As reported on PR Newswire NORMAL, Ill., Dec. 8, 2020 -- An affiliate of Phoenix Investors ("Phoenix"), a national private commercial real estate firm headquartered in Milwaukee, Wisconsin, announced it will build Phase Two of the North Normal Industrial Park consisting of a 500,000 square-foot addition on approximately 30 acres of land it owns located at 301 West Kerrick Road in Normal, Illinois. In June 2020, Phoenix acquired the partially completed Phase One consisting of 500,000 square feet in the North Normal Industrial Park. Phoenix will complete construction of Phase One in early 2021. ... Read More
Rivian, an emerging electric automotive company, has leased a 500,000-square-foot warehouse from Phoenix Investors. Located in north Normal, IL. Rivian will use the building as a logistical center for parts and eventual production. “Rivian’s investment in the Normal region will attract other cutting-edge companies and drive the creation of high-quality jobs to the region,” said Phoenix's Executive Vice President Anthony Crivello. Read the full article on WGLT.org.
The costs associated with outsourcing manufacturing to China have been steadily climbing over the last decade. Wages for Chinese industrial workers have risen more than 2000 percent in the past 40 years. As a consequence, the cost of using a China-based contract manufacturer has climbed steadily as well. Coupled with the rising costs of international logistics, many U.S. companies have pursued reshoring as a cost-effective production option. The COVID-19 pandemic has accelerated the reshoring trend, with 69 percent of manufacturing and industrial respondents to an ... Read More