Phoenix leases 880,000 square foot facility for distribution of solar equipment
MILWAUKEE, WI (Dec. 23, 2019) – An affiliate of Phoenix Investors (“Phoenix“), a national private commercial real estate firm headquartered in Milwaukee, Wisconsin, announced it acquired an approximately 880,000 square-foot industrial facility located at 2654 Highway 169 on 105 acres adjacent to the Coffeyville Municipal Airport in Coffeyville, Kansas. The original facility was built as a distribution center for Golden Books in 1978 and was occupied as an Amazon fulfillment center from 1999 through 2014.
The property is located within proximity to State Highway 169, 166, Interstate 35, Interstate 70 and Interstate 44, and features clear ceiling heights up to 39 feet, 70 dock doors, 3 drive-in doors, air conditioning, and 630 surface parking spaces. The facility was built in phases from 1978 to 1999, having an optimal layout for multi-tenant occupancy.
Upon closing, Phoenix executed a lease for the entire facility with Array Technologies for the distribution of industry-leading single-axis solar tracking equipment.
“The property is in excellent condition and it is ready for immediate occupancy. Coffeyville has a strong labor pool that can accommodate various industrial uses,” said Anthony Crivello, Executive Vice President of Phoenix, “Given the geographic location in the center of the United States, it represents an ideal location for national and regional distribution uses.”
This transaction is representative of the range of services in which Phoenix’s group of companies can provide, including an opportunistic acquisition, job creation, logistics services, leasing quality affordable space, and leveraging Phoenix’s scale and national footprint for the benefit of a win-win-win situation between Phoenix, its tenant, and the community.
Senior mortgage financing was provided by Wisconsin Bank & Trust. The transaction was brokered by Ken Szady of Marcus & Millichap.
About Phoenix Investors
Phoenix Investors is a national commercial real estate firm based in Milwaukee, Wisconsin whose core business is the revitalization of former manufacturing facilities throughout the United States. This strategy leads to positively transforming communities and restarting the economic engine in the communities we serve.
Phoenix’s affiliate companies hold interests in approximately 29 million square feet of industrial, retail, office, and single-tenant net-leased properties across 23 states. A 2018 survey conducted by NREI ranked Phoenix Investors as having the 28th largest total industrial real estate portfolio. Today, Phoenix principally specializes in the renovation and repositioning of large, former single tenant industrial facilities throughout the United States that were previously owned by major corporate clients, REITs, or financial institutions.