Sears Sells North Highland Warehouse to Milwaukee-Based Firm
As reported in the Milwaukee Business Journal
A Sears subsidiary just sold a vacant, 1.4 million-square-foot facility on North Highland Street to Milwaukee-based Phoenix Investors.
Sears built most of the facility — massive, for its day — in 1973, at 3456 Meyers Road, at the corner of Highland in Memphis’ Douglass neighborhood. It sold the building and 39 acres of nearby land to Phoenix Investors for $8.2 million. The nearby land — home to a parking lot and a detention pond — was part of a separate transaction from the main sale.
The warehouse is Phoenix’s second Memphis-area asset, as it owns a 320,000-square-foot building in Covington. According to its website, Phoenix owns about 29 million square feet of product, most of which is in Wisconsin or Illinois.
According to the release, Phoenix expects to continue to expand its Tennessee presence. It specializes in buying empty industrial facilities that have been left behind by corporate users and rehabbing them for new occupants.
Phoenix financed the Meyers Road deal with a $10.1 million loan from Atlanta-based Atlantic Capital 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.