Milwaukee-based Phoenix Investors announced Corteva Agriscience will be the the new tenant of their property in Galesburg. The facility is a former Maytag building located on Monmouth Boulevard. “Corteva will use (the site) as a regional distribution hub for its agricultural products,” Phoenix Chairman & Founder Frank Crivello said.
Read the full article at The Register-Mail.
ABOUT PHOENIX INVESTORS
In 1991, Frank P. Crivello created two private trusts, Irrevocable Children’s Trust and Irrevocable Children’s Trust No.2 (the “Trusts”), for the benefit of his children, Joseph and Anthony Crivello. Later that year, through their majority interest in the First Berkshire Business Trust, the Trusts completed Wall Street’s first single-tenant retail property-backed securitized financing. That transaction, secured by 43 Kmart retail locations and warehouse stores, became a precursor for CMBS structures commonly used over the last twenty-five years.
In 1994, David Marks became a trustee of the Trusts, and Phoenix Investors (“Phoenix”) was created as the management company of the Trusts’ investments. Throughout the 1990s, Phoenix focused on single-tenant arbitrage opportunities available across the country. To this end, Phoenix exploited various market inefficiencies that existed including information inefficiencies, differences in credit perceptions of unrated regional and national tenants, and innovative Wall Street financings, the combination of which produced above-market returns.
From 2002 to the beginning of the Great Recession in 2007, our management team concluded that prevailing real estate opportunities and trends did not meet its disciplined risk/reward analysis. Phoenix suspended new acquisitions of commercial property and instead focused on improving its existing portfolio. Since the Great Recession, Phoenix has aggressively used its experience to source, identify, and harvest unprecedented commercial real estate opportunities. Currently, our focus is on maximizing underappreciated asset classes including Class B and C industrial properties, portfolio and REIT dispositions, and creatively working with corporations, banks, and other institutions on underperforming asset dispositions.
Looking forward, Phoenix will continue applying its disciplined investment strategy to commercial real estate opportunities while implementing new technologies and adding resources.
To successfully identify and execute opportunities in a dynamic and changing marketplace, Phoenix has built a talented team of professionals across all levels of its business, providing them with cutting-edge technology tools, and superior benefits including a highly acclaimed wellness program. The Trust beneficiaries, Joseph and Anthony Crivello, both of whom grew up around Phoenix, are part of its Advisory Board and reflect the next generation of leadership for Phoenix. The Phoenix team has been critical to our achievements to date and will lead Phoenix to new heights in future decades.