Affiliates of Phoenix Investors, a national private commercial real estate firm headquartered in Milwaukee, closed four year-end acquisitions totaling approximately 2,400,000 square feet. The assets include two in Illinois in Mattoon and Rockford, as well as in Glendale, Wisconsin and Longview, Texas.
Phoenix acquired LSC Communications Printing Company, Inc.’s former plant located at 6821-1000 North in Mattoon, Illinois. The transaction was brokered by Dan Knopf and Armando Nuñez, both senior vice presidents at CBRE.
The property is comprised of approximately 1,100,000 square feet of improvements on 84 acres. The infrastructure of the property is robust with clear heights up to 80 feet, 41 loading docks, 11 drive-in doors, ample parking and restrooms and two interior rail spurs with interior loading, supported by Canadian National. Phoenix intends to make a variety of strategic capital improvements to the property, which it expects will attract a wide base of new users.
“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 P. Crivello, chairman and founder of Phoenix Investors.
In Rockford, Illinois, Phoenix acquired a 323,000-square-foot industrial building on 14 acres located at 1818 Elmwood Road from LegacyTexas Bank. The transaction was brokered by Al Caruana, senior director at Cushman & Wakefield.
LegacyTexas Bank previously foreclosed on the property, making numerous upgrades to the premises during their ownership including HVAC, paving, painting, lighting and fire suppression. The property is 75 percent leased to three tenants with 82,000 square feet currently available for lease. It is located in Northrock Industrial Park, which is centrally located within Winnebago County, on the Northwest tip of Rockford.
Phoenix acquired a prominent office/industrial building totaling approximately 277,000 square feet on 15 acres located at 5001 – 5055 N. Lydell Avenue in Glendale, Wisconsin in close proximity to Interstate 43 from a private seller. The transaction was brokered by Paul McBride and Ned Purtell at Founders 3.
The property was originally built in 1956 as an industrial site, being converted to flex and office space in later years. Most recently, ManpowerGroup and subsequently Johnson Controls leased space in the building. A portion of the property will remain available for office users, with the expectation to convert most of the facility back to an industrial use. 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,” Crivello said. “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.”
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. The transaction was brokered by Kipp Collins, senior vice president at Binswanger.
“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.
Conveniently located within proximity to Interstate 20 (10 minutes), US Highway 80 (25 minutes to the north), and US Highway 259 (15 minutes to the east of the property), the property has ceiling heights up to 50 feet, 36 loading docks, 6-inch-thick reinforced concrete floors, ample column spacing and rail service by the Union Pacific, including two spurs on site. 270,000 square feet of industrial space is currently available for lease. The vacant space will be upgraded in the immediate future.
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.
“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,” said David Marks, president and CEO of Phoenix. “We have set a high standard in this very difficult year and look forward to exceeding those expectations in 2021 and beyond.”