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Cirex News is emailed weekly to over 2,000 CRE Brokers/Agents and people interested in commercial real estate. Email Ralph or call 608-345-2880 to feature your business or properties in CirexNews...

Two new affordable housing projects and the revitalization of the former Hooper Corporation headquarters just east of the Yahara River in Madison top the list of development proposals up for city approval in the new year.

Here are five development proposals the Cap Times is watching at the start of 2026:

1. Redevelopment of Hooper Corporation’s old home...

2. Affordable housing near the west Beltline...

3. Senior affordable housing on the west side...

4. Land trust townhomes...

5. Mid-rise by the Mendota Yacht Club...

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RSK: In case you missed the individual news releases, here are the 5 in a synopsis.

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Park Towne is a family run Madison-based real estate company serving southern Wisconsin for over 50 years. Led by second generation brothers Mike, Jim and Joe Ring, Park Towne has a portfolio of for-lease commercial properties and offers development, management and brokerage services.

Amazon has big plans for the village of Orland Park, Ill.

The Chicago suburb is proposed site of a retail development that the e-commerce giant wants to build on a 35-acre site, reported Patch.com. The plan cleared its first hurdle this week when it was approved by Orland Park’s plan commission. It still needs to be approved by the village board of trustees who will meet on Jan. 19.

The development includes a 229,000-sq.-ft. building housing a retail store offering a wide range of products, including groceries and general merchandise, with a “limited” warehouse component to support on-site operation, according to the report. The plan also include multiple commercial outlets, six acres for open and landscaped space, and stormwater detention...

Ken Notes: More details in the Patch article here: https://patch.com/illinois/orlandpark/amazon-development-proposal-clears-orland-park-plan-commission-advances-next

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RSK: Just when you thought Big Box was dead, an even bigger Big Box. Sounds like a Mall all under one owner. Be interesting to see if this becomes a trend.

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Madison Lifestyle Office Portfolio comprises 14 Class A properties totaling over 1.7 million square feet of leasable area and an additional 8.3 acres of development land. The portfolio is located on the west side of Madison, Wisconsin.

For beleaguered casual dining chain TGI Fridays, thank goodness it`s 2026.

The restaurant operator unveiled a plan this week for a fresh start in the new year, with a goal of more than 1,000 restaurants and $2B in annual revenue by 2030. TGI Fridays released its "1-2-3 Strategic Vision," which, beyond expansion aspirations, also includes strategic pillars centered on activating its brands, strengthening its franchise system, investing in talent and exploring more flexible store formats...

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RSK: It really doesn`t explain what is going to be so different in their offerings to make it successful after failure.

1200 John Q Hammons Dr Madison, WI	8040 Excelsior Dr Madison, WI	1255 Fourier Dr Madison, WI	8000 Excelsior Dr Madison, WI
8025 Excelsior Dr Madison, WI	8030 Excelsior Dr Madison, WI	8020 Excelsior Dr Madison, WI	1241 John Q Hammons Dr Madison, WI

8150 Excelsior Dr Madison, WI

1289 Deming Way Madison, WI

918 Deming Way Madison, WI

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For over 45 years, The Gialamas Company has brought real estate development, brokerage, leasing and building management expertise to the City of Madison and the State of Wisconsin.

After nearly three years of constant recalibration, the U.S. industrial market may finally be settling into a more predictable phase. According to Savills’ preliminary Q4 2025 national industrial report, vacancy held steady at 8.2 percent between the third and fourth quarters, marking the first time in 13 quarters that vacancy did not move higher . That pause, modest as it may seem, represents a meaningful inflection after a prolonged period defined by supply overshoot, tenant caution, and a slow digestion of pandemic-era expansion...   ...Full Story Here

RSK: After years of over building spec space, Industrial has settled down to build to suit, bringing vacancy rates down. The economy has picked up as well, putting more demand on space.

Need to sublet extra office space?

Let our years of experience help you find relief from this excess space and help your bottom line" 

Call Ralph Kamps 608-345-2880

SEE ALL LISTINGS HERE

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The city of Madison has raised its green building requirements for all city-owned facilities. 

A new resolution requiring LEED Gold certification was passed at Tuesday’s City Council meeting. 

The resolution applies to all new construction projects. 

LEED (Leadership in Energy and Environmental Design) is a globally recognized green building certification system that evaluates buildings on their environmental performance. LEED-certified buildings use less energy and water, reduce waste and create better spaces for occupants.

"Madison has set ambitious climate goals, and our buildings are a critical piece of reaching those targets," Madison Mayor Satya Rhodes-Conway said in a statement. "By raising our standards for all new facilities to LEED Gold, we`re ensuring that every new city facility sets an example and aligns with our climate commitments." ...

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RSK: This is for City owned facilities. But you can bet it won`t be long before it is required for all new projects.

Join us for a cocktail party/meeting to celebrate the

2025 Deal of the Year Awards!

February 26, 2026

4 to 8 PM

The Madison Club

Everyone is welcome to arrive at 4:00 p.m. with the awards ceremony beginning at 5:30 p.m.

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A 17-story Denver office in Uptown sold for a fraction of its last purchase price following a foreclosure that led to the building being repossessed by the lender.

Englewood-based real estate company Homeland and local businessman Craig Clark, who owns Pillows.com, bought the Trinity Place office at 1801 Broadway for $6M, according to the Denver Business Journal. ..

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RSK: Good setup and price for an office conversion to mixed use. Denver has several of these buildings sold for a song and being converted.

CARW All Member Meeting

2026 Commercial Real Estate and Economic Forecast

January 27, 2026 @ 11:30 am - 1:30 pm

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With over 350 experienced real estate professionals, Knight Barry provides exceptional support and service. Visit our website for more information about our 50+ commercial and residential offices throughout Wisconsin, Michigan, and Minnesota.

MADISON: 2450 Rimrock Road, Suite 204, 608-255-2700
CAP SQUARE: 44 E. Mifflin Street, Suite 101, 608-255-2700

The Middleton Culver’s at 2906 Parmenter St. may move to nearby 112 Parmenter St. in the old Fitzgerald’s supper club, which closed in 2017. 

The price co-founder Craig Culver is offering is $4 million, twice the property’s market rate, the Wisconsin State Journal reports. 

The site was chosen due to better accessibility and traffic flow. The fast-food chain has proposed a dual drive-thru. 

To operate, the proposed Culver’s will have to go through a site plan review, which will take about two months, and Culver’s will need a conditional use permit for the drive-thru. The city of Middleton has also begun a traffic impact analysis for the site plan...

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RSK: Sounds like a good choice to me. They will make up that $4 million no problem, especially with a double drive-thru. That old location could get backed up at the drive-thru especially on weekends.

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With the largest Real Estate Practice of any law firm in Wisconsin, Reinhart offers clients custom-tailored real estate insight.

President Donald Trump and at least one Big Tech firm are on the same page about who should pay for the higher electricity costs tied to the surge in artificial intelligence data center development.

Microsoft pledged to pay for the electricity its data centers use and take steps to prevent cost increases for consumers, company President Brad Smith wrote in a Tuesday blog post. 

“We’ll ask utilities and public commissions to set our rates high enough to cover the electricity costs for our data centers,” Smith said.

The post outlines a five-step data center plan that includes minimizing water use...   ...Full Story Here

RSK: You will be seeing more of this, if people will allow a data center near them. Now, to tackle the water issue.

75 Gasser Rd Wisconsin Dells, WI

4711 Farwell St McFarland, WI

808 Industry Rd Sauk City, WI

426 Gammon Pl Madison, WI

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• Adaptive reuse in self storage accounts for roughly 179 million square feet of space across the U.S. in completed supply, around 10% of the country’s total inventory.
  
  
• Over half of the existing inventory was delivered in the past decade – that’s almost 108M square feet of self storage space.
  
  
• Close to 3.8 million square feet of converted self storage space is under construction nationwide, accounting for 7.2% of all upcoming development.
  
  
• The East Coast and Midwest have the most cities working on self storage conversions, yet the Sunbelt stands out – Irving, TX, has more adaptive reuse space under construction than any other city. The city is set to add about 233,000 square feet of conversion projects.
  
  
• In 32 cities, every facility currently being built is a conversion project — totaling 2.3 million square feet or about 60% of all adaptive reuse space now in development.
  
  
• Following efforts to support urban revitalization, 20% of storage conversion projects currently built are located in federally designated opportunity zones.

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RSK: A good amount of self storage is coming from the old Midwest cities that have Industrial, Retail or office to do adaptive reuse into self storage.

4901 Eastpark Blvd	5201 Eastpark Blvd Madison, WI	2310 Crossroads Dr	5315 Wall St Madison, WI
2801 Crossroads Dr Madison, WI	5325 Wall St Madison, WI	2128 City View Dr Madison, WI	5310 Wall St Madison, WI

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One area of expertise for Investors Associated is first class property management. To keep our properties running smoothly, we focus on the little things with the big picture in mind. Our team is comprised of a group of individuals that oversees the day-to-day operations such tenant retention, lease negotiations and property maintenance costs. Bottom line, if you’re not happy, we’re not happy! Check out our properties today and see why you should lease with us.

ABR Designation Course 
with Lynn Madison

Thursday, March 12, 2026 9:00 AM
Friday, March 13, 2026 4:00 PM (CDT)

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6504 Ronald Reagan Ave, Madison, WI	Madison East Business Center 4602 S Biltmore Ln, Madison, WI	4602 S Biltmore Ln Madison, WI

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The Manhattan office market entered 2026 no longer defined by hesitation, but by selectivity. According to Avison Young’s Q4 2025 Manhattan Office Market Report, leasing activity reached 39.8 million square feet in 2025, the highest annual total since 2019 and a meaningful signal that tenant confidence has returned, even if footprints have not fully followed.

This was not a volume-driven rebound. It was a quality-driven one.

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RSK: This is not a quantity trend but a drive towards quality office space.

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2 E Mifflin St Madison, WI	22 E Mifflin St Madison, WI	152 W Johnson St Madison, WI	1400 E Washington Ave, Madison, WI
10 W Mifflin St Madison, WI

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Question:

The licensee does some commercial work, and a seller asked a buyer to sign a nondisclosure agreement. The seller does not have a form for this. Can the licensee use artificial intelligence (AI) to draft one? The licensee would then tailor it to the transaction and recommend that the parties have their attorneys review it. 

Answer:

There is not a WB state-approved non-disclosure agreement for use by real estate licensees. Licensees should not draft an NDA for the parties because that would be engaging in the unauthorized practice of law even when using AI as a tool. Any NDA should be drafted by an attorney, and the parties should be referred to private legal counsel. 

For more information, see the following October 2025 Wisconsin Real Estate Magazine articles: 

    "The Best of the Legal Hotline”
    “Staying in Your Lane”     ...Full Story Here

	The Gialamas Company, Inc.	Artis Reit	Key Commercial Real Estate, LLC
Madison Commercial Real Estate LLC	St. John Properties	IA Management, LLC	Wisconsin Commercial Real Estate
Park Towne Realty LLC	Mullins Group, LLC	Crown Commercial	Flad Development & Investment Corp.
Evans Properties, LLC	Keller Real Estate Group		MIG Commercial Real Estate, LLC
First Weber Group, Inc - West Towne	Opitz Realty, Inc.	First Weber Group, Inc - Prairie Du Sac	Peterson Management Company Inc.
The Lenhart Company, Inc	Scott Faust & Associates	Shamrock Real Estate Services, LLC	Targa, Inc
Executive Management, Inc	Stark Commercial - East	Urban Land Interests	Slinde Realty Company
Assist-2-Sell/Pohlkamp & Associates	Berkshire Hathaway Home Services Matson Real Estate	Artisan Graham Real Estate

Hovde & Hovde, Inc

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