As reported in PR Newswire
MILWAUKEE, Aug. 31, 2020 — An affiliate of Phoenix Investors (“Phoenix”), a national private commercial real estate firm headquartered in Milwaukee, Wisconsin, announced it leased approximately 300,000 square feet of the former Maytag Facility located at 1801 Monmouth Blvd, Galesburg, Illinois to Corteva Agriscience.
Corteva Agriscience is a major American agricultural chemical and seed company that was the agricultural division of DowDuPont prior to being spun off as an independent public company. DowDuPont announced the Corteva name in February 2018, saying that it was “derived from a combination of words meaning ‘heart’ and ‘nature.’” Corteva became a public company on June 3, 2019 and trades on the New York Stock Exchange.
The Monmouth building remained vacant since Maytag closed this plant over a decade ago. Phoenix purchased it in June 2019 and commenced a complete renovation of the existing building. The renovation work will be completed this Fall and Corteva will take occupancy.
“For nearly a year I worked with Corteva Agriscience and public partners to create a distribution hub in Galesburg. This lease represents the fruit of hard work by Phoenix, Corteva Agriscience, and our public partners,” stated Ryan Holzhauer, Vice President of Phoenix Investors.
“As Mayor, I am very happy to see the reuse of the former Maytag facility on Monmouth Blvd. Galesburg has made tremendous strides over the past five years in regard to filling up vacant properties. I would like to extend a welcome to Corteva Agriscience and offer sincere congratulations to Phoenix Investors for successfully completing the turnaround of this important property,” stated John Pritchard, Mayor of the City of Galesburg.
“The transformation of the former Maytag facility into a modern, usable space in less than a year has been exhilarating to witness. I want to extend a warm welcome to Corteva Agriscience and also recognize the tremendous work by Phoenix Investors in bringing this property back to life. This is a big day for our community,” stated Ken Springer, President, Knox County Area Partnership for Economic Development.
“We are grateful to the City of Galesburg and Regional Economic Development partners for their help in making this extraordinary outcome a reality,” stated Frank P. Crivello, Chairman of Phoenix Investors. “We welcome Corteva Agriscience to our renovated industrial complex.”
About Phoenix Investors
Phoenix Investors is a national commercial real estate firm based in Milwaukee, WI whose core business is the revitalization of former manufacturing facilities throughout the United States. This strategy leads to positively transforming communities and restarting the economic engine in the communities we serve.
Phoenix’s affiliate companies hold interests in approximately 31 million square feet of industrial, retail, office, and single tenant net-leased properties across 21 states. NREI’s most recent survey ranked Phoenix Investor’s as having the 28th largest total industrial real estate portfolio. Today, Phoenix principally specializes in the renovation and repositioning of large, former single tenant industrial facilities throughout the United States that were previously owned by major corporate clients, REITs, or financial institutions.