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As published in PR Newswire
Affiliates of Phoenix Investors (“Phoenix“), a national private commercial real estate firm headquartered in Milwaukee, Wisconsin, recently announced the acquisition of two industrial properties that have expanded its Portfolio to 40 million square feet across 23 states. The subject properties are located at 2500 Hwy 6 East in Iowa City, IA and 2850 Gainesville Hwy in Alto, GA.
The property in Iowa City, Iowa consists of a manufacturing and distribution center amounting to approximately 364,000 square feet on just over 20 acres. Phoenix acquired the property from International Automotive Components, who originally used the facility for manufacturing of various automotive parts. Featuring 50′ x 40′ column spacing, 19 loading docks, 3 drive-in doors, ample restrooms, and clear heights ranging from 25′ to 37′, the bones of the property are well-positioned for new tenants. Phoenix’s Iowa Portfolio now exceeds 2 million square feet.
The property in Alto, Georgia encompasses over 640,000 square feet and is composed of 2 buildings on over 106 acres. Mount Vernon Mills, Inc. announced the closure of the plant in 2020. The Alto facility includes multiple cranes, 7 ¼” concrete floors, and abundant power. Phoenix will renovate and reposition the property to support multi-tenant occupancy.
“The timing of Phoenix bringing new life to the former Mount Vernon Mills facility is perfect,” said Rope Roberts, Economic Development Manager at Georgia Power Company. “There are many suppliers to SK Innovation in Commerce who are constantly looking for buildings near the facility. The Mount Vernon complex will be a much-needed addition to the building inventory in the northeast Georgia region”.
“We are excited to add these properties and locations to our growing industrial portfolio,” said Anthony Crivello, Executive Vice President of Phoenix. “We continue to see strong demand for repurposed industrial space across our markets, and these properties will give our leasing team more options to fill organic demand. Many thanks to our remarkable team and partners for this continued success.”
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 industrial, retail, office, and single tenant net-leased properties in approximately 40 million square feet, spanning 23 states. NREI’s most recent survey ranked Phoenix Investors as having the 28th largest total industrial real estate portfolio in the United States. 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.
For more information, please visit 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.