Eaton Vance Pays $71M for Milwaukee Facility

Eaton Vance has acquired a 311,000-square-foot distribution facility in Caledonia, Wis., for $71.4 million, BizTimes reported first. Zilber Property Group sold the asset.

Saputo Cheese USA, a subsidiary of Saputo Inc., fully occupies the cold storage property, the same source shows. Zilber completed it last year with help from the tenant and local entities, including the Racine County Economic Development Corp. and the Village of Caledonia.

Located at 13001 Baxter Court, the build-to-suit facility sits on 17 acres. The property is just off Interstate 41 and 13 miles from Milwaukee Mitchell International Airport. Downtown Milwaukee is 20 miles away.

The property is the second building to come online within Caledonia Corporate Park. Upon full build-out, the 93-acre master-planned development will have up to 1.6 million square feet of industrial space.

Zilber Property Group’s industrial holdings are concentrated in the Midwest, more exactly in Wisconsin, according to its website. The company sold its remaining Illinois facilities last year, Yardi Matrix data shows, leaving it with a single-state industrial footprint. One of the properties that the company sold is the 161,541-square-foot facility at 711 Fairview Drive, within Park 88 in metro Chicago.

Milwaukee industrial sales pick up

Industrial activity in Milwaukee picked up last year, supported by strong buyer demand and ample liquidity. Milwaukee’s transaction volume reached $568.5 million in 2025, above the annual totals posted in 2023 and 2024, according to a Newmark report. Even against the heightened activity of the pandemic-era cycle, volume remained strong, coming in roughly 7.5 percent above the 10-year annual average of $528.8 million.

The 203,000-square-foot facility at 8100 N. Teutonia Ave. in Brown Deer, Wis., is one of the properties that traded last year. New Blueprint Partners acquired the 1965-built asset from Hansen Storage Co.