Development

The Metropolitan, Shorewood, WI – A mixed-use condominium and street-level retail development located in Shorewood, Wisconsin.  The development is a four-story building with 10,000+ square feet of retail on the first-floor and 24 condominium units.  The project was completed at a cost of $7.0 million.  The residential and retail condo units were sold out.

4600 Schroeder Drive, Brown Deer, WI – This 33,000 s.f. single-story, former mental health facility was part of a portfolio of similar properties across the country.  Metropolitan acquired the property and executed the lease-up plan and immediately underwent an $800,000 redevelopment to convert the facility into a multi-tenant office building.  The property was re-financed 1 year later and $2,025,000 was returned back to the investors.

Project Cost: $2,694,438

Sale Price: $4,000,000

 Wendy’s Restaurant, Milwaukee, WI – This 3,400 square foot building was developed at 580 West Layton Avenue, in Milwaukee, Wisconsin. Metropolitan Group developed this property for a total cost of $1,240,000 and secured a long term lease with Wendy’s restaurant. Metropolitan Group sold the property at a 6.5% cap rate.

Development Cost: $1,240,000
Sale Price: $1,760,000

Regency Plaza, Racine, WI – This property located near the intersection of Hwy 11 and Hwy 31 in Racine, WI was acquired with the intent of redeveloping it into a multi-tenant 7,000 square foot strip center with a high profile tenant mix.  The center was leased to 100% occupancy by Cousins Subs, Cost Cutters, and EZ Corporation.

Development Cost: $1,410,000
Sale Price: $1,900,000

BEFORE

AFTER

Edgerton Commerce Center, Greenfield, WI – Represents the acquisition of a 9,200+ square foot retail center located as an outparcel of Southridge Mall in Greenfield, Wisconsin.  Formerly occupied by Camelot Music, this property is in the process of being redeveloped in a Red Robin free-standing restaurant.  Red Robin signed a 20-year lease for the property.

Purchase Price: $1,378,300

Sold Price: $ 2,823,000

Mitchell Street Office Center – A $2 million 30,000+ square foot office building with street-level retail located at 1135 Historic Mitchell Street in Milwaukee, Wisconsin.  This development represented a partnership between Mitchell Street Development Opportunities Corporation and Metropolitan.  Tenants include Family Dollar and GSA (Social Security Administration).  Metropolitan’s partnership interest was sold to the Mitchell Street Development Corporation at a confidential price.

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