Phoenix Investors Buys 1.8 Million SF of Industrial Assets in Illinois
Phoenix Investors reports that its new Galesburg assets were originally constructed by Maytag between 1974 and 1996 and then acquired by Whirlpool Corp. Phoenix's portfolio holdings now include eight former Whirlpool facilities.
MILWAUKEE—Locally-based Phoenix Investors has increased its overall portfolio to 27 million square feet in 25 states with the purchase of three industrial properties in Galesburg and Decatur, IL totaling 1.8 million square feet.
Phoenix Investors reports that its new Galesburg assets were originally constructed by Maytag between 1974 and 1996 and then acquired by Whirlpool Corp. Phoenix’s portfolio holdings now include eight former Whirlpool facilities. The 1000 South Linwood facility consists of approximately 855,000 square feet and is substantially leased to national and regional companies serving the e-commerce, retailing, packaging, and distribution sectors. The 1000 South Linwood property features 25-foot to 36-foot clear ceiling heights, 50′ x 50′ column spacing, 33 docks and 14 overhead doors.
The firm also purchased 1801 Monmouth Blvd. in Galesburg, a property that includes approximately 462,000 square feet of available space, which can be demised for multi-tenant occupancy. In addition, 1801 Monmouth Blvd features 25-foot to 33-foot clear ceiling heights, varying column spacing, 16 docks, 5 overhead doors and BNSF rail service. Both properties have excellent access to I-74 East from County Hwy 10 & I-74 West from US-34.
The Decatur property is a former BorgWarner facility located at 625-701 Southside Drive in Decatur, on 56 acres. The facility is comprised of approximately 475,000 square feet of improvements anchored by global manufacturing and logistics tenants, of which approximately 150,000 square feet of space remain available for lease. Additionally, the facility features 20 loading docks, 16 overhead doors, 16-foot to 30-foot clear ceiling heights and Canadian National Railroad rail access. I-72, via Hwy 51, is located three miles southwest of the facility.
“As we continue to expand our presence in Illinois and throughout the United States, Phoenix plans on renovating all three properties in the immediate future, applying the high standards of our portfolio capital expenditure program in addressing various deferred maintenance items, while making the space more attractive to prospective users at affordable rates,” commented David Marks, President and CEO of Phoenix.
No financial terms of the transaction were disclosed.
Earlier this year, in another deal in Illinois, an affiliate of Phoenix Investors acquired an approximately 517,000 square-foot former Bon-Ton distribution facility located at 4650 Shepherd Trail in Rockford. With the subject acquisition, Phoenix’s affiliates owned approximately 3,200,000 square feet in Illinois. With the latest deal, the firm’s assets in the state total approximately 5 million square feet.
The firm’s overall portfolio includes industrial, retail, office, and single tenant net-leased properties.