Issue link: http://www.insightdigital.biz/i/164142
insight on By Mar yB eth Mat zek Commercial real estate After the recession: Rebirth Developers breathe new life into once-stalled commercial projects in downtown Appleton, Green Bay Four investors recently purchased the commercial space at Richmond Terrace, Appleton. The 30,000-square-foot space, which is essentially new since it has not been occupied since the building was constructed, can be separated into four smaller spaces. Red Shoes PR is the first tenant to sign a lease. president of Newmark Grubb Pfefferle in Appleton. His firm recently filled an empty Wausau Papers facility in Appleton with a cold storage facility. C O U R T E S Y D AV E A L L E N Timing finally right for Richmond Terrace project A fter nine years, the commercial real estate space at Richmond Terrace in downtown Appleton is finding new life under new owners. The commercial space will have its first tenant, Red Shoes PR, this fall and is actively recruiting other businesses to locate in the building. Built in 2004, the building fell into receivership a couple of years later. While the residential condos on the property were purchased, the site's commercial space remained empty. Now that the economy is turning around, this commercial project and other developments throughout the region that have lingered on the back 30 | Insight • S e p t e m b e r 2 013 burner are now moving forward. "There are a lot of properties that sat empty that are now finding tenants. People are starting to spend money and invest in real estate again. There are deals to be had," says Mike Pfefferle, As for the commercial space at 400 N. Richmond St., the timing was ideal to invest in the property and move the project forward, says Dave Allen, a lead partner in the project along with Scott DeWitt. Those two investors were joined by Jacci Konkle (Allen, DeWitt and Konkle are all with DeWitt Londre Real Estate) and a silent fourth partner in purchasing 30,000 square feet of commercial space, with four separate condominium units dedicated to retail "There are a lot of properties that sat empty that are now finding tenants. People are starting to spend money and invest in real estate again. There are deals to be had." –Mike Pfefferle, president of Newmark Grubb Pfefferle in Appleton w w w. i n s i g h t o n b u s i n e s s . c o m