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Milwaukee Business Journal
Landlords’ financials draw increased scrutiny from tenants
As billions are set to mature within commercial real estate-backed loans, tenants are putting extra scrutiny on prospective landlords' financial wherewithal before signing leases.<\p> And while a preference for the newest or most-updated office towers that offer a bevy of amenities remains prevalent among tenants, so too is the appeal of leasing space from a landlord with limited or even no debt on the building.<\p>
Meatpacking plant closure will result in dozens of layoffs
Strauss Brands, which ended veal and lamb production at its Franklin plant in late 2023, said it will close its remaining operation for grass-fed beef and permanently lay off 70 employees.<\p> The company announced Monday it plans to relocate grass-fed beef production to Ruprecht of Mundelein, Illinois, which is a division of Kilcoy Global Foods. Kilcoy is based in Queensland, Australia.<\p>
Wauwatosa Chinese restaurant closes
A sign on the front door of Wauwatosa's Chinese Pagoda reads "temporarily closed," but a realtor who listed the building where the restaurant has operated for decades said it is not likely coming back.<\p> Tom Rademacher, with RE/Max, said the building at 7200 W. North Ave., went up for sale about three months ago and sold to an investor for $550,000 with $50,000 in credits.<\p>
Where typical home values have pushed higher than $1M
Nestled amid the palm trees of Jupiter Island, Florida, is a three-bedroom, five-bathroom house with a pool on a half-acre lot.<\p> The 2,798-square-foot house, only steps to the beach and offering ocean views, is currently listed on the market for $5.1 million. As of the time of publication, it's the cheapest house for sale on Jupiter Island, which boasts the highest median home value in America, according to Zillow Group Inc. (Nasdaq: ZG).<\p>
Oak Creek buys land next to Amazon warehouse
Oak Creek has purchased a vacant 14-acre parcel just north of an Amazon fulfillment center in a deal designed to reserve the land for a high-impact development.<\p> The city paid $5.3 million for the property at the southeast corner of West Ryan Road and South 13th Street in a deal that closed May 31, state records show. The seller was Ryan Business Park LLC, a joint venture between General Capital Group of Fox Point and Capstone Quadrangle of Waukesha.<\p>
Brookfield shopping center to get upgrades after sale
A Brookfield shopping center near Kopp's Frozen Custard at an active section of West Bluemound Road will receive a multimillion-dollar facelift as its new owners look to attract more restaurant and retail tenants. <\p> Cincinnati-based retail property firm Last Mile Investments on May 21 paid $7,250,800 to buy the 6-acre Galleria West Shopping Center at 18900 W. Bluemound Road, state records show. The seller was Galleria West Associates, which had owned and operated the center since the early 1980s, according to Last Mile Investments.<\p>
Milky Way Tech Hub collaborates on series of AI workshops
Milky Way Tech Hub said Monday that it is participating in a series of workshops focused on artificial intelligence in collaboration with its corporate members and community organizations, including American Family Insurance, Northwestern Mutual, Summerfest Tech and Social X MKE. <\p> The workshops aim to educate and empower the community by providing insights into the practical applications of AI and fostering an environment of learning and innovation, the organization said.<\p>
Hard cider taproom in Walker's Point to close before end of the year
Milwaukee's first hard-cider bar says it will close by the end of the year.<\p> In a Facebook post on June 1, Lost Valley Cider Co. owners Stuart Rudolph and Chandra Rudolph cited "preparing to take our next steps in our personal journeys" as the reason for the closure.<\p>
Most top-performing companies take this position on pay transparency
Most top-performing companies are proving to be open and transparent about pay at a time when workers increasingly expect it.<\p> That finding comes from compensation data and software provider Payscale Inc., which recently analyzed companies that beat their own revenue goals to find what they had in common. <\p>
Kohl's sees opportunity in activewear after $27 million net loss
As Kohl’s Corp. strives to rebound from a first-quarter net loss of $27 million, CEO Tom Kingsbury said the company will sharpen its focus on activewear and increase awareness of its value-oriented private brands, which are performing well.<\p> Kingsbury discussed the Menomonee Falls-based retailer's activewear among the “areas of opportunity” identified for the company going forward during a recent earnings call with Wall Street analysts. The category accounted "for the majority of the overall sales decline in the quarter," according to Kingsbury, who cited clearance as “a major factor” in the active decline. He added that the impact was most felt in men’s and kids businesses.<\p>
UPAF Ride for the Arts raises $434,000, sees more riders
The United Performing Arts Fund raised $434,000 on Sunday during the 2024 Ride for the Arts that took cyclists on a tour of Milwaukee's lakefront.<\p> The annual fundraiser supports the country's largest united fund for the performing arts. For this year's event, it returned to its Hoan Bridge route, taking participants as far north as Lake Park on Milwaukee's east side, down the lakefront to Cudahy and turning back. <\p>
Small-business grants you can apply for this month
Despite the seemingly endless number of challenges that come along with being a small-business owner, the vast majority of entrepreneurs recommend it. <\p> A survey of employed adults and small-business owners by Justworks and The Harris Poll earlier this year revealed that 93% of small-business owners would recommend business ownership to others, with 59% saying it was easier than they had anticipated. <\p>
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