Success Stories

Ale Asylum

Madison, WI
50,000 SF
Cresa Madison
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Client Objectives

The Ale Asylum team engaged Cresa in the summer of 2010 to assist them with the development of a new, production brewery and tasting room that would allow them to serve the needs of patrons and dramatically increase their brewing capacity in order to expand their current markets from Madison and Milwaukee to include Minneapolis, Chicago and beyond.

Cresa Team Members

Results

The 16 month, pre-construction process, included establishing the scope of the project, developing a timeline, identifying financing sources, and evaluating numerous sites and buildings around Dane County. As part of our due diligence, we reviewed and analyzed proposals from more than 10 landlords and developers and got as far as draft lease documents from 4 of them before settling on a build-to-suit option with CSI Construction Services; a firm who will be both the developer and general contractor of the brewery and a partner with Ale Asylum in the actual ownership of the project.

 

This deal was unique in structure and in scope. 

•        The 50,000 square foot building was one of the only non-government, non-healthcare construction starts in Madison in 2011.

•        It took less than 28 months from the date Ale Asylum engaged Cresa to the opening date of the brewery.

•        Once Cresa identified the land parcel, we worked with the developer to acquire it under a ground lease on behalf of Ale Asylum.

•        Cresa assisted Ale Asylum with a joint-venture agreement with the developer whereby they participate in the ownership of the project.

•        It is likely that the production brewery will create more than 50 new manufacturing and hospitality jobs in 2012 and beyond.

 

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