Phoenix Investors, a national private commercial real estate firm headquartered in Milwaukee, has acquired three industrial properties totaling approximately 1.8 million square feet located in Galesburg and Decatur, Illinois. This brings Phoenix’s overall portfolio to approximately 27 million square feet across 25 states.
The Galesburg assets were originally constructed by Maytag between 1974 and 1996 and then acquired by Whirlpool Corporation. Phoenix’s portfolio holdings include eight former Whirlpool facilities. The 1000 S. Linwood facility consists of approximately 855,000 square feet and is substantially leased to national and regional companies serving the e-commerce, retailing, packaging and distribution sectors. 1000 S. Linwood features 25-foot to 36-foot clear ceiling heights, 50-foot x 50-foot column spacing, 33 docks and 14 overhead doors.
The 1801 Monmouth Boulevard property includes approximately 462,000 square feet of available space, which can be demised for multi-tenant occupancy. In addition, 1801 Monmouth Boulevard features 25-foot to 33-foot clear ceiling heights, varying column spacing, 16 docks, 5 overhead doors and BNSF rail service. Both properties have excellent access to I-74.
“The Knox County Area Partnership for Economic Development is excited to work with Phoenix Investors to find a new user for the former Maytag facility in Galesburg,” said Ken Springer, president of The Knox County Area Partnership for Economic Development. “Phoenix Investors has a track record of revitalizing commercial and industrial real estate across the U.S. Their expertise will be invaluable to our community.”
Located at 625-701 Southside Drive, the Decatur property is a former BorgWarner facility on 56 acres. The facility is comprised of approximately 475,000 square feet of improvements anchored by global manufacturing and logistics tenants, of which approximately 150,000 square feet of space remain available for lease. Additionally, the facility features 20 loading docks, 16 overhead doors, 16-foot to 30-foot clear ceiling heights and acces to Canadian National Railroad and to I-72.
“The EDC of Decatur-Macon County welcomes the investment of Phoenix Investors into our community. This is an outstanding property, and their investment shows the continued viability of our market,” said Ryan McCrady, President of Economic Development Corporation of Decatur & Macon County. “We look forward to collaborating with Phoenix Investors and learning from their expertise as we work to develop their property and grow our economy.”
“As we continue to expand our presence in Illinois and throughout the United States, Phoenix plans on renovating all three properties in the immediate future, applying the high standards of our portfolio capital expenditure program in addressing various deferred maintenance items, while making the space more attractive to prospective users at affordable rates,” said David Marks, president and CEO of Phoenix.