Phoenix Investors Buys 3.1 MSF of Industrial Assets
The acquisitions bring the firm's portfolio to more than 80 million square feet.
Phoenix Investors has acquired three industrial properties totaling approximately 3.1 million square feet.
The company bought a nine-building, 750,000-square-foot campus in Milwaukee from Regal Rexnord. The asset changed hands for $9 million, according to Milwaukee Business Journal. The other two properties were sold by a subsidiary of Stellantis and are in Milwaukee and Marysville, Mich.
Cushman & Wakefield brokered the Stellantis transaction, while First Financial Bank provided acquisition financing for the Regal Rexnord sale. These purchases brought Phoenix Investors’ national portfolio to more than 80 million square feet.
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The 56-acre Rexnord property is at 4701 W. Greenfield Ave. Its buildings were completed between 1920 and 1973. Features include clear heights ranging from 12 to 47 feet, crane bays and heavy power infrastructure. Floorplans allow for a minimum divisible configuration of 12,741 square feet. The asset was fully vacant at the time of sale.
The two Stellantis assets are at 3280 S. Clement Ave. in Milwaukee and 840 Huron Blvd. in Marysville. The first encompasses 1.1 million square feet, has clear heights up to 21 feet, 40 dock doors and six drive-in doors. The three-building Marysville property measures 1.2 million square feet, clear heights up to 36 feet, 64 dock and 13 grade doors, along with 9,800 square feet of office space. Both properties also have access to rail and are used by Stellantis’ Mopar division.
The Milwaukee properties are within 10 miles of each other. They are close to interstates 94 and 41 and within 13 miles of Milwaukee Mitchell International Airport. The 840 Huron Blvd. asset is close to St. Clair County International Airport and provides easy access to interstates 94 and 69.
Executive Director Tony Avendt and Senior Director Jeff Hoffman with Cushman & Wakefield brokered the Stellantis deal. First Financial Bank Senior Vice President & Regional Manager Jeff Cartwright provided the senior financing for the former Regal Rexnord campus acquisition.
Big purchases in the Midwest
Another large industrial acquisition in the Midwest region closed last month. SL Industrial Partners picked up a 17-building portfolio in Chicago’s suburbs. The assets were 92 percent leased at the time of closing.
In November, Industrial Realty Group purchased a 965,134-square-foot campus in the Minneapolis-St. Paul metro. The company plans to redevelop the property.
A month earlier, InSite Real Estate sold a 1.1 million-square-foot property in Monroe, Mich., for $139.5 million. The asset was fully leased to Ford Motor Co.
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