations!!

Marilyn Herzberg and Darlene Personius of Greywolf Partners were two of the recipients of the MNCREW Celebration Award for Collaborative Business at the MNCREW meeting on November 1.  The Collaborative Business Award honors MNCREW members who demonstrate an extraordinary commitment to marshal MNCREW talent, resulting in measurable business for one or more additional CREW members.  This project exemplifies the power and spirit of CREW and recognizes the collective CREW business completed.  The sale of Main Street Exchange in Waconia Minnesota involved five MNCREW/CREW members including Marilyn Herzberg, Asset Manager for Greywolf Partners who represented the ownership group in the sale of the asset; Darlene Personius, Property Manager for Greywolf Partners who managed the property and assisted with the due diligence process; Roseanne Hope, Principal at Hope Law who represented the buyer in the transaction; Kara Frank, Property Manager for Twin Realty who purchased the asset.  The sale was closed by Guaranty Title that is owned by MNCREW member Beth Sheehan.  The awards ceremony was held at The Metropolitan in Golden Valley on November 1, 2016.


Other Liberty Park

The Plan Commission will also review two other Liberty Park proposals Monday, with a public hearing for a 7,000-square-foot sports bar now named Lineage, and an initial review for a 10,500-square-foot retail building east of Sugar River Pizza. Lineage is the latest restaurant to expand into Verona from another city, following Sugar River Pizza at Liberty Park and coinciding with Gus’ Diner. Like Gus’ Diner’s ownership, Lineage owners Steve and Kelly Turner run a family restaurant in Sun Prairie (Willie Ty’s eatery). The plan calls for a mix of “three venues in one” – an “intimate” restaurant with seating for 138 inside, a bar on the opposite side of the building (separated from the restaurant by the kitchen and offices), and a patio outside the bar with room for 95. It bills itself as “an affordable eating experience with a casual dining feel with an evening supper club experience and a local gathering place for friendly service and fresh food at an affordable price.” The submission states it will serve “specialty burgers, sandwiches, soups and specialty comfort food selections.”


Miller Park Way building sold for retail redevelopment

A local real estate investor who is renovating a building on Miller Park Way into a Dental Associates clinic has purchased the neighboring property for a retail redevelopment. Construction will soon be complete to convert the former OfficeMax store at 2080 S. Miller Park Way in West Milwaukee into space for Dental Associates, said Joe Wagner, CEO of Milwaukee-based real estate firm Greywolf Partners Inc. Wagner and two other investors bought that shopping center last November for the redevelopment. The neighboring property to the south at 2172 Miller Park Way sold Wednesday to a separate group Wagner formed with Dave Merrick, a partner at Greywolf. That property has a vacant industrial building formerly occupied by Deutsch & Sons. “We just had this opportunity to buy this parcel and hopefully continue with retail development,” Wagner said. The existing building will be cleared to make room for a retail development, Wagner said. Discussions are underway with potential companies to move onto the property, he said. The property at 2172 Miller Park Way sold for $1.05 million, according to state records.


I LIKE ME ____New retailer to move into recently sold former OfficeMax on Miller Park Way

Three local investors paid $6.5 million for a shopping center on Miller Park Way with a vacant OfficeMax, and have locked in a new tenant to refill its empty spaces.

Joe Wagner>, CEO of Milwaukee-based real estate firm Greywolf Partners Inc., said he is part of the buyer group, along with local businessman Brad Paradeis and Kristian Sydow, an associate director with Milwaukee brokerage Cushman & Wakefield/The Boerke Co.

Wagner said the group has signed a new service retail company to refill the entire OfficeMax space under a 15-year lease. He declined to name the tenant.

Click link for full article: http://www.bizjournals.com/milwaukee/blog/real_estate/2015/11/new-retailer-to-move-into-recently-sold-former.html?ana=e_mil_real&s=newsletter&ed=2015-11-09&u=I%2FszVYri6gphmRtAv1YQkw040869c9&t=1447172829


Global Water Center and Columbia St. Mary's BOMA TOBY Winners!

MILWAUKEE, WI – The Building Owners and Managers Association-Wisconsin and the Apartment Owners & Managers Association (BOMA-AOMA) announced The Office Building of the Year (TOBY) & Apartment Awards and installed the Officers and Directors for 2014-2015 at a banquet on Tuesday, September 16th at the Blue Mound Country Club.