Six buildings along southeast Wisconsin’s Interstate 94 corridor traded for $41.5 million as part of a multi-state portfolio sale of 9.7 million square feet of industrial space.
They were sold to an investment fund created by global firm KKR, or Kohlberg Kravis Roberts & Co. LP. The end-of-year sale follows KKR’s even larger $176 million July purchase of Amazon.com’s Kenosha fulfillment center buildings just east of I-94.
The firm earlier this month announced an $835 million portfolio purchase from High Street Logistics Properties that included the six Kenosha and Racine county warehouses. They were part of a broader package of industrial buildings in seven markets, including Atlanta, Baltimore, central Florida and Dallas.
Included in that package were five buildings in Pleasant Prairie and one in Sturtevant, according to state records that also showed the sale prices.
The warehouses were originally developed by Zilber Property Group in Milwaukee. Zilber sold them to Boston-based High Street Logistics in July 2019 in a sale that also included nine other buildings. High Street this month sold them to KKR.
The six warehouses were valued at $38.61 million when High Street bought them from Zilber. They were priced at $41.5 million in this month’s package purchase by KKR.
The most valuable building in the deal, at $14 million, is the warehouse at 8200 100th St. in Pleasant Prairie occupied by Ohio manufacturer Shiloh Industries Inc.
KKR’s Real Estate Partners Americas Fund II acquired the six properties. That fund closed in 2018 after raising $2 billion from investors, according to a KKR press release.
Read more at the Milwaukee Business Journal.