Zilber Property Group plans to build a 146,423-square-foot speculative industrial building on a site south of Manhardt Drive and east of Lilly Road in Menomonee Falls.
The building will have space for up to four tenants and a 190-space parking lot, according to plans submitted to the village.
Laster, Zilber Property Group plans to build a 178,577-square-foot industrial building on the site, as the second phase of its development.
The site was formerly occupied by the Best Block Company and its corporate affiliate, BBC Properties East.
The project is the latest in a growing number of speculative developments planned in the Milwaukee area as developers seek to take advantage of the region’s strong industrial real estate market. The region’s industrial space vacancy rate was 5.13 percent and Waukesha County’s industrial space vacancy rate was 3.62 percent in the fourth qarter of 2014, according to Xceligent data.