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As Published by Beloit Daily News
BELOIT—New details have emerged regarding the plan to develop a 56-acre property in Beloit’s Gateway Business Park following a land sale approved by the Beloit City Council.
As previously reported by the Beloit Daily News, the council took action to approve the sale of 56.27 acres at 1901 Gateway Blvd. in the business park to Milwaukee-based Phoenix Investors LLC for $562,700.
City of Beloit Economic Development Director Jennifer Hall said on Monday the company will build a 500,000-square-foot, Class A industrial complex in Beloit.
“We are pleased that Phoenix sees such significant potential in Beloit, that they are stepping out of their standard revitalization model,” Hall said. “The Gateway Business Park continues to attract quality developments adding quality jobs for our community.”
Phoenix Investors isn’t a stranger to development in Beloit. In 2017, the company acquired the former Alcoa industrial building on Reynolds Drive near the Milwaukee Road business corridor. The company renovated the 416,000-square-foot facility and filled the redeveloped space with new companies occupying the space.
“Our existing projects in the Beloit region are fully leased and we have demand for additional space there from prospective industrial tenants. This project will meet the market demand,” said Phoenix Investors Chairman Frank P. Crivello. “We are grateful to the City of Beloit for its support for our project.”
According to City of Beloit officials, affiliates of Phoenix also own an 815,000-square-foot industrial complex in Edgerton in northern Rock County and a 590,000-square-foot complex in Jefferson, Wisconsin that saw major renovations and are now fully occupied. Phoenix’s affiliate companies hold interests in industrial, retail, office, and single tenant net-leased properties totaling approximately 46 million square feet, spanning 28 states.
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.