An affiliate of Phoenix Investors acquired from JCPenney its logistics warehouse and furniture outlet center at 1800 W. Burleigh St. in Wauwatosa, Wisconsin.
This is a big acquisition: The properties total more than 2.022 million square feet, and Phoenix paid $31.25 million for the purchase.
The buildings are located adjacent to Interstate-45. David Marks, president and chief executive officer of Phoenix, said that the buildings are in good condition, despite the fact that the first of them were built in the 1950s. JCPenney made substantial improvements to the buildings and infrastructure during its ownership.
Phoenix said that it has not yet begun marketing the properties, but that it has already received inquiries about the buildings. Kurt Jensen, senior vice president of Phoenix, said that the demand exceeds the available space.
