WEC Energy raises dividend for 2017 Walker’s Point office building to be renovated
Project to begin late next year
Shareholders of Milwaukee-based WEC Energy Group Inc. will see a higher dividend in 2017, the parent company of We Energies said Thursday. The company announced it plans to boost the dividend per share by 2.5 cents, or 5.1%, to 52 cents a share, in the first quarter. The dividend is expected to be payable March 1 to stockholders of record on Feb. 14. “The board’s action today is consistent with our objective to target a dividend payout ratio of 65% to 70% of earnings, a policy in line with our peers across the utility industry,” Allen Leverett, president and chief executive, said in a statement. Earnings in 2017 are expected to be in a range of $3.06 to $3.12 per share, up from analysts’ projection of $2.94 per share this year. In addition to We Energies, WEC subsidiaries include Wisconsin Public Service Corp. of Green Bay and Peoples Gas of Chicago.
Orion lands new government order
Orion Energy Systems of Manitowoc says it has received $2.1 million in federal government orders for light fixtures and other equipment. The products will be used in five federal government facilities in Florida, Massachusetts, Pennsylvania and Texas, the company said in a news release. Over the past 24 months, Orion says, it has received more than $11.6 million in federal government business.
PSC approves funding for digester
The state Public Service Commission on Thursday authorized up to $20 million in funding for a program that would develop a manure digester energy system that would serve multiple dairy farms. The agency said Gov. Scott Walker has directed an inter-agency working group to explore how biodigesters can produce renewable biogas that can be sold to replace natural gas while processing manure from a farm. The digester would also serve to help improve water quality, the PSC said. Walker announced the group last month during a visit to Kewaunee County, a region with water quality problems. Also Thursday, the PSC expanded funding in 2017 and 2018 for incentives for homes and businesses to add solar panels. The PSC approved a budget of $8.6 million, an increase of $900,000 from its initial budget adopted in October.
Schultz to step down as Starbucks CEO
Howard Schultz, who helped turn Starbucks Corp. into an iconic global brand as well known for its activism as its coffee blends, will step down from the role of CEO in April. Schultz will become the company’s executive chairman, concentrating on ramping up the Starbucks Reserve Roasteries as well as the brand’s social efforts, while Kevin Johnson, the company’s current president and COO will become the new president and CEO. “Starbucks consistently outperforms the retail industry because our stores, our offerings and the experiences our partners create make us a destination,’’ Schultz said in a statement. “This move ideally positions Starbucks to continue profitably growing our core business around the world into the future.”
Black Friday bargains boost car sales
Buoyed by renewed economic confidence following the presidential election, consumers flocked into domestic automaker dealerships in November. General Motors and Ford Motor Co. outperformed expectations, giving their stocks a boost Thursday. One contributing factor was Black Friday promotions, which are having an increasingly sizable effect on the month’s output. Overall U.S. auto sales increase projections ranged from 2.7% at Edmunds.com to 4.2% at Kelley Blue Book. GM outperformed expectations, as overall sales rose 10.2%. Ford’s sales increased 5.2% for the month to 197,574 vehicles, easily beating expectations. Fiat Chrysler was the exception to the industry rule in November. Its sales fell 14.3%.
An older Walker’s Point office building has been sold and will be renovated by its new owner.
The three-story, 40,000-square-foot building at 228 S. 1st St. was sold to LCM Funds 35 Office LLC, led by developer David Winograd, for $1.1 million, according to state real estate records posted Thursday.
Winograd’s group bought the property from Canvas Corner Inc., led by Oconomowoc investor Joan Julien.
Winograd said he will renovate the building to create improved office space. He said work on that $2 million project won’t begin until late 2017, after current tenant leases expire.
Those renovations, including new windows and other upgrades, will take about six to nine months to complete, Winograd said.
The building’s tenants include Continuum Architects, which leases 5,000 square feet and has been at the building for around 20 years, said Maggie Jacobus, the firm’s marketing director.
Continuum has been looking for a new location, but hasn’t yet made its choice, Jacobus said.
Other tenants include artist studios.
Winograd operates several Walker’s Point properties.
They include South Water Works, a mix of apartments, offices, retail space and the Next Act Theatre. That development is between S. Water and S. Barclay streets, south of E. Pittsburgh Ave., just east of Winograd’s newly purchased office building.
South Water Works’ 40,000 square feet of offices are full, Winograd said. One tenant, Workshop Architects, recently expanded to add another 3,000 square feet, he said.