Zilber Drops $10 Million On GXO-Run Pleasant Prairie Warehouse

Zilber Property Group has snapped up the Pleasant Prairie warehouse occupied by third-party logistics firm GXO Logistics in a deal valued at about $10 million, tightening its grip on one of the hottest industrial corridors between Milwaukee and Chicago. The single-building property sits inside LakeView Corporate Park along I-94, and the sale is yet another sign that investors are still hungry for Midwest logistics assets.

Deal details

Zilber’s roughly $10 million purchase was reported Tuesday by Milwaukee Business Journal. The outlet notes that the acquisition expands Zilber’s footprint in Kenosha County and adds another owned asset inside the LakeView campus.

LakeView strategy

LakeView Corporate Park is a master-planned industrial campus that stretches along I-94 and offers large-bay distribution space with easy access to regional markets, according to Wispark. Earlier this year, the Kenosha Area Business Alliance reported that Zilber acquired roughly 97 acres across multiple parcels in LakeView, a clear signal the firm is building a regional position, according to KABA.

GXO's plans and local impact

Village planning records show GXO sought approval to occupy the building at 10303 80th Avenue and planned a buildout that would dedicate about 100,000 square feet to warehousing and roughly 13,000 square feet to offices, according to the Village of Pleasant Prairie. Local reporting indicates the company proposed storing and shipping certain solvent-based and non-solvent-based paints and coatings at the site, as described by BizTimes.

Investor interest along I-94

Investors have been active in Pleasant Prairie this spring and early summer, picking up large distribution assets at prices that underscore demand for logistics real estate in the Midwest. A May sale in which a Morgan Stanley affiliate paid about $47.5 million for a 417,384-square-foot LakeView warehouse shows the level of institutional interest.

The Zilber purchase of the GXO-occupied building adds an owner with a development track record to LakeView’s roster and could shape future leasing or redevelopment moves in the park. Public filings and upcoming plan-commission agendas will be the next places to watch for signs of upgrades or re-tenancy.