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
In a string of acquisitions, Phoenix Investors announce they secured a former Texas tire factory and a printing plant in Virginia. These acquisitions come just weeks after a large, three-property acquisition in Tennessee. Phoenix plans to lease with all current tenants, implement improvements, and build new space for lease. Read the full article on Commercial Property Executive.