Chicago & Midwest + Midwest + Industrial | July 29, 2019

Zilber Offloads SE Wisconsin Industrial Portfolio

Zilber Property Group has sold a portfolio of 15 industrial facilities in southeast Wisconsin’s Racine and Kenosha counties to a fund managed by Boston-based High Street Realty LLC. The portfolio, which totaled 1.68 million square feet, reportedly traded for about $130 million.

Eleven of the 15 buildings are located in Pleasant Prairie, WI. Two are in Mount Pleasant, one is in Yorkville and one is in Kenosha.

The portfolio’s highest-priced individual asset was a 248,000-square-foot Mount Pleasant warehouse leased to Goodwill Industries. Zilber acquired it in 2017 for $8.6 million and, following a 116,000-square-foot expansion, sold it for $19 million as part of the portfolio.

“This is part of the business cycle for Zilber,” executive vice president John Kersey told BizTimes. “We build, we develop, we buy and we sell.”

Post-sale, Zilber still owns 45 industrial buildings in Wisconsin, Illinois and Indiana, and more than 175 acres of development-ready sites.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).