A California developer have acquired 14 acres of vacant land in a Kenosha industrial park, according to state records.
Affiliates of Irvine, California-based Panattoni Development Co. Inc.bought the land, located at 5304 99th Ave., for $2.85 million. The seller is the Hawkins Family Irrevocable Trust.
The land is assessed at $1.73 million, according to Kenosha County records.
Panattoni did not immediately respond to a request for comment.
The site is located in the area of the Business Park of Kenosha, a 235-acre, 2.6 million-square-foot industrial park at Highway 158 and 99th Avenue. It is directly south of the Kenosha Regional Airport and within a mile of I-94. Some key tenants include Kenall Manufacturing, Bradshaw Medical and Centrisys.
Kenosha County is booming with industrial real estate development activity of late. Developers have been putting up large manufacturing and distribution facilities on a speculative basis, though it usually does not take long for them to find occupants.
Companies from northern Illinois have also migrated across the border, often citing lower taxes and a friendly business climate in doing so.
Just last month, Schutz Container Systems Inc. acquired 24.6 acres of industrial land in the Midwest Transportation Center business park in Kenosha.
Milwaukee-based Zilber Property Group constructed its fourth spec industrial building in the Business Park of Kenosha last year. Zilber is the developer of the business park and is active in the Kenosha market.
West of the freeway, the Salem Business Park has seen significant growth recently. It landed a number of new tenants last year.
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