As reported on prnewswire.com
MILWAUKEE, Feb. 4, 2019 /PRNewswire/ — An affiliate of Phoenix Investors (“Phoenix”), a national private commercial real estate firm headquartered in Milwaukee, Wisconsin, announced it acquired an approximately 517,000 square-foot former Bon-Ton distribution facility located at 4650 Shepherd Trail in Rockford, Illinois. With the subject acquisition, Phoenix’s affiliates now own approximately 3,200,000 square feet in Illinois.
Conveniently located between two full four-way interchanges with Interstate 90, the property features approximately 25,000 square feet of office space, clear ceiling heights up to 26 feet, 1 drive-in door, and 127 dock doors. The property is easily divisible for multi-tenant occupancy.
Phoenix intends on renovating the property in the coming months, making the space more attractive to new users. “We are deeply embedded in the Rockford industrial market. This acquisition further cements our commitment to the area,” said Kurt Jensen, Phoenix’s Senior Vice President of Acquisitions and Leasing. “The property is well positioned to provide a cost efficient and flexible solution for future users.”
Senior mortgage financing was provided by River Valley Bank.