Zilber Ltd. acquires 8 buildings in Kenosha, Menomonee Falls Pick ‘n Save building sold for $20.7 million
Zilber Ltd. acquires 8 buildings in Kenosha
Milwaukee Zilber Ltd. recently purchased eight buildings in Kenosha, with a combined 280,000 square feet of space, from Pleasant Prairie-based Riley Management. The sale price was not disclosed.
The buildings consist of two building complexes, the Business Center of Kenosha and the Commerce Center of Kenosha, each with four buildings.
The buildings acquired by Zilber are:
- Business Center of Kenosha, 8910 58th Place, 46,000 square feet
- Business Center of Kenosha, 8920 58th Place, 46,000 square feet
- Business Center of Kenosha, 9016 58th Place, 45,000 square feet
- Business Center of Kenosha, 9114 58th Place, 45,000 square feet
- Commerce Center of Kenosha, 9522 58th Place, 22,920 square feet
- Commerce Center of Kenosha, 5732 95th Ave., 25,475 square feet
- Commerce Center of Kenosha, 9550 58th Place, 23,566 square feet
- Commerce Center of Kenosha, 9560 58th Place, 23,991 square feet
This deal is just the latest of many that Zilber has made in the Kenosha area in recent yeas. The company said it has invested almost $50 million in industrial real estate in Kenosha and Pleasant Prairie since 2007.
“The Business and Commerce Center properties are well-designed facilities that have attracted small and mid-sized companies in need of convenient, quality space to grow their businesses,” said John Kersey, executive vice president of Zilber Ltd. “Towne Investments will manage these properties in the same high-quality manner as the previous owner and will aggressively market the (available) space to businesses within the market place and those wishing to locate in this preferred area.”
Menomonee Falls Pick ‘n Save building sold for $20.7 million
Oak Brook, Ill.-based Inland Real Estate Corp. announced recently that it has purchased the 103,611-square-foot Pick ‘n Save store building at N77 W14435 Appleton Ave. in Menomonee Falls, from Menomonee Falls-based Continental Properties Company Inc. for $20.7 million, or approximately $200 per square foot.
The space building was previously occupied by a Sears Grand store, which closed last year. The building at the site was torn down and rebuilt this year and in August Milwaukee-based Roundy’s Supermarkets Inc. opened a Pick ‘n Save store in the new building, replacing the 46,000-square-foot Pick ‘n Save store in the North Pointe Centre, next door at N78 W14501 Appleton Ave.
Inland Real Estate is a real estate investment trust (REIT) that owns 144 shopping centers, mostly located in the Midwest.
Inland Real Estate said it financed half of the acquisition of the Menomonee Falls Pick ‘n Save store with a 10-year, $10.3 million loan with a 4.85 percent fixed interest rate, and interest only for the first four years. Inland Real Estate said it funded the equity portion of the deal with proceeds from the sale of other properties this year.
