Milwaukee real estate and development company, Zilber Ltd., will begin exploring interest in its two properties at the Woodland Prime office park in Menomonee Falls to determine if it will proceed with plans to build an office building there.
“At this point, we’re not targeting a particular industry,” said Dan McCarthy, director of office leasing and development for Zilber. “The park has attracted a wide-variety of quality tenants and I would expect that to continue.”
Zilber owns two properties at the Woodland Prime office park off of Good Hope Road in Menomonee Falls. One is 19 acres and assessed at $3 million. The second is 14 acres and assessed at $2.2 million, according to the Waukesha County register of deeds.
The larger parcel is located on the northwest corner of Good Hope and Flint Drive, across the street from Eaton Corp. The 14-acre parcel is north of the first site, on Flint Drive, adjacent from Leatherwood Court.
There are 10 parcels in the 220-acre Woodland Prime business park. Businesses located in Woodland Prime include Froedtert Health’s corporate offices.
Zilber has not submitted any plans for the parcels, according to Matt Carran, director of community development for the village of Menomonee Falls.
Zilber will develop marketing materials for area brokers to determine interest at either site. Zilber is not interested in building spec buildings, McCarthy said.
“If we have a tenant interested, we may build more than what the tenant needs, which is very typical when you have an anchor in place,” McCarthy said. “Whatever site attracts initial interest is the site we will pursue.”
Matt Hunter, an office broker with CBRE, believes there will be interest in the market for Woodland Prime, but for the right type of client.
Hunter is the listing broker for One Park Plaza, 11270 W Park Plaza, Milwaukee, where two clients, including A.O. Smith, signed 10-year renewals in 2015. He said there is demand in the northwest suburban market, but it is more limited than downtown Milwaukee.
“That’s a submarket that can deliver large blocks of space, and there are clients who are interested in that,” Hunter said. “But there is a push right now to come downtown – there is energy and excitement that comes from being downtown.”
