Originally Published by CoStar Group Inc.
An affiliate of Phoenix Investors acquired a vacant 267,289-square-foot warehouse building in Mount Sterling, Kentucky, for $1.65 million in December 2022. The building hadn’t been used since Regal Rexnord Corp. ceased operations in 2014.
Shortly after the sale, Phoenix Investors entered a long-term lease agreement with Neogen Corp., a manufacturer of animal and food safety products. Phoenix renovated the warehouse — now called the Neogen Mount Sterling — in 2022, adding new dock positions, racking and conveyor systems, flooring and LED lighting.
The project was recognized as the redevelopment of the year in the Lexington/Fayette market as part of the 2023 CoStar Impact Awards, selected by an independent panel of local industry professionals.
The opening of the facility added 79 full-time jobs, aligning with Kentucky Governor Andy Beshear’s initiative to grow the state’s agri-tech sector.
About the building: The 267,289-square-foot warehouse was initially built in 1967.
What the judges said: “The redevelopment/renovation of this property has benefited the community with more jobs and green alternatives rather than demolishing the building,” said Lucy Houp, assistant vice president of property marketing for NAI Isaac.
“Formerly vacant, this re-development has brought life and purpose back to this industrial building. The redevelopment will bring 80 full-time jobs to the area and will help spur other economic activity,” said William VanMeter, broker for Haymaker Commercial Real Estate.
They made it happen: Anthony Crivello, managing director for Phoenix Investors.