As reported on The Register-Mail
GALESBURG — Corteva Agriscience, the new tenant of Galesburg’s former Maytag building, will use the Monmouth Boulevard space as a regional distribution hub for its agricultural products, according to the company leasing out the building.
“Corteva will use (the site) as a regional distribution hub for its agricultural products,” Frank Crivello, chairman and founder of Phoenix Investors, told The Register-Mail via email Monday evening.
Phoenix purchased the vacated building in June 2019 with intentions to rehabilitate and lease it. This effort appeared to have caught the eye of Corteva, which will be opening its facility in the fall, upon the completion of renovations.
Before being purchased by Phoenix, the building had spent over a decade dormant after being vacated by Maytag.
Corteva has not responded to Register-Mail questions as of Tuesday morning, leading to ongoing uncertainty over what exactly the facility will be used for and how many workers it will employ in town. The company, formerly part of DowDuPont, is perhaps most notable in the area as the owner of Pioneer Hi-Bred International, which produces genetically modified corn and soybean seeds nearby in Woodhull.
While Corteva will be using 300,000 square feet of the property, 150,000 square feet of the facility is still yet to be leased out.
Galesburg Mayor John Pritchard said he is not entirely sure of what exactly will take place in the facility or the number of jobs it will bring, but he does believe that it will be significant for the city.
“I think distribution is going to be a complex thing. Bringing in bulk package and repackaging it, that can involve a lot of manpower,” he said.
About Phoenix Investors
Founded by Frank P. Crivello in 1994, Phoenix Investors and its affiliates (collectively “Phoenix”) are a leader in the acquisition, development, renovation, and repositioning of industrial facilities throughout the United States. Utilizing a disciplined investment approach and successful partnerships with institutional capital sources, corporations, and public stakeholders, Phoenix has developed a proven track record of generating superior risk-adjusted returns, while providing cost-efficient lease rates for its growing portfolio of national tenants. Its efforts inspire and drive the transformation and reinvigoration of the economic engines in the communities it serves, currently encompassing over 30 million square feet. Phoenix continues to be defined by thoughtful relationships, sophisticated investment tools, cost-efficient solutions, and a reputation for success.