More and more Chicago-area developers are looking to Wisconsin lands for industrial projects. Multi-Trans Services purchased 52 acres near Amazaon's Kenosha warehouse, the company's first development in Kenosha County.
TODAY's TMJ4 partner, the Milwaukee Business Journal reported the purchased land is located south of 38th Street on the east of Interstate 94.
Tom Boyle, principal in Transwestern's Rosemont, Illinois office, marketed the Kenosha property. Boyle said, “For the last 36 months, the majority of the developers in Chicago have been evaluating properties in Kenosha County.”
According to state records, a distribution center east of the lot and affiliate of Gordon Food Service sold the property for $1.94 million.
Mark Baumhart represented the company in the purchase. Baumhart, the senior vice president of Arthur J. Rogers & Co., says that they can build 400,000 to 500,000 square feet and will market the land for a potential end user.
Vacant space has been scarce, so developers are beginning to realize that the land market is the favorable option.
Boyle said, “The land market is going to have to become the solution for companies that are going to grow and expand.”
Even before Foxconn's development in Mount Pleasant, there has been a strong demand for industrial space. First Industrial Realty Trust Inc., is another business project in the area. Adam Moore, senior regional director of the company, said “We feel the I-94 north-south corridor is a great distribution market prior to Foxconn coming along.”
People can expect more growth in the area as Chicago developers look to the north for their projects.