A Texas developer with ties to billionaire Ross Perot has purchased another industrial building in southeastern Wisconsin.
Dallas-based Hillwood Development Co. LLC earlier this week purchased the recently constructed speculative industrial building at 11905 Meridian Drive in Mount Pleasant. State real estate transaction records show an affiliate of Hillwood acquired the 18-acre property and nearly 308,000-square-foot building for nearly $18.8 million. It was purchased from an affiliate of Rosemont, Illinois-based Land and Lakes Development Co.
Hillwood has been active in the region as of late, particularly in communities that lie near the Wisconsin-Illinois state border. In March, the firm acquired two existing building as well as a development site in Yorkville’s GrandView Business Park.
That acquisition is part of plans to develop two spec industrial buildings that will be around 194,000 square feet each. Those buildings will be constructed directly west of the two existing industrial buildings at 1800 and 2000 S. Sylvania Ave., which Hillwood also purchased.
The 308,000-square-foot warehouse distribution facility in Mount Pleasant is currently vacant, but can be separated to accommodate up to four tenants, said Martin Hanley, president of Land and Lakes.
The building is the second facility to be built in Land and Lakes’ 60-acre business park development. Last year, the Illinois developer sold its 132,000-square-foot building to Milwaukee-based Zilber Property Group. Hanley said that building has since been expanded to around 250,000 square feet, and is being used by Goodwill.
Hanley added there are another 20 acres left in the business park, which will eventually be the site of another roughly 250,000-square-foot spec development. He said his company is in the planning stages for that project, but will eventually be seeking approvals from the village with hopes to start construction on it in spring 2020.
The site already has infrastructure and utilities, such as sewer and water lines, running up to it, meaning it is ready for immediate development, Hanley said.
Hillwood did not immediately respond to a request for comment on Friday.
