Uline Inc.’s $22.75 million acquisition of a Kenosha property that was slated for new industrial development means the company has added about 335 acres to its massive Kenosha County real estate holdings this year for potential growth.
The 105.7 acres Uline recently acquired through an affiliate is west of four warehouses the packaging materials company has already built in the city of Kenosha. Those are west of Interstate 94 near the intersection with Highway 142. At $215,231 an acre, it’s a healthy price even in Kenosha County’s active industrial market.
Uline acquired the land from Illinois developer Logistics Property Co., according to state records of the sale. Logistics Property Co. was marketing the site for potential development of three new industrial buildings, the largest of which would have about 1 million square feet. Combined, those three conceptual buildings mapped out by Logistics Property Co. represented 1.7 million square feet of building space with almost 370 loading docks for trucks.
That latest acquisition neighbors 230 acres of undeveloped land Uline acquired in July on both sides of 38th Street, south of the former Logistics Property Co. land. That sale was valued at $23.6 million.
Read more at the Business Journal of Milwaukee.