Last updated on July 23rd, 2019 at 01:16 pm
Zilber Property Group has sold 15 industrial buildings in Racine and Kenosha counties to a private equity fund managed by Boston-based High Street Realty Co. LLC for about $130 million, according to state records.
Eleven of the 15 buildings are located in Pleasant Prairie, while two are in Mount Pleasant, one is in Yorkville and the final one is in Kenosha.
Milwaukee-based Zilber Ltd., which sold the buildings, stated in a news release that they total 1.68 million square feet.
The buyer is HS Fund VI ZL Portfolio Investors LLC. The fund is managed by private equity real estate investment management firm High Street Realty, according to the Zilber release. The buildings it acquired are collectively assessed at roughly $94.2 million, according to county records.
The building that commanded the highest price tag is located in Mount Pleasant, at the northeastern corner of International Drive and Meridian Drive, which was sold for just under $19 million. Located there is a 248,000-square-foot facility being leased by Goodwill Industries. Zilber bought the facility in 2017 for $8.6 million, and added 116,000 square feet onto the 132,000-square-foot building.
Other properties in the industrial real estate portfolio sale include:
- 10790 Green Bay Road, Pleasant Prairie
- 9505 72nd Ave., Pleasant Prairie
- 10795 72nd Ave., Pleasant Prairie
- 9501 80th Ave., Pleasant Prairie
- 10616 82nd Ave., Pleasant Prairie
- 7701 95th St., Pleasant Prairie
- 7152 99th St., Pleasant Prairie
- 7153 99th St., Pleasant Prairie
- 8100 100th St., Pleasant Prairie
- 8200 100th St., Pleasant Prairie
- 8330 107th St., Pleasant Prairie
- 1101 S. Sylvania Ave., Yorkville
- 9511 58th Place, Kenosha
High State focuses solely on industrial assets in major markets across the eastern two-thirds of the U.S. According to the firm’s website, High State targets properties in Chicago, northern New Jersey, Pennsylvania, the Baltimore-Washington, D.C. area, Dallas, Houston, Atlanta and central and southern Florida. Its transactions range in size from $3 million to $250 million.
Representatives of High Street did not immediately respond to requests for comment.
“This is part of the business cycle for Zilber,” said John Kersey, executive vice president of Zilber. “We build, we develop, we buy and we sell.”
Zilber noted it still owns and manages an industrial real estate portfolio of 45 buildings in Wisconsin, Illinois and Indiana and over 175 acres of development-ready sites.
As of Monday morning, High Street did not list any Wisconsin properties under its portfolio tab. It listed dozens of Illinois industrial properties that totaled 2.9 million square feet.
“Our target markets are defined both by dense and growing population centers, and critical port (sea, air, and rail) and highway infrastructure integral to the US and global supply chain,” the firm’s website states.