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Cristo Rey Jesuit High School Partners With Phoenix Investors, Crivello Family Foundation and Feeding America Eastern Wisconsin for Holiday Food DistributionCristo Rey Jesuit High School Partners With Phoenix Investors, Crivello Family Foundation and Feeding America Eastern Wisconsin for Holiday Food Distribution
Cristo Rey Jesuit High School Partners With Phoenix Investors, Crivello Family Foundation and Feeding America Eastern Wisconsin for Holiday Food Distribution
A Look Inside the Newly Renovated Former Delphi Building
As reported on mlive.com
FLINT, MI (October 17, 2019) – Genesee Packaging Inc. is the anchor tenant of the former Delphi East building that was purchased and renovated for $25 million by Phoenix Investors.
Tours of the newly renovated building were given on Wednesday, Oct. 16 at the historic building at 1102 North Averill. The building once housed the Dort Motor Co. Warehouse, AC Spark Plugs world headquarters, and the Delphi Corp.
Genesee Packaging moved into the 250,000-square-foot renovated space in May and was able to sustain 150 jobs within Flint. The other portion of the property at 1101 North Averill, 205,427 square feet, is still being renovated and there are prospective tenants interested in leasing it, according to officials with Phoenix Investors.
“We’re pleased and proud to be part of the East Flint upswing as jobs return and businesses like Genesee Packaging bring activity to this area,” said Tracy Schroeder, Director of Governmental Affairs and Community Development at Phoenix Investors.
Genesee Packaging has operated in Flint for 40 years. The majority of the company’s employees live in Flint, according to Jane Worthing, CEO of Genesee Packaging.
“Staying in our local community is important to us,” Worthing said. “Working together, Genesee Packaging became the anchor tenant at this historical site.”
Worthing, who became CEO of Genesee Packaging in 2015 after committing 35 years at the company, said she plans to bring an additional 150 jobs to the community. Genesee Packaging isn’t a piece of the property that’s currently under renovation, but “if we find the right opportunity and Phoenix is still looking for someone, we’ll continue the conversation,” Worthing said.
The space under renovation features a large parcel with room to expand, high bays with cranes, rail access and BTS office space that’s available. Renovation began in 2018 and will wrap up in the spring of 2020, according to Kurt Jensen of Phoenix Investors.
“This space could be finished even sooner if we meet the right client,” Jensen said.
The 550,000-square-foot property was bought for $3.15 million by Phoenix Investors in 2017. Delphi East closed in 2013 when the work for its 287 employees was sent to a plant in Mexico, according to MLive-The Flint Journal’s files.
The building on the property today was originally built in 1960 and required extensive renovations. There are 42-foot ceiling heights, 17 loading docks and numerous overhead cranes in the building.
Mr. Frank P. Crivello began his real estate career in 1982, focusing his investments in multifamily, office, industrial, and shopping center developments across the United States. From 1994 to 2008, Mr. Crivello assisted Phoenix Investors in its execution of its then business model of acquiring net lease commercial real estate across the United States. Since 2009, Mr. Crivello has assisted Phoenix Investors in the shift of its core focus to the acquisition of industrial real estate throughout the country.
Given his extensive experience in all aspects of commercial real estate, Mr. Crivello provides strategic and operational input to Phoenix Investors and its affiliated companies.
Mr. Crivello received a B.A., Magna Cum Laude, from Brown University and the London School of Economics, while completing a double major in Economics and Political Science; he is a member of Phi Beta Kappa. Outside of his business interests, Mr. Crivello invests his time, energy, and financial support across a wide net of charitable projects and organizations.