As originally published on Hoodline
The hulking former Rexnord manufacturing campus in West Milwaukee is getting a second life. Phoenix Investors has quietly turned the century-old industrial site into a modern, lease-ready complex while keeping much of the original character intact. The campus now spans roughly 56 acres and offers about three-quarters of a million square feet of industrial space that the company says is ready for new tenants, with a mix of heavy-industrial bones and fresh upgrades aimed at manufacturers and logistics users.
According to CoStar, Phoenix paid about $9 million for the property and has redeveloped a total of 753,076 square feet across the 56-acre site. The project includes buildings that are more than a century old and is now being marketed to industrial tenants. CoStar also reported that the redevelopment earned a 2026 CoStar Impact Award for Redevelopment of the Year in the Milwaukee/Madison region.
Campus upgrades and capacity
In a company release, Phoenix Investors outlined a lengthy to-do list at 4701 West Greenfield Avenue. The firm carried out interior demolition, building-system upgrades and cosmetic improvements across nine buildings originally constructed between 1920 and 1973. Phoenix Investors says the complex now offers numerous dock doors, clear heights up to 47 feet and heavy power infrastructure positioned for manufacturing or distribution operations. The company also highlighted surplus land on the campus that could eventually be shifted into commercial or residential development as planning moves forward.
Industry recognition
Industry judges have praised the project for threading the needle between preservation and modernization. CoStar quoted CBRE analyst Ted Nevermann, who said the work “demonstrates a successful large-scale industrial repositioning.” CoStar credited Phoenix leaders Anthony Crivello, Kurt Jensen, Patrick Dedering, Luke Herder and Jeff Kilbourn with steering the redevelopment to completion. The award attention gives the campus added visibility with national tenants that are hunting for large, serviced industrial footprints.
Local response and planning
Village officials are already weighing how the revived complex fits into West Milwaukee’s long-range vision. They have been in preliminary talks with Phoenix about the property’s role in the village’s comprehensive plan, according to the Milwaukee Journal Sentinel. Village President John Stalewski told the paper that discussions have included keeping part of the campus in industrial use while opening other portions to residential, commercial or public uses. That flexible approach mirrors a broader trend in the county, where large legacy factory sites are being adapted to mixed uses as markets and community needs evolve.
How this fits the regional market
Phoenix’s move is part of a wider push by investors to repurpose big industrial footprints around Milwaukee. The firm has added other Milwaukee-area properties as it grows a portfolio that now totals tens of millions of square feet, Daily Reporter noted. Regional market data show that leasing demand is concentrated in spaces with high clear heights, abundant dock capacity and robust power infrastructure, features that the Rexnord buildings already offer, according to a Cushman & Wakefield MarketBeat report. That fit between what tenants want and what the site provides helps explain why Phoenix pursued the campus amid competition from national buyers.
What’s next for the site
Phoenix Investors says the campus is being actively marketed to industrial tenants while the owner evaluates mixed-use possibilities for the surplus land. The combination of preserved brick shells, heavy power capabilities and upgraded building systems gives the property an unusual profile for large users and could speed up rehiring or new manufacturing activity in the area. Leasing teams are fielding inquiries and scheduling site tours as Phoenix phases the redeveloped campus into the market.
