As reported on the Milwaukee Business Journal

Milwaukee real estate firm Phoenix Investors added a former Inc. warehouse in Kansas to its growing national portfolio of industrial buildings.

Beyond buying the 880,000-square-foot industrial facility that vacated in 2015, Phoenix Investors has lined up a new company to move in. Array Technologies of Albuquerque, New Mexico, will lease the entire Coffeyville building to distribute its equipment that tracks sunlight to orient solar cells.

Phoenix Investors now holds about 29 million square feet of buildings, largely industrial, in 23 states. It specializes in buying empty industrial facilities that have been left behind by corporate users and rehabbing them for new occupants.

The company has grown in recent years. Phoenix Investors reported about 14 million square feet in its portfolio at the end of 2016.

Phoenix Investors is a national player, but also has local holdings. It is converting Racine County industrial buildings into self-storage facilities, and is seeking new tenants for the 2.2-million-square-foot former J.C. Penney office and distribution center in Wauwatosa, for example.

Phoenix Investors announced its Coffeyville purchase on Dec. 23. Senior mortgage financing was by Wisconsin Bank & Trust, and Ken Szady of Marcus & Millichap brokered the transaction, according to Phoenix Investors’ press release.

The property is assessed at $11.2 million, according to Montgomery County records. It dates to 1978, when the oldest parts of the building were constructed for Little Golden Books. Amazon opened its fulfillment center there in 1999, and announced its closure in 2014. The building was publicly auctioned off in 2017.

As of Dec. 27, the record of the most recent sale had not yet been received by Montgomery County. The most recent owner on record is the Palm Avenue Hialeah Trust, which acquired the building in February, according to county records.

The trust is owned by Florida residents and real estate investors John Olson and David Gordon, according to an August 2019 filing by the trust in the U.S. Eastern District of New York court.

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