As reported in The Lansing State Journal
Founded in 1994 by Frank P. Crivello, 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, Phoenix has developed a proven track record of generating superior risk-adjusted returns while providing cost-efficient lease rates for its tenants.
Perhaps Phoenix’s greatest legacy is the revitalization of distressed communities suffering from the impact of urban blight. “About a decade ago, I began to witness entire communities making significant strides in the areas surrounding our redevelopments,” said Frank P. Crivello, Chairman & Founder of Phoenix Investors. “Most often when we complete a major industrial renovation, nearby businesses and neighborhoods begin to improve. We’ve found that our renovations are often inspiration for other investments and increased economic activity.”
Phoenix’s presence in Flint has grown considerably since 2017, when the commercial real estate firm purchased the former Delphi East facility at 1101 N. Center Road. When Delphi East closed its doors in 2013, more than 280 employees lost their jobs. Phoenix’s renovations have renewed leasing activity. The facility’s reopening has added or maintained approximately 350 full-time jobs in the Flint area. In an address at a special “Phoenix in Flint” ceremony held in October of 2019, Phoenix Investors’ President & CEO David Marks addressed the very specific impacts of blight reduction as experienced by the city of Flint due to Phoenix’s renovation efforts:
What we didn’t anticipate as we transformed our portfolio—and what didn’t show up on spreadsheets—was the effect our business would have on local communities and what role these large facilities play in the historical fabric of these communities. When you renovate or re-tenant a 400,000 – 2 million square-foot facility that formerly employed thousands of people over decades, that had been sitting vacant for years because of blight—it’s important to people.
Beyond the positive impact of our redevelopment, we made a $50,000 donation that was leveraged into a $500,000 grant by local agencies for the removal of the adjacent, formerly crime-infested trailer park that was disrupting the community. In Flint, we want to continue contributing to the neighborhood. To that end, we are currently working on a future donation for additional neighborhood improvements to reduce blight and improve the neighborhood for our tenants, the employees, and the entire community.
Exterior of the plant at 1101 N Center Rd.
Also in attendance were Frank P. Crivello, Phoenix’s Chairman and Founder; Anthony Crivello, Phoenix’s Executive Vice President; and much of the management team. As a nationally recognized commercial real estate firm, Phoenix Investors’ facilities are hosted by communities across the United States, many of which have experienced marked improvements in crime reduction, increases in economic activity, significant reductions in unemployment rates, and a renewal of neighborhood safety and culture.
The most recent National Real Estate Investor survey ranked Phoenix Investors as having the 28th-largest total industrial real estate portfolio in the U.S.. Currently, Phoenix’s affiliate companies hold interests in over 36 million square feet of industrial, retail, office, and single tenant leased properties across 22 states.
Please visit https://phoenixinvestors.com to learn more about Phoenix Investors, their national reach, and their commitment to revitalizing communities.