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
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.