Delafield Hotel sold to Michigan investor--again
Journal Sentinel business reporter Tom Daykin talks about commercial real estate and development.
The building which houses the Delafield Hotel has been sold to a group led by a Michigan investor--marking the second such sale over the past four years.
The 38-room luxury hotel, 415 Genesee St., Delafield, was sold to 616 Hotel LLC by Rock River Property Holdings LLC for $4.45 million, according to state real estate records. The sale was recorded Tuesday.
616 Hotel is led by Scott Rookus, who operates Rookus Capital Partners LLC, of Jenison, Mich. Rookus couldn't be reached for comment Wednesday.
Rock River Property Holdings is an affiliate of Ixonia Bank.
Delafield Hotel was created within a former warehouse that developer Robert Lang had built when he owned Lang Cos., a supplier of calendars, stationery and specialty gifts which he sold in 2003. Lang opened the hotel in 2006.
In September 2010, the property was sold by Lang's investment group, Lang Campus LLC, to 616 Hotel for $4.53 million, according to real estate records.
In court records, Lang recently characterized that sale as a "multi-million loss" after his investment "was negatively affected during the real estate recession."
That sale occurred through a land contract in which the buyer provides a down payment and then makes installment payments to the seller. A land contract is used when a buyer cannot obtain a bank loan to help finance a commercial real estate purchase.
Despite the sale, Lang's loan from Ixonia Bank to develop the hotel remained in his name, according to court records.
In September 2012, Lang Campus transferred ownership of the hotel to Rock River Property Holdings in return for the bank not filing a foreclosure suit. The property was then valued at $3.5 million, according to real estate records.
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Commercial Real Estate News
Indianapolis developer proposes 274 apartments at former Pabst complex
An Indianapolis-based developer wants to build 274 apartments within two separate five-story buildings at the former Pabst brewery complex in downtown Milwaukee.
Milhaus Development wants to develop the units on two vacant lots, at 926 W. Juneau Ave. and 1003 W. Winnebago St., according to new plans filed with the Department of City Development.
Milhaus hopes to begin construction by fall on the $40 million development, said Greg McHenry, director of development.
Check the Milwaukee Assessor’s Office website, which includes tools to look up property assessments.
Find property assessments for other communities throughout the state at AssessorData.org.
The Milwaukee Department of City Development website includes information on the city Plan Commission and Redevelopment Authority.
The Commercial Association of Realtors Wisconsin offers information on commercial realtors and real estate.
The Milwaukee chapter of the Institute of Real Estate Management serves the needs of real estate management professionals
The Wisconsin chapter of the NAIOP Commercial Real Estate Development Association aims to serve developers and owners of commercial real estate.
The Land and Space blog was recognized by the Society of American Business Editors and Writers in the blog category for dailies with circulation between 200,000 to 500,000.
The judges said, "Daykin’s aggressive reporting and accessible, explanatory writing make him a must-read for his tight-knit and highly engaged audience."
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