Chicago-based commercial real estate investment firm
Matterhorn Venture Partners and Wichita, Kansas-based acquisitions and development company
Petra announced that they have acquired about 100 acres of land in Kenosha, which they plan to develop for residential and industrial use.
The land is located north of 67
th Street and south of 60
th Street, west of Green Bay Road and east of a Union Pacific railyard.
The land was sold for $2.8 million by Chicago-based SP Kenosha LLC to an affiliate of Petra, according to state records.
In a news release, Matterhorn Venture Partners and Petra say they “plan to sell or build with developers a range of mixed-use projects incorporating build-to-rent, senior living, and small bay industrial spaces” at the Kenosha site.
“The site's strategic location in between I-94 and Lake Michigan, and near major employment centers makes it an ideal location for residents and businesses alike,” the firms said in their news release
"This acquisition aligns perfectly with our investment strategy of identifying high-growth markets and delivering exceptional returns to our investors," said
Scott McKibben, chief executive officer of Matterhorn Venture Partners. "Kenosha's dynamic economy and demographic trends create a compelling opportunity for residential and commercial development."
"We are excited to partner with MVP on this transformative project,” said
Noah Swank, chief executive officer of Petra. “By addressing the region's housing needs and creating new job opportunities, we are contributing to Kenosha's continued success."
Matterhorn Venture Partners, a boutique real estate investment firm, launched earlier this year.
The land had been listed for sale by
Pitts Brothers and Associates.
