Phoenix Investors Buys 3 MSF Former Goodyear Factory

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Phoenix Investors has purchased an industrial campus totaling some 3 million square feet in Gadsden, Ala., with International Bank of Commerce providing acquisition financing. The sales price was not disclosed. CBRE’s Adam Wolinetz, director of transaction management, brokered the deal.

According to The Gadsden Times, the site is home to the former Goodyear Tire & Rubber Co. plant, which closed in May. Constructed in 1929 and renovated in 2015, the facility was, at one time, the largest tire manufacturing plant in the world.

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Situated on 156 acres at 1000 Goodyear Ave., the asset features clear heights up to 30 feet, 30 dock doors, car and trailer parking and rail access. The new owner intends to implement a series of cosmetic and capital improvements at the property, repurposing it for up to 40 tenants. Those companies could collectively create 1,200 jobs, the same amount Goodyear had at closing, Gadsden Mayor Craig Ford said in prepared remarks.

The site has good connectivity to interstates 759 and 59, allowing for the tenants to easily reach Atlanta, Birmingham, Ala., Huntsville, Ala., and Chattanooga, Tenn.

Continued growth

Phoenix Investors had a busy year, buying and redeveloping throughout the nation. In July, the company acquired more than 1 million square feet of manufacturing plants in metropolitan Milwaukee and the Greater Raleigh, N.C., area and signed the purchase agreement for Fujifilm’s South Carolina manufacturing campus.

A leader in the acquisition, renovation, and releasing of former manufacturing facilities, Phoenix Investors currently holds equity interests in some 61 million square feet of industrial assets across 29 states. The majority of its properties are located in the Milwaukee metro, and several in the Northeast and Southeast U.S.