“People are now seeing Racine as something that really gives you the benefit of both markets, and it has taken time for the market to realize that,” said David Marks, president and CEO of Phoenix Investors in Milwaukee.
Phoenix Investors in 2013 bought an existing building in Mount Pleasant, and currently owns 62 surrounding acres for more development on Durand Avenue. Phoenix has prepared 18 acres for construction of a 130,000-square-foot building, said senior vice president Kurt Jensen. The remaining land could be developed into a warehouse, manufacturing facility or self-storage center.
Jensen said most of the interest in the new building has come from Illinois prospects.
As rental rates for buildings in Kenosha County increase, and the Milwaukee area gets tighter in terms of space, there’s more demand in Racine County, Marks said.
Racine is an interesting market because it’s not the Milwaukee market; it’s not, at least from a first step, the Illinois development market,” Marks said. “It really sits in between the two.”