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Phoenix Investors Acquires Three Additional Illinois Industrial Properties
Company purchases over 1.8 million square feet
MILWAUKEE, WI (June 25, 2019) – Affiliates of Phoenix Investors (“Phoenix”), a national private commercial real estate firm headquartered in Milwaukee, Wisconsin, announced the acquisition of three industrial properties totaling approximately 1,800,000 square feet located in Galesburg and Decatur, Illinois. The subject acquisition brings Phoenix’s overall portfolio to approximately 27,000,000 square feet across 25 states.
The Galesburg Illinois assets were originally constructed by Maytag between 1974 and 1996 and then acquired by Whirlpool Corporation. Phoenix’s portfolio holdings include eight former Whirlpool facilities. The 1000 South Linwood facility consists of approximately 855,000 square feet and is substantially leased to national and regional companies serving the e-commerce, retailing, packaging, and distribution sectors. 1000 South Linwood features 25-foot to 36-foot clear ceiling heights, 50’ x 50’ column spacing, 33 docks, and 14 overhead doors. The 1801 Monmouth Blvd property includes approximately 462,000 square feet of available space, which can be demised for multi-tenant occupancy. In addition, 1801 Monmouth Blvd features 25-foot to 33-foot clear ceiling heights, varying column spacing, 16 docks, 5 overhead doors, and BNSF rail service. Both properties have excellent access to I-74 East from County Hwy 10 & I-74 West from US-34.
“The Knox County Area Partnership for Economic Development is excited to work with Phoenix Investors to find a new user for the former Maytag facility in Galesburg. Phoenix Investors has a track record of revitalizing commercial and industrial real estate across the US. Their expertise will be invaluable to our community,” said Ken Springer, President of The Knox County Area Partnership for Economic Development.
The Decatur property is a former BorgWarner facility located at 625-701 Southside Drive in Decatur, Illinois on 56 acres. The facility is comprised of approximately 475,000 square feet of improvements anchored by global manufacturing and logistics tenants, of which approximately 150,000 square feet of space remain available for lease. Additionally, the facility features 20 loading docks, 16 overhead doors, 16-foot to 30-foot clear ceiling heights and Canadian National Railroad rail access. Access is available to I-72, via Hwy 51, which is 3 miles southwest of the facility.
“The EDC of Decatur-Macon County welcomes the investment of Phoenix Investors into our community. This is an outstanding property, and their investment shows the continued viability of our market. We look forward to collaborating with Phoenix Investors and learning from their expertise as we work to develop their property and grow our economy,“ said Ryan McCrady, President of Economic Development Corporation of Decatur & Macon County.
“As we continue to expand our presence in Illinois and throughout the United States, Phoenix plans on renovating all three properties in the immediate future, applying the high standards of our portfolio capital expenditure program in addressing various deferred maintenance items, while making the space more attractive to prospective users at affordable rates,” commented David Marks, President and CEO of Phoenix.
About Phoenix Investors
Phoenix Investors is a national commercial real estate firm based in Milwaukee, Wisconsin whose core business is the revitalization of former distribution and manufacturing facilities throughout the United States. This strategy leads to positively transforming communities and restarting the economic engine in the communities we serve.
For more information: https://phoenixinvestors.com
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.