Milwaukee-based
Zilber Property Group has acquired a cold storage building in the city of Waukesha for $6.33 million, according to the company and state records.
In a news release, Zilber announced it purchased the vacant 177,000-square-foot cold storage facility at 900 Gale St. Zilber bought the building from Rosemont, Illinois-based food distributor
U.S. Foods Inc., according to state records.
It has an assessed value of roughly $5.64 million, according to Waukesha County records.
Zilber will make minor improvements to the building and begin marketing it to users right away, according to a company spokesperson.
The building attracted Zilber for a number of reasons, including its accessibility to I-94 via two four-way interchanges at U.S. Highway 19 and County Highway F. Major metro areas including Milwaukee, Racine, Kenosha, Madison, Janesville and Beloit are all within a one-hour drive of the building, the company said.
It features existing office space, freezer storage, cooler storage, dry storage and a temperature-controlled dock area.
“We’ve recognized the demand for temperature-controlled facilities by direct users and third party logistics firms has been steadily increasing over the last several years,” John Kersey, executive vice president, Zilber Ltd., said in a statement. “Recent consumer reliance on online shopping and home delivery for groceries and other goods adds to the demand for these types of specialized industrial facilities and we are excited to make our first investment in this product type.”
Karl Wiedenman and Trevor Jeske of CBRE represented the seller in the transaction and Rachel Agba of Zilber represented the buyer.
