As reported in the Milwaukee Business News:
Increases its Wisconsin industrial real estate portfolio to 6 million square feet
In the last week, Milwaukee-based Phoenix Investors LLC, has purchased three industrial buildings at a total cost of $29.3 million and has increased its industrial real estate portfolio to about 6 million square feet in Wisconsin.
The company purchased Shur-Line’s two industrial buildings in St. Francis for $8.8 million in a sale-leaseback deal last week. The company, which makes paining products including brushes and rollers, has a 98,028-square-foot building at 4120 S. Kansas Ave. and a 293,500-square-foot building at 4051 S. Iowa Ave.
On Wednesday, Phoenix purchased the 415,000-square-foot Vilter Manufacturing Corp. building at 5555 S. Packard Ave. in Cudahy for $14.5 million from Joseph and Ellen Dentice.
Vilter is a unit of Emerson Climate Technologies Inc., a subsidiary of St. Louis-based Emerson Electric Co.
Today, Phoenix is closing on an 848,530-square-foot industrial building on 123 acres of land in Edgerton, just off Highway 51. The company purchased the property from Beloit billionaire Diane Hendricks for $6 million. The anchor tenant in the building is Storage Space Solutions, a logistics company to Waukesha-based Generac Power Systems.
These purchases are different than some of our value-add strategies that we have employed, but demonstrate our faith in Wisconsin,
said Frank Crivello, Chairman & Founder of Phoenix Investors.
The acquisitions come on the heels of closings in Dayton, Ohio and Tennessee, Crivello said.
“This is part of a broader strategy of not just acquiring property here, but other Midwestern states,” Crivello said.
Phoenix owns properties in 21 states including about 14 million square feet of commercial properties. A recent focus for the company has been blighted properties on Milwaukee’s north side, including the July purchase of the former Lowe’s building in Midtown center.