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Milwaukee Investor Adds Downstate IL Industrial Trio
Milwaukee-based Phoenix Investors acquired three downstate Illinois industrial properties totaling 1.8 million square feet for an undisclosed sum. They include a pair of Galesburg, IL assets originally built by Maytag in the 1970s and 1980s, and a former BorgWarner facility in Decatur, IL.
The acquisition brings Phoenix’s overall portfolio to approximately 27 million square feet across 25 states. Of the new acquisitions, the 855,000-square-foot 1000 South Linwood in Galesburg is substantially leased, while 1801 Monmouth Blvd. in Galesburg and 625-701 Southside Dr. in Decatur represent lease-up opportunities.
“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,” said David Marks, president and CEO of Phoenix.
Pictured: 1000 South Linwood
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