January 11, 2023 - MILWAUKEE, WI Josh Krsnak was named a Milwaukee Area Power Broker by the Milwaukee Business Journal. According to the Milwaukee Business Journal, Power Brokers are the people who others turn to when they need to get something done, whether it's a business deal, community project or raising money for a great cause. This is the third time Josh has been named to the Power Broker list.
Eden Prairie-based Hempel closed on the deal Wednesday for $64.75 million, far below the $117 million price paid by New York-based American Realty Capital — now known as New York-based Necessity Retail REIT — when it purchased the retail property in 2015.
Maple Grove retail center sells for $16 million to CenterSquare
Some in business community excited to potentially have RNC in Milwaukee.
Some in business community excited to potentially have RNC in Milwaukee.
July 7, 2022 - MILWAUKEE, WI The developers of The Avenue bought the nearby parking structure connected to the Hyatt Regency Milwaukee that is an important asset to their property, the hotel and expanding downtown convention center.
May 20, 2022 - MILWAUKEE, WI Josh Krsnak spoke with editor-in-chief Mark Kass about that $150 million redevelopment, and upcoming plans for another $40 million in investments in the surrounding area during the Milwaukee Business Journal’s Real Estate Awards event on May 12.
May 18, 2022 - ROCHESTER, MN The real estate investment arm of Milwaukee’s Marcus family teamed with Josh Krsnak, CEO of Eden Prairie-based Hempel Real Estate, to buy a Rochester shopping center that includes a Marcus movie theater.
Marcus Investments Partners with Hempel Real Estate and Announces the Acquisition of The Shoppes on Maine, Rochester, MN
May 18, 2022 - ROCHESTER, MN Berengaria Development, a portfolio company of Marcus Investments, announced that it has partnered with Rochester native, Joshua Krsnak, CEO of Minneapolis-based Hempel Real Estate to complete the acquisition of The Shoppes on Maine, Rochester, MN. This asset is the third property to be placed into Marcus Investments’ Fund, Marcus Real Estate Fund I, LP after closing on the Fund in August 2020.
May 12, 2022 - MILWAUKEE, WI After already investing about $150 million into the redevelopment of The Avenue and its 3rd Street Market Hall, developers are seeking to acquire more properties in that downtown Milwaukee neighborhood for housing, hotel rooms, or other projects.
May 11, 2022 - MILWAUKEE, WI There’s yet another delicious option to enjoy at the 3rd Street Market Hall, 275 W. Wisconsin Ave. That’s because Anytime Arepa is officially serving up a menu featuring not only their delicious arepas, but a number of new items as well (with more on the way).
Founded by Maria Salas and Leo Farfan in 2018, Anytime Arepa got its start with a small stall at the Kenosha Harbor Market, but has grown to include both a food truck at Zócalo Food Park and now a brick and mortar location at the Downtown food hall.
A company based on Milwaukee's far northwest side is moving its offices to downtown's The Avenue mixed-use development.
February 17, 2022 - MILWAUKEE, WI Marking Services Inc. is leasing around 5,500 square feet at The Avenue, 275 W. Wisconsin Ave., according to a new building permit application filed with the city Department of Neighborhood Services.
February 17, 2022 - MILWAUKEE, WI The third floor space that formerly was The Shops of Grand Avenue’s food court is now completely refilled with offices after a new lease with a tenant that sells tags and labels for pipes and electrical equipment.
January 26, 2022 - MILWAUKEE, WI Artwork from two Milwaukee natives will be on display in two downtown skywalks this winter. Alex Couto of the Couto Brothers, based out of Los Angeles, will transform the 2nd Street skywalk that connects Plankinton Arcade to 3rd Street Market Hall. Dave Watkins will makeover the Plankinton Avenue skywalk bridge that connects Plankinton Arcade to ASQ Center.
January 26, 2022 - MILWAUKEE, WI The old Grand Avenue Mall skywalks spanning Plankinton Avenue and North 2nd Street are getting a new look in the form of brightly colored murals, thanks to a partnership between The Avenue, the ASQ Center and Milwaukee Downtown, BID #21.
The BID commissioned Los Angeles-based Alex Couto – of the Couto Brothers – is painting the 2nd Street skywalk, which most recently had been home to a Stone Creek Coffee kiosk and in the early days of the mall housed vendor carts, including the classic Pride of Milwaukee.
The opening of the food hall, announced Wednesday over social media, comes after months of delay due to the COVID-19 pandemic and recent supply chain disruption. Downtown Milwaukee’s newest food attraction is located on the ground floor of The Avenue development at the former Grand Avenue Mall on West Wisconsin Avenue.
3rd Street Market Hall features a 50-seat central bar and entertainment amenities including Top Golf Swing Suites, shuffleboard courts, snookball, Photoverse selfie museum (a creation of the Milwaukee Institute of Art & Design), old-school arcade games, and a turf area with yard games and seating. It will eventually house 19 food and retail businesses.
January 12, 2022 - MILWAUKEE, WI — The long-delayed 3rd Street Market Hall in downtown Milwaukee now has a firm opening date: The food hall debuts Friday with food vendors, a full bar and activities. "It's been a long road," said restaurateur Omar Shaikh, a primary owner along with real estate developers Joshua Krsnak and Tony Janowiec. "It's quite emotional, but we are very excited to finally open to the public. We want Milwaukee to be proud of the 3rd Street Market Hall." For its opening weekend, the hall will be open 11 a.m. to 9 p.m. Friday and Saturday and 11 a.m. to 7 p.m. Sunday.
December 10, 2021 - GREEN BAY, WI — The village of Bellevue will be welcoming a new assisted living and memory care development facility in 2022. According to Baylands Building Inc., they have partnered with Galahad Development, Hempel Real Estate, and Great Lakes Management (GLM) to start the construction of a new 72-unit assisted living and memory care community that will be located at 1780 Servant Way in Bellevue.
Christian Yelich & Randall Cobb named among investors in 3rd Street Market Hall
October 25, 2021 - MILWAUKEE, WI — As plans for 3rd Street Market Hall continue to move forward, the Market Hall has announced that it will do so with backing from Milwaukee Brewers left fielder and 2018 NL MVP Christian Yelich along with returning Green Bay Packers star wide receiver Randall Cobb, both of whom say that they are happy to join dozens of other local investors in supporting a project that promises to be a catalyst for Downtown Milwaukee.
Hempel Real Estate buys The BLOC Office Building in Bloomington
October 20, 2021 - BLOOMINGTON, MN — Hempel Real Estate purchased The BLOC Office Building in Bloomington, MN for $25 Million. The BLOC is a 154,552 square foot Class A office building located along I-494. The building was constructed in 1985 and recently underwent a $5 million renovation in 2019.
The food hall and entertainment venue, located inside The Avenue development on West Wisconsin Ave., is slated to open to the public on Oct. 18, said co-developer and restaurateur Omar Shaikh, in an interview with BizTimes Milwaukee.
“We wanted to create something that is a little more experiential,” said Shaikh during a tour Wednesday. “We want this to appeal to everyone.” The public will get to check it out for the first time on Oct. 18.
Downtown Milwaukee's The Avenue lands another office tenant. Tempo, Wisconsin's largest professional women's organization, is moving there
July 31, 2021 - MILWAUKEE —The Avenue has landed another office tenant at the downtown Milwaukee mixed-use development. Tempo, Wisconsin’s largest professional women’s organization, is moving its headquarters to The Avenue, formerly the Grand Avenue mall, 275 W. Wisconsin Ave. Tempo will move into 2,500 square feet on the second floor, the group announced Friday. It will use space now occupied by Hempel Cos., one of The Avenue's developers. The organization left its offices at Schlitz Park in May 2020, with its staff working remotely. Tempo plans to move to its new space by early fall.
3rd Street Market Hall, the food hall coming to The Avenue in September, just got a key $2 million loan for its financing package
June 23, 2021 - MILWAUKEE —The food hall coming to downtown Milwaukee's The Avenue mixed-use development has obtained an important piece of its financing package. 3rd Street Market Hall is receiving a $2 million loan from the Milwaukee Economic Development Corp., a nonprofit business lender affiliated with the City of Milwaukee. That loan will help pay for the buildout of the food hall, which is to open in September at 275 W. Wisconsin Ave.
May 12, 2021 - MILWAUKEE —A burger and custard concept with locations in Oak Creek and Milwaukee will join the 3rd Street Market Hall, the food hall that's part of the redevelopment of the former Shops of Grand Avenue in downtown Milwaukee. Dairyland Old-Fashioned Frozen Custard and Hamburgers signed a license agreement to operate as a vendor at the food hall.
April 29, 2021 - MILWAUKEE — Presiding over The Avenue from its third-floor perch is the new headquarters of Milwaukee-based GRAEF USA Inc., a national engineering, planning and design firm founded 60 years ago. The firm occupies 35,000 square feet, providing amenity-rich work space for about 175 employees.
March 22, 2021 - MILWAUKEE — Courtney Morris has been influential in the lease-up and development of Hempel’s Milwaukee-area projects, also overseeing the property management team. She joined Hempel in 2015 with the acquisition of The Avenue and has made it her passion project. Her role has been instrumental in the $90 million redevelopment project at The Avenue complex in downtown Milwaukee.
March 16, 2021 - MILWAUKEE — Is this the time it’s finally going to work? Anyone who’s lived in Milwaukee for any length of time knows the decades-long tale of promise and disappointment following the Grand Avenue Mall property. The signature piece of the years-long redevelopment is set to open this summer, and with it, a formula the investors and partners believe will finally be the one that works.
“There’s so much nostalgia for this place. So much early childhood memories,” the current property owner Josh Krsnak began, detailing conversations he has had with long-time Milwaukeeans. He wouldn’t otherwise know. He’s from Minneapolis. “And then there’s almost this like, sadness,” he continues, “…that the building was let go.”
February 1, 2021 - Restaurateur Omar Shaikh’s businesses may be built around good eats, but he’s excited about the experiences that will be created for The Avenue’s new food hall in downtown Milwaukee.
Activities will include kids running around an indoor turf area or revving up miniature hotrods on a slot racing track, corporations renting out TopGolf simulator suites, visitors sitting on a cushy couch to enjoy a charcuterie board, and children of all ages doing TikTok videos and pics in a selfie museum with a variety of funky backdrops.
WTMJ-AM, other radio stations close to signing lease to relocate to downtown Milwaukee's former Grand Avenue mall
Good Karma Brands plans to operate on the ground floor of The Avenue, the new name for the former mall, said restaurateur Omar Shaikh, who's overseeing development of its 3rd Street Market Hall food hall.
January 14, 2021 - The Milwaukee Business Journal has announced the second round of our 2021 40 Under 40 honorees, a list that includes young business and community leaders from throughout southeastern Wisconsin. We'll continue releasing more honoree names in the coming days on our website.
December 3, 2020 - Josh Krsnak has been spending a lot of time in Milwaukee since becoming co-developer on The Avenue project. Based in the Twin Cities, he brings a combination of creativity, determination and serious financial resources to getting projects done. While a relatively new face to Milwaukee, Krsnak is one of the Twin Cities’ biggest developers through Hempel Cos., which he helped found with Jon Hempel.
November 4, 2020 - Treasure Island Center, the home of the Minnesota Wild's rooftop practice hockey rink and assorted government, nonprofit and retail tenants, will soon welcome a bevvy of newcomers - including two gyms, a sports chiropractor and the offices of the St. Paul Port Authority itself.
November 3, 2020 - A Topgolf simulator offering virtual driving range and zombie dodgeball games joins new pickleball courts and an indoor dog walking park as uncommon amenities for people living and working in The Avenue redevelopment in downtown Milwaukee.
May 27, 2020 - The Metropolitan Milwaukee Association of Commerce and Milwaukee 7 are moving their offices to The Avenue redevelopment in downtown Milwaukee by early fall.
April 13, 2020 - What for more than three decades was a popular downtown Milwaukee food court has now become home to one of Milwaukee's most prominent engineering firms, complete with skylights, open space and its own cafe named after the former Grand Avenue Mall. Check out this winner in our annual Milwaukee's Coolest Office contest.
April 10, 2020 - The 3rd Street Market Hall announced a partnership Friday with Braun and Yelich as well as several local companies to provide meals for front-line healthcare workers at four major hospital networks . . .
February 24, 2020 - The operators of the Treasure Island Center in downtown St. Paul are welcoming the arrival of three new businesses in the city-funded redevelopment. The Pillbox Tavern and Red's Savoy Pizza will open next month in the building that housed the former Dayton's / Macy's department stores. The St. Paul Event Center opened last week.
February 17, 2020 - . . . Within a once-storied business corridor now short on retail options, bringing vitality back downtown has been a slow but important climb for Treasure Island Center. "We've got something for everyone, from hockey to pizza," said Andrea Novak, a vice president of marketing and public relations for the Port Authority. "Obviously, things took a little longer than we anticipated. But 2020 is going to be a nother big year . . . When you see three different tenants who are all doing build-outs at the same time, that's a big deal. They all fit so well.
Brewers stars Ryan Braun, Christian Yelich team up to give back to their L.A. and Milwaukee communities
January 7, 2020 - . . . Brewers stars Ryan Braun and Christian Yelich happen to live in Malibu, California, work in Milwaukee, and are not only investing into their two communities with their checkbooks, but much more precious, their heart and commitment . . . When the two former National League MVPs attend the Brewers On Deck Fan Fest in Milwaukee, they'll stop by The Avenue project on the west side of downtown. This is where they invested money, time, and their hearts into helping renovate and develop a desolated three-block urban mall into offices, apartments, and a 40,000 square foot food hall with 24 vendors.
January 3, 2020 - A regional real estate firm bought a 180,00 square foot property in Eden Prairie's Golden Triangle in late December and plans to develop the area in anticipation of changes brought by the Southwest Light Rail Transit line, according to the company's vice president. Hempel Real Estate, which owns and operates office and retail property in Minnesota and Milwaukee, finalized its purchase of the Crosstown Preserve office building at 10050 Crosstown Circle on Dec. 18, Hempel's vice president Ben Krsnak told Eden Prairie News. Hempel also bought the site of a closed restaurant at 11528 Leona Road and a parking lot, which are adjacent to the Crosstown Preserve building, a news release from Hempel says.
December 30, 2019 - About 175 Graef workers who packed their stuff into bankers boxes before the holiday break spent Monday morning settling into a new headquarters office in the top floor of The Avenue in downtown Milwaukee. The move opens a new chapter for the engineering firm and for the former Shops of Grand Avenue. Graef is the first new tenant to move into the former West Wisconsin Avenue mall's west arcade, which is being converted into offices and a first-floor food hall.
December 30, 2019 - A joint venture led by Hempel Properties has purchased a 181,000 square foot office building near the intersection of highways 62 and 169 in Eden Prairie. The building, formerly known as Crosstown Center, was developed in 1999 and was a Best Buy Co. Inc. data center before the retailer moved all of its Eden Prairie operations into its current Richfield complex.
December 18, 2019 - Hempel Cos. is taking a step into the past with a new project that will convert a millwork and furniture factory in Northeast Minneapolis into multi-use commercial space. Minneapolis-based Hempel is no stranger to modifying old buildings into new purposes. The developer completed work in 2017 that converted a 1960s-era, former downtown St. Paul Macy's store into the 212,590-square foot Treasure Island Center. But Hempel's newest project will take the company even further into the past.
November 11, 2019 - The owners of the former Shops of Grand Avenue in Milwaukee are finalizing agreements to bring in more office tenants, while also acquiring more property around the former downtown Milwaukee shopping mall. The mall's ongoing renovation into The Avenue will be complete in May, said co-owner Josh Krsnak, CEO of Hempel Cos. That includes turning the top two floors of the mall's western arcarde into offices, and creating a food hall on its ground floor.
October 9, 2019 - The transformation of the former Shops of Grand Avenue in downtown Milwaukee is becoming reality in steel and concrete as its interior begins to look like the future modern offices and food hall it will become. See the attached slideshow for a tour through the West Wisconsin Avenue mall's former west arcade, where builders are busy at work on the $53 million redevelopment to create The Avenue.
August 31, 2019 - One of the most high-profile development projects in the city of Milwaukee has attracted two of the city's highest-profile citizens as investors. Milwaukee Brewers outfielders Ryan Braun and Christian Yelich have put their names - and their wallets - behind development of The Avenue, which will turn the former Grand Avenue Mall in Downtown Milwaukee into a multi-purpose facility including a food hall, office space and apartment units.
Milwaukee Brewers Ryan Braun and Christian Yelich are new investors in downtown's The Avenue redevelopment
August 13, 2019 - One of downtown Milwaukee's biggest redevelopment projects has landed two well-known investors: Ryan Braun and Christian Yelich. The two Milwaukee Brewer outfielders "are making significant investments" in The Avenue, the new name for the former Grand Avenue mall, it was announced Tuesday.
July 14, 2019 - Work is steadily progressing on the transformation of the former Shops of Grand Avenue mall into a mixed-use development known as The Avenue. Engineering firm Graef will move its headquarters and 170 jobs to a new space on the mall's third floor.
July 3, 2019 - Proposed plans to develop a piece of Hope Church's property in Apple Valley are headed to the City Council for consideration. Hempel is seeking to subdivide a 35,910-square-foot parcel from the 7.2-acre Hope Church to construct the building.
April 11, 2019 - If the former Dairy Queen headquarters in Edina can't be turned into apartments, Hempel Cos. is more than happy to keep it as offices. Minneapolis-based Hempel is buying the IDQ Building at 7505 Metro Blvd. in Edina for $7 million . . .
March 7, 2019 - The ongoing redevelopment of The Shops of Grand Avenue could receive $9 million in city financing under a proposal up for review this month. That money would support the renovation of the former mall, which is renamed The Avenue.
The Avenue is drawing office prospects, new apartment residents and a possible child care center to downtown
February 12, 2019 - The redeveloping former Grand Avenue continues to draw prospective office tenants, has just opened its new apartments - and might be landing a child care center. Those new details were revealed by one of the downtown Milwaukee . . .
January 21, 2019 - The office being built in the former Shops of Grand Avenue secured a second tenant: the Milwaukee Downtown Business Improvement District No. 21. The 10-year lease, while filling 5,000 square feet, also serves as a symbolic . . .
Food hall with places to stay and an anchor business tenant making Milwaukee's Grand Avenue mall a destination
December 7, 2018 - The transformation of Milwaukee's Grand Avenue mall from a sad shell to a cutting edge development takes a huge step forward Thursday with the announcement of plans for a food hall featuring more than 20 local vendors and an anchor tenant bringing 170 employees downtown.
October 5, 2018 - After years of traveling around the Twin Cities to find ice time, the Minnesota Wild will enjoy its first season with a dedicated practice facility and locker room just a few blocks from Xcel Energy Center.
April 9, 2018 - Jon Hempel, a prolific real estate developer who acquired and developed scores of properties in the Twin Cities and beyond, was remembered by his longtime business partner Monday as a tenacious visionary with a great mind for numbers.
April 9, 2018 - Jon Hempel, who founded Minneapolis real estate company Hempel Cos., died Thursday at age 47 after a three-year battle with brain cancer. Hempel founded the company in 2001, over the years acquiring and developing more than $750 million worth of property . . .
January 24, 2018 - "I hear we got a good view here." Minnesota Wild goaltender Alex Stalock wasn't wrong with his first impression of TRIA Rink, Minnesota's shiny new practice facility, located roughly four blocks from Xcel Energy Center in the old Macy's building.
January 17, 2018 - Five years after Macy's closed in downtown St. Paul, city officials and business leaders on Tuesday celebrated that building's reopening as Treasure Island Center, a mixed-use project with offices, a brewery and a practice ice rink for the Minnesota Wild.
January 16, 2018 - "It's definitely one of the more challenging projects we've ever had," said Josh Krsnak, president of Hempel Companies. In just 12 months, Hempel's contractors transformed the building, putting walls of glass where before there was only artificial lighting . . . What had at one time been a rooftop surface parking lot is now a sparkling sheet of ice.
September 7, 2017 - The 50 apartments coming to downtown Milwaukee's Grand Avenue mall will feature upscale touches in the mall's Plankinton Arcade, including private entrances that pay homage to restored historic storefronts.
July 21, 2017 - Thrivent Financial is in talks to sell some of its downtown Minneapolis surface parking to make room for a ramp and apartments. While details of the development are still preliminary, the plan could shake up one of the largest remaining surface lots near U.S. Bank Stadium.
Minnesota Wild staff get a sneak peek of the progress at Treasure Island Center
July 20, 2017 - Treasure Island Center is the new practice facility home of the Minnesota Wild, and members of their organization were allowed a sneak peek of the construction progress at their new facility.
February 27, 2017 - Treasure Island will have a new location in downtown St. Paul, though it won't be a casino. On Monday, Treasure Island Resort and Casino announced it signed a multiyear agreement for naming and sponsorship rights for the former Macy's under redevelopment in St. Paul.
Minnesota Wild signs lease for new practice facility at Wabasha Center in Downtown St. Paul
December 22, 2016 - The partners of Go Wild, LLC, the joint venture between Hempel Companies and the Saint Paul Port Authority, today announced that the Minnesota Wild has executed a lease for a practice facility at Wabasha Center in downtown Saint Paul.
October 13, 2016 - Some long-planned retail elements at the Cedar Point Commons development in Richfield are now set to be built out, under plans presented by owner Hempel Cos. Minneapolis-based Hempel purchased the vacant parcels from original Cedar Point developer Ryan Cos. in December.
April 19, 2016 - Hempel has been announced as the new development partner for the St. Paul Port Authority's redevelopment of 396 Wabasha in Saint Paul. The property is an iconic part of Saint Paul, having been a Macy's department store for nearly 50 years.
December 30, 2014 - In an effort to continue expanding and diversifying its portfolio, Hempel recently acquired Albertville Crossing, a 105,000 square foot grocery-anchored shopping center located just south of I-94 in Albertville, Minnesota.
October 6 , 2014 - Hempel is pleased to announce the construction of a new Edina Realty building in the Cobblestone Lake retail development in Apple Valley. Located on the corner of 155th Street and Pilot Knob Road, the building is situated in a high-traffic location anchored by a Super Target.
September 9, 2014 - Hempel sold the historic Rand Tower, a 26-story art deco building constructed in 1929, to Portland-based Felton Properties. The 145,000-square-foot class B office building in downtown Minneapolis underwent $2.5 million worth of renovations after Hempel and Alex Brown Realty, Inc. purchased it in 2008.
August 14, 2014 - In an effort to continue to expand its portfolio and offer multiple varieties of space, Hempel recently purchased the Lafayette Business Center in West St. Paul. Lafayette business center is a 31,500-square-foot, office/warehouse building on the Northwest corner of Highway 52 and East Mendota Road.
July 18 2014 - Hempel Companies recently closed on the Quadrant Office Building, a 103,522 square foot Class B office building located just two miles east of Maple Grove's Arbor Lakes retail area and conveniently adjacent to the Highway 169/I-694 interchange.
August 20, 2012 - One Financial Plaza in Minneapolis was officially renamed Canadian Pacific Plaza today in a ceremony featuring hundreds of employees, a sign unveiling and the raising of a Canadian Pacific flag to officially dedicate the company's new U.S. headquarters.
Hempel and HEI form joint venture to convert The Hotel Minneapolis to first Marriott Autograph in market
June 1, 2010 - Hempel Properties and HEI Hotels & Resorts (HEI) entered into a joint venture to convert The Hotel Minneapolis in to Marriott's new Autograph brand. HEI, the nation's fastest growing private owner/operator of hotel real estate, will operate the 222-room boutique-style hotel and will transition it to Marriott's new Autograph Collection brand.
March 31, 2009 - Hempel Properties moved to Rand Tower at the corner of 6th Street and Marquette Avenue in downtown Minneapolis. Hempel now occupies 5,500 square feet in teh 194,316 square foot tower and secured an additional 3,400 square feet for future expansion.
September 4, 2008 - A joint venture formed by Hempel and Alex Brown Realty, Inc. (ABR) closed on the acquisition of Rand Tower, a 194,316 square foot office property in downtown Minneapolis with plans to upgrade common areas and aggressively pursue new office tenants.
September 19, 2007 - Minneapolis is renowned for valuing its classic Midwestern roots, but also admired for its progressive vision of the contemporary American city. Next summer, guests in Minneapolis can experience the functional and future-forward attitude of the city as part of their stay at The Hotel Minneapolis.
Better Properties. Exceptional Management. Strategic Investments.