As reported on biztimes.com , Written by Alex Zank
Affiliates of Milwaukee-based real estate investment firm Phoenix Investors recently acquired two out of state industrial complexes in transactions that totaled $10.7 million.
To conclude 2018, Phoenix bought one property near Peoria, Illinois, for $8.1 million, and another near Jefferson City, Missouri, for $2.6 million. The company expanded its footprint to 24 states with the Jefferson City purchase.
The Jefferson City property includes a roughly 276,180-square-foot industrial building on about 59 acres. It is primarily leased to Adient U.S., a manufacturer of automotive seats and components that was spun off from Johnson Controls. Approximately 78,000 square feet of office and industrial space in the building is available for lease, said Anthony Crivello, executive vice president of Phoenix.
“We plan on implementing various capital improvements to the site, making the vacant space materially more marketable,” Crivello said in a news release.
The Peoria property consists of four industrial buildings totaling approximately 478,400 square feet on nearly 40 acres, with each building ranging from 40,000 square feet to 156,000 square feet. At closing, Superior Consolidated Industries entered into a sale-leaseback of the entire facility. The company provides third-party logistics support to U.S.-based manufacturers, and employs 2,000 people in 15 locations.
“2018 was a robust year from start to finish. We anticipate more exciting portfolio growth in 2019, as we believe the demand for industrial real estate will remain strong,” David Marks, president and CEO of Phoenix, said in the release.