Janesville by Neil Johnson email@example.com
A Milwaukee commercial real estate group just scooped up half a million square feet of occupied warehousing and industrial properties in Janesville.
Zilber Property Group announced Tuesday it has acquired 500,000 square feet of industrial buildings along the Interstate 90/39 corridor on Janesville’s south and east sides in a move that tacks on four, fully leased, warehousing buildings to its growing portfolio in Janesville.
The group announced its purchase of:
- 101 W. Delavan Drive: a 210,000-square-foot warehousing facility now leased by engine and power generation production equipment manufacturer Cummins Emissions Solutions.
- 1700 E. Delavan Drive: a 120,000-square-foot warehouse and transit building now leased by plastics manufacturer Panoramic.
- 505 S. Wuthering Hills Drive: a 110,000-square-foot warehousing facility now leased by Cummins Emissions Solutions.
- 525 E. Conde St.: a 45,000 square-foot warehousing building now leased by Pepsi Co.
Zilber bought all four properties from former owner Hendricks Commercial Properties, the real estate holding company owned by Beloit business mogul Diane Hendricks.
According to city of Janesville tax records, the four properties have a combined assessed value of $20 million.
Zilber did not reveal its purchase price for the four properties. The company announced the deal in a press release and did not respond to The Gazette calls seeking more details.
The haul brings to 1.6 million square feet of industrial property in the area that Zilber has bought or developed since 2017. The company also is in the midst of developing two, 170,000-square-foot industrial buildings at Beloit Avenue and West Venture Drive in Janesville that Zilber says are expected to be completed and ready for lease this fall.
Chad Navis, Zilber’s director of industrial investments, said in a statement that the four properties Zilber announced buying this week "supplement” Zilber’s holdings along the busy distribution and shipping corridor of Interstate 90/39 in Rock County. Navis said the Janesville properties “strategically” add to the company's stable of fully occupied buildings of varying sizes in the city.
The purchase comes as the stretch of I-90/39 between Beloit and Madison is expected to fully reopen after a six-year-long lane expansion project. The interstate will have six lanes between Beloit and Madison and eight lanes through Janesville.
The I-90/39 project, among other things, is expected to lessen truck traffic bottlenecks through Janesville, and local and state officials have said the lane expansion will be a possible boon for future distribution industry development in Janesville.
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