Stream Realty Acquires Land for 900 KSF Wisconsin Industrial Park

A rendering of the Somers Trade Center in Kenosha, Wis. Image courtesy of Stream Realty Partners

Stream Realty Partners has acquired three parcels of land totaling 90.4 acres in Kenosha, Wis., for the development of an industrial park.

The Somers Trade Center at 10812 Burlington Road will offer 934,505 square feet of Class A space. A Cushman & Wakefield team, led by Executive Managing Director Eric Fischer, will handle leasing at the three-building property. The site is located less than 1 mile from Interstate 94 and offers direct access to Chicago.

Patrick Russo, executive managing director & partner at Stream Chicago, sourced the site and, along with Drue Stoehr and Dale Todd, both senior directors in the firm’s Industrial Development Services Division, worked on assemblage, entitlements and closing the deal. Stoehr and Todd will develop the land.

Kenosha’s growing industrial market

Shipping and packaging material company Uline is expanding its campus in Kenosha, with the addition of 1.4 million square feet. The Kenosha area is a competitive market for industrial development, with Kenosha County accounting for 4 million square feet of the approximately 7.8 million square feet of industrial space that was under development in the Badger State at the end of 2022, according to a report by the Commercial Association of Realtors Wisconsin.

Despite a slowdown in demand and transaction activity for commercial real estate assets, the industrial sector remains relatively healthy, with asking rents on the rise and vacancy rates low. However, demand is expected to moderate in the future, according to CommercialEdge data.

Stream recently acquired Velocity II, a 297,607-square-foot, fully-occupied Class A industrial facility in Greer, S.C., for $29 million, and completed the second phase of the Empire West Business Park, a six-building, 2.3 million-square-foot industrial site in Brookshire, Texas, near Houston.