Zilber Property Group sold a group of eight industrial buildings housing 43 companies in the Business Park of Kenosha for $33.2 million.
The buyer is Ladi Investments LLC, a family real estate investor group that also owns properties in northwestern Indiana and Illinois, said Dan Prendergast of DarwinPW Realty who will lead leasing of the buildings. Ladi Investments is comfortable with more management-heavy properties, and wasn’t deterred by the relatively high number of tenants across the buildings’ nearly 278,000 square feet.
It was attracted to the portfolio because those companies serve as suppliers, service companies and distributors to some of the larger businesses along the Interstate 94 corridor such as Uline Corp. or Amazon.com, Prendergast said.
“The 97% leased rate, and good real estate in a good location is what they really liked,” he said.
Zilber developed the eight buildings over several years in the Business Park of Kenosha, located south of the Kenosha Regional Airport near I-94. The Milwaukee industrial developer has been selling off smaller holdings like those in the business park as it continues to build larger new speculative industrial buildings.
“Zilber Property Group is grateful for the opportunity to have worked closely with many of the great companies located within the Business Park of Kenosha industrial complex over the past 12 years,” said Chad Navis, vice president of Zilber Ltd. “We eagerly look forward to reinvesting the capital from the asset sale into other properties in the community.”
Read more at the Milwaukee Business Journal.