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Wisconsin Retail Review Winter 2019

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Wisconsin Retail Review Winter 2019 RETAIL REVIEW Q1 2019 Wisconsin Edition, May 2019 HOTEL ROOMS, FISERV FORUM, AND THE DNC Wisconsin has seen unprecedented development since emerging from the Great Recession over ten years ago. Nothing is more symbolic of Wisconsin’s commercial development than the once-in- a-generation developments made in downtown Milwaukee. Almost $3 billion has been invested in new office buildings, hotels, multi- family residential, and Milwaukee’s new street car since 2010, with another $1 billion in projects currently under construction. Since 2016, 1,680 hotel rooms have been added or are under construction in downtown Milwaukee, including first-time brands entering the state like The Westin, the Kimpton Journeyman, and Drury Plaza Hotel. The crown jewel of downtown development is Fiserv Forum, the $500 million, 17,500 sf home of the Milwaukee Bucks and Marquette Golden Eagles. The effects of this development are already being realized with continued investment in the surrounding Deer District. What’s the impact of all this development? Milwaukee was chosen over more internationally recognized cities in the U.S. to host the Democratic National Convention in 2020. As the international spotlight shines on Milwaukee during the DNC, it is important to realize that none of this would be possible without these investments, nor without the dedication and commitment of Milwaukee’s civic and business leaders. Soon, the eyes of the world will see what we Milwaukeeans have always known: Milwaukee is a first-class city with all the amenities in an incredibly beautiful setting. It is Milwaukee’s time to shine! MILWAUKEE AREA RETAIL REAL ESTATE ABSORPTION, DELIVERIES, AND VACANCY 12 mo deliveries in SF 12 mo net absorption in SF vacancy rate 12 mo rent growth 709 K (48.1 K) 4.7% -1.7% According to CoStar Group’s Retail Market Summary, Milwaukee’s retail market trends are traditionally influenced by the type of property and by demographic variables: “Growth in online sales, shifting consumer and retailer preferences and the bankruptcy of Toys R Us and Bon-Ton have created softness CURRENT QUARTER VACANCY RATE in the Power Center and Mall segments. There are nearly 40 spaces Malls 9.4% of over 25,000 SF available for lease within the Milwaukee market, Power Center 14.0% half of which are spaces over 50,000 SF. Given there is very limited Neighborhood Center 8.2% interest from traditional retailers for spaces so large, many landlords Strip Center 7.8% will likely turn to untraditional tenants in an effort to backfill this space. General Retail 2.4% While the big-box market is struggling, strong demand for single-tenant Other 14.7% net lease properties from both tenants and investors continues to be MARKET 4.7% a bright spot for the market. In addition, demand from restaurants, fitness centers, discount retailers and grocery stores have helped pushed vacancy lower this cycle. Vacancy is overall higher in the suburbs, where there is a much greater concentration of big-box retail.” In 2018, net absorption in the Milwaukee area dropped to 1.16 million square feet, which is down by almost 45% from 2017. This can be attributed to the similarly lower level of net deliveries in 2018 in comparison to 2017. Net absorption and net deliveries got off to a slow start in 2019; through the first quarter, net absorption is -72K square feet, and net deliveries are at 17K square feet. These numbers are a sharp contrast to 2018, during which the first quarter experienced a net absorption of 1.2M square feet and net deliveries equaling 136K square feet. Vacancy rates averaged a healthy 4.35% in 2018, which is ten basis points below the national average and three quarters of a point lower than vacancy rates in 2017, which averaged 5.1%. Source: CoStar Group Wisconsin Edition, May 2019 MILWAUKEE AREA ECONOMIC INDICATORS Fueled by low rates of unemployment, the Metro Milwaukee Market continues to flourish. The current unemployment rate for Metro Milwaukee is 2.7%, which is ten basis points lower than it was this time last year and a full point lower than the current national average. Per capita personal income continues to rise, reaching $53,946 in 2017, which represents a 3.2% increase from 2016. While low unemployment is a benefit of the macro-level economy, retailers, particularly quick service restaurants, are struggling to identify and retain qualified employees, as opportunities for low-skilled laborers are vast. Source: U.S. Bureau of Labor Statistics NOTABLE PROJECTS DEER DISTRICT MILWAUKEE, WI Deer District is compromised of 30 acres of land in Downtown Milwaukee west of the Milwaukee River and is anchored by the Owner: Milwaukee Bucks newly opened Fiserv Forum, home of the Milwaukee Bucks Mid-America Real Estate-Wisconsin, LLC and Marquette basketball. Dining and entertainment options include Punch Bowl Social, Good City Brewing Company, Drink Wisconsinbly, and The MECCA. With over 150 events planned per year, this is Milwaukee’s hottest neighborhood. The retail portion of the development is currently leased and managed by Mid-America Real Estate-WI, LLC. THE CORNERS OF BROOKFIELD Brookfield’s latest mixed-use, open air development is BROOKFIELD, WI ideally located on the western edge of the Bluemound Owner: IM Properties Road corridor. Anchored by Wisconsin’s only Von Maur Mid-America Real Estate-Wisconsin, LLC department store as well as Sendik’s Food Market, with 244 luxury apartment units, The Corners of Brookfield is truly a live, work, play environment. Popular restaurants such as BelAir Cantina, Café Hollander, Goddess and The Baker, and Grimaldi’s, along with Improv Comedy Club and 41,000 SF Silverspot Cinema make this an attractive destination for all of the western suburbs of Milwaukee. The center is leased by Mid-America Real Estate-WI, LLC. Wisconsin Edition, May 2019 MID-AMERICA WISCONSIN MARKET TRANSACTIONS + ASSIGNMENTS Tenant Location Size Brokers Milwaukee Bucks Punch Bowl Social Deer District 25,000 SF Max Jacobson represented Punch Bowl Social. Milwaukee, WI East Towne Mall Portillo’s 1.2 Acres Dan Cohen & Adam Dreier represented Portillo’s. Madison, WI Bluemound Road Sierra Trading Post 23,282 SF Tony Colvin & Dan Cohen represented Sierra Trading Post. Brookfield, WI Third Ward, Milwaukee, WI 5,309 SF Wahlburgers Max Jacobson & Dan Cohen represented Wahlburgers. The Corners of Brookfield, WI 6,093 SF MID-AMERICA HAPPENINGS ANDREW PRATER & MAX JACOBSON PROMOTED TO VICE PRESIDENT Mid-America Real Estate-Wisconsin is pleased to announce the promotions of Andrew Prater and Max Jacobson to Vice President. Andrew’s knowledge, talents, and insight have been instrumental in the success of Mid-America’s Property Representation Team since he joined the company in 2010. He expertly negotiates land and asset sales and development, as well as coordinates with clients’ excess land and building dispositions. Andrew is actively involved in the leasing Andrew Prater and marketing of developments and of neighborhood, community, and regional centers, including Milwaukee’s Deer District, Madison Yards at Hill Farms, and Drexel Town Square in Oak Creek. Max has played an essential role in the achievements of Mid-America’s Tenant Representation Team since 2014, when he joined the company after moving from Denver, CO. Max has skillfully and successfully implemented growth strategies for and continues to work with multiple retailers, including Jimmy John’s, Forage Kitchen, Howl at the Moon, Mister Car Wash, 5.11 Tactical, Club Pilates, Five Guys Burgers & Fries, AT&T, Jackson Hewitt, UPS Store, Punch Bowl Social, Texas Roadhouse, Fleet Farm, Mattress Firm, and McDonald’s. Max Jacobson KENDRA MORGAN PROMOTED TO ACCOUNTING DIRECTOR Mid-America Real Estate-Wisconsin is pleased to announce the promotion of Kendra Morgan to Accounting Director. Kendra’s expertise and leadership have been indispensable in facilitating the transition of all Wisconsin accounting duties and responsibilities from the Mid-America corporate office in Illinois to the Milwaukee office. In just four years since joining the company in 2015, she has earned three promotions and helped to grow her accounting team from Kendra Morgan just one person to five people. She is the final reviewer for all accounting processes, executes all direct client contact, and oversees the entire accounting team as well as the accounting functions of asset management coordinators. Wisconsin Edition, May 2019 IN THE NEWS Milwaukee County seeks new development proposal for Park East Block 22 | Biztimes: Milwaukee Business News TitletownTech adds a Topgolf | BizTimes: Milwaukee Business News Kohl’s greatly expands partnership with Amazon and offers stock to digital giant | Milwaukee Journal Sentinel Downtown construction props up city tax rolls; See some of the top assessments | Milwaukee Business Journal Silverspot Cinema to open at The Corners of Brookfield in June | Biztimes: Milwaukee Business News Oak Creek apartment development and nearby commercial project with hospital win Plan Commission OK | Milwaukee Journal Sentinel OUR SERVICES TENANT REPRESENTATION PROJECT LEASING INVESTMENT SALES NET LEASE SALES ASSET MANAGEMENT SURPLUS PROPERTY DISPOSITION LAND BROKERAGE DEVELOPMENT & CONSTRUCTION MANAGEMENT MidAmericaGrp.com Illinois | Michigan | Minnesota | Wisconsin.
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