Phoenix Investors to Acquire 2.5 MSF Campus

211 Puckett Ferry Road, Greenwood, S.C.

After more than 30 years of ownership, Fujifilm is going to sell its manufacturing campus in Greenwood, S.C. Fujifilm Manufacturing U.S.A. Inc. has agreed to sell the 500-acre campus to an affiliate of Phoenix Investors for an undisclosed price. The transaction is expected to close by early October 2022 but is subject to satisfaction of terms and conditions.

Over the years, Fujifilm has invested $1.8 billion into its Greenwood campus, which hosts approximately 500 employees. Located at 211 Puckett Ferry Road, the campus includes 2.5 million square feet of manufacturing space that’s spread across five facilities.

The buildings are used for the production of Fujifilm’s QuickSnap recyclable cameras, inkjet photographic paper, color photographic paper and digital printing plates. Frank Crivello, founder & chairman of Phoenix Investors, said in prepared remarks that the buildings were developed to high standards and well-maintained over time.

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Fujifilm announced its plans to transition most of its manufacturing functions at its Greenwood campus to other Fujfilm sites in Europe and Asia last year. However, Fujifilm is planning to still maintain a sizable presence at its Greenwood campus and will maintain a workforce of more than 300 employees at the site. Fujfilm will lease back 1.1 million square feet across the five buildings from Phoenix Investors and use the space for administrative, manufacturing, warehouse and distribution operations.

Making single-tenant properties into multi-tenant

David Marks, president & CEO of Phoenix Investors, said in prepared remarks that the company has been redeveloping single tenant manufacturing campuses like Fujifilm’s Greenwood campus into multi-tenant facilities for the last 12 years. While Phoenix Investors is based in Milwaukee, its portfolio includes real estate holdings across 28 states, with a majority of its properties located in the Milwaukee metro, and several in the Northeast and Southeast U.S.

Earlier this month, the company expanded its portfolio with the acquisition of three industrial properties in separate transactions. The properties are former manufacturing plants located in the Milwaukee and Raleigh, N.C., metros and total 1 million square feet.