Milwaukee-based Zilber Property Group announced today that it will break ground on three spec industrial buildings this spring in southeastern Wisconsin.
In Kenosha, Zilber will build a 173,165-square-foot spec industrial building between 58th Place and 60th Street in the Business Park of Kenosha. The site is less than a mile from I-94 via state Highway 158. It will be the seventh spec industrial project by Zilber in Kenosha in the last seven years.
In Pewaukee, Zilber will build a 113,665-square-foot spec industrial building on Watertown Road in the Ridgeview Corporate Park.
In Menomonee Falls, Zilber will build a 146,423-square-foot spec industrial building on Manhardt Drive in the Lilly Creek Business Park.
“The Zilber organization is pleased to bring these properties to market in three well-proven southeast Wisconsin markets,” said John Kersey, executive vice president of Zilber Ltd.
The Zilber projects are the latest in a growing number of speculative industrial projects that are planned or under construction in southeastern Wisconsin as developers respond to strong demand and declining supply. In 2014, the region’s industrial space vacancy rate fell from 6 percent to 5.13 percent and the region’s industrial real estate market absorbed 5.3 million square feet of space, including 1.8 million during the fourth quarter, according to Xceligent data. Kenosha County absorbed 1.5 million square feet of industrial space in 2014 and ended the year with a vacancy rate of 3.45 percent. Waukesha County absorbed 350,484 square feet of industrial space in 2014 and ended the year with a 3.62 percent vacancy rate.
