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Phoenix Investors Buys Two Out of State Industrial Properties
As reported on biztimes.com , Written by Alex Zank
Affiliates of Milwaukee-based real estate investment firm Phoenix Investors recently acquired two out of state industrial complexes in transactions that totaled $10.7 million.
To conclude 2018, Phoenix bought one property near Peoria, Illinois, for $8.1 million, and another near Jefferson City, Missouri, for $2.6 million. The company expanded its footprint to 24 states with the Jefferson City purchase.
The Jefferson City property includes a roughly 276,180-square-foot industrial building on about 59 acres. It is primarily leased to Adient U.S., a manufacturer of automotive seats and components that was spun off from Johnson Controls. Approximately 78,000 square feet of office and industrial space in the building is available for lease, said Anthony Crivello, executive vice president of Phoenix.
“We plan on implementing various capital improvements to the site, making the vacant space materially more marketable,” Crivello said in a news release.
The Peoria property consists of four industrial buildings totaling approximately 478,400 square feet on nearly 40 acres, with each building ranging from 40,000 square feet to 156,000 square feet. At closing, Superior Consolidated Industries entered into a sale-leaseback of the entire facility. The company provides third-party logistics support to U.S.-based manufacturers, and employs 2,000 people in 15 locations.
“2018 was a robust year from start to finish. We anticipate more exciting portfolio growth in 2019, as we believe the demand for industrial real estate will remain strong,” David Marks, president and CEO of Phoenix, said in the release.
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.