Phoenix Investors Acquired Former Bon-Ton Distribution Center in Rockford, IL
As reported on prnewswire.com
MILWAUKEE, Feb. 4, 2019 /PRNewswire/ — An affiliate of Phoenix Investors (“Phoenix”), a national private commercial real estate firm headquartered in Milwaukee, Wisconsin announced it acquired an approximately 517,000 square-foot former Bon-Ton distribution facility located at 4650 Shepherd Trail in Rockford, Illinois. With the subject acquisition, Phoenix’s affiliates now own approximately 3,200,000 square feet in Illinois.
Conveniently located between two full four-way interchanges with Interstate 90, the property features approximately 25,000 square feet of office space, clear ceiling heights up to 26 feet, 1 drive-in door, and 127 dock doors. The property is easily divisible for multi-tenant occupancy.
Phoenix intends on renovating the property in the coming months, making the space more attractive to new users. “We are deeply embedded in the Rockford industrial market. This acquisition further cements our commitment to the area,” said Kurt Jensen, Phoenix’s Senior Vice President of Acquisitions and Leasing. “The property is well-positioned to provide a cost-efficient and flexible solution for future users.”
Senior mortgage financing was provided by River Valley Bank.
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.