As published by Barbra Murray for Commercial Property Executive
Three industrial facilities increase the company’s portfolio by 1 million square feet.
Phoenix Investors continues to expand its portfolio, most recently adding three industrial properties via three separate transactions. The company purchased the former manufacturing plants totaling more than 1 million square feet in metropolitan Milwaukee and the Greater Raleigh, N.C., area.
Phoenix is a master of redeveloping and repurposing former plants and plans to do just that with its new purchases. With the explosion in construction costs over the last 24 months, the company’s renovated former plants have become more attractive to corporate tenants who are seeking quality space at an affordable level, said Anthony Crivello, executive vice president of Phoenix Investors, in a prepared statement.
In Waupun, Wis., Phoenix acquired Silgan Container Manufacturing Corp.’s 260,000-square-foot modern warehouse facility at 500 Libby St. Sited on 46 acres, the property also features office and manufacturing space. Additionally, 500 Libby’s Milwaukee-area location also provides easy access to the Madison and Green Bay markets.
Phoenix also grew its footprint in the Greater Milwaukee area with the purchase of Eaton Corp.’s 375,000-square-foot warehouse at N9246 State Road 80 in Necedah, Wis. The multi-tenant warehouse occupies 68 acres and features office space and room for expansion. Closer to Madison than Wisconsin, the property is a convenient midway point between Chicago and Minneapolis.
In Lumberton, N.C., Phoenix acquired the 410,000-square-foot industrial property at 1885 Alamac Road from Alamac American Knits LLC. The property, occupying 150 acres, is the largest of the three Phoenix acquired. In addition to the manufacturing space, the facility also features, warehousing, office and support accommodations.
On a roll
Phoenix has been busy buying and redeveloping in 2022, just as it did in 2021, when it increased its portfolio to 52 million square feet with the acquisition of 15 million square feet of properties and completed the construction of 500,000 square feet of projects.
The company’s activities this year include a deal that will prove notable for Phoenix and will turn heads in the industry as well. In March, the company entered into a definitive purchase agreement to acquire Nela Park, a facility occupied by GE Lighting in Cleveland, Ohio. The 138-acre property encompasses more than 1 million square feet and, developed in 1913, is considered the first industrial park in the world.