Expanding Operations in Galesburg
As first published by Will Stevenson for WGIL, contributions by Jay Redfern.
It was 22 years ago next week that the announcement was made that Maytag would be closing its Galesburg refrigerator plant.
The plant property was purchased by Phoenix Investors in 2019, when it wasn’t in that great of shape.
“Very few industrial real estate companies are like Phoenix, where Phoenix comes in and they invest in their property,” said Springer. “They put money into them. They help finish them off. They fix latent issues, and they get them up to the point where they are competitive buildings again.”
One part of the plant is already in use by an agriculture company, and Springer said another part was walled off for another potential tenant, which will be Western Smokehouse Partners.
The use of the former Maytag plant isn’t even the only expansion they’ve had just in Galesburg. They’re currently, Hanson says, in a multi-million dollar expansion of the Thrushwood Farms facility on Galesburg’s west side.
All in all, both Hanson and Springer agree that anyone suggesting this isn’t good news for Galesburg—or good news yet, as some on social media indicated—are likely mistaken. Hanson says he’s already worked on a number of projects like this for Galesburg since he took over as City Manager earlier this year. But, none are like the expansion of Western Smokehouse Partners.
“This one is right at the top in terms of what it means to get it to the finish line, what it took to get it to the finish line, and to see this investment coming to this community,” said Hanson. “I’m pleased, and I’m most pleased for Galesburg and for the company, and for us to be sitting here today talking about job creation rather than job reduction.”
Hanson says it means it’s finally time to stop looking in the rearview mirror, and instead start using the windshield.
About Phoenix Investors
Founded by Frank P. Crivello in 1994, Phoenix Investors and its affiliates (collectively “Phoenix”) are a leader in the acquisition, development, renovation, and repositioning of industrial facilities throughout the United States. Utilizing a disciplined investment approach and successful partnerships with institutional capital sources, corporations and public stakeholders, Phoenix has developed a proven record of accomplishment of generating superior risk adjusted returns, while providing cost-efficient lease rates for its growing portfolio of national tenants. Its efforts inspire and drive the transformation and reinvigoration of the economic engines in the communities it serves. Phoenix continues to be defined by thoughtful relationships, sophisticated investment tools, cost efficient solutions, and a reputation for success.
Frank P. Crivello is a Milwaukee-based developer and Chairman & Founder of Phoenix Investors.
