Affiliates of Phoenix Investors, a national private commercial real estate firm headquartered in Milwaukee, Wisconsin, announced four year-end acquisitions totaling approximately 2,400,000 square feet. In total, Phoenix acquired 9.5 million square feet of industrial real estate across nine states in 2020, increasing its portfolio to a size in excess of 37 million square feet.
Mattoon, Illinois: Phoenix acquired LSC Communications Printing Company, Inc.’s former plant located at 6821-1000 North in Mattoon, Illinois. The property is comprised of approximately 1,100,000 square feet of improvements on 84 acres. “We were pleased to work with LSC as it winds down and sells certain shuttered former print manufacturing plants across the United States,” said Frank Crivello, Chairman and Founder of Phoenix Investors.
Rockford, Illinois: In Rockford, Illinois, Phoenix acquired from LegacyTexas Bank a 323,000-square-foot industrial building on 14 acres located at 1818 Elmwood Road. LegacyTexas Bank previously foreclosed on the property, making numerous upgrades to the premises during their ownership including HVAC, paving, painting, lighting, and fire suppression.
Glendale, Wisconsin: Phoenix acquired a prominent office/industrial building totaling approximately 277,000 square feet on 15 acres located at 5001 – 5055 North Lydell Avenue in Glendale, Wisconsin in close proximity to Interstate 43 from a private seller. Phoenix’s capital improvement plan includes selective demolition and dock upgrades. Additionally, Phoenix intends on exploring additional development opportunities on the excess land. “This asset prides itself on being a unique infill location in the North Shore suburban market. Both the near-term and long-term redevelopment opportunities present a unique and flexible opportunity to create substantial value with a complementary use to the neighborhood,” added Frank Crivello.
Longview, Texas: The Longview, Texas facility is located at 4350 W Loop 281 and is improved with approximately 702,000 square feet of quality industrial space on 61 acres, expanding Phoenix’s affiliated logistics and transportation business to support growing demand for 3PL services in Texas. “We are excited about the additional opportunities this acquisition brings us as we expand our national footprint,” said Robert Kriewaldt, Phoenix Logistics’ Senior Vice President.
“Our ability to achieve the acquisition of almost 10 million square feet of industrial real estate in a year like 2020 speaks volumes about the talent of our incredible team and the commitment and reliability of our financial partners and their conviction in our investment strategy. We have set a high standard in this very difficult year and look forward to exceeding those expectations in 2021 and beyond,” said David Marks, President and CEO of Phoenix.