Phoenix Investors Expands WI Industrial Footprint
The Milwaukee-based commercial real estate company added two new assets to its portfolio as Wisconsin Bank and Trust originated the senior mortgage financing.
By Timea Papp
1 Reynolds Drive in Beloit, Wis.
Phoenix Investors completed the purchase of two industrial properties in Beloit and Jefferson, Wis., through one of its affiliates. The assets changed hands in a $25.8 million deal and encompass more than 1 million square feet of industrial space. Wisconsin Bank and Trust provided the acquisition financing.
Value-add opportunities
The property located at 351 Collins Road in Jefferson, Wis., features up to 30-foot clear ceilings and boasts 591,840 square feet. The distribution warehouse is fully leased and is near Interstate 94, providing access to major Midwestern markets including Chicago, Milwaukee and Minneapolis.
351 Collins Road in Jefferson, Wis.
The asset located at 1 Reynolds Drive in Beloit, Wis., comprises 413,722 square feet of improvements and features up to 41-foot clear ceilings. The manufacturing property is leased to a variety of tenants and offers access to major thoroughfares including interstates 90, 43 and 39.
“These acquisitions represent our entry into the Beloit and Jefferson industrial markets. The tenant mix is an attractive addition to our portfolio. Both properties have opportunities for future value-add improvements,” said Anthony Crivello, executive vice president of Phoenix Investors, in a prepared statement.
Images courtesy of Phoenix Investors
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