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Phoenix Investors Acquires 3M-SF Gadsden Industrial Campus Amid Hopes of Employment Boon
An affiliate of Milwaukee, WI-based Phoenix Investors — a commercial real estate firm that specializes in the acquisition, renovation and releasing of former manufacturing facilities — has acquired a three-million-square-foot industrial campus in Gadsden, AL.
Adam Wolinetz of CBRE brokered the transaction while senior mortgage financing was provided by International Bank of Commerce.
The property sits on 156 acres at 1000 Goodyear Avenue, which was renovated in 2015, features 2,952,263 square feet of industrial space, 30 dock doors and clear heights up to 30 feet. The property provides car and trailer parking, rail access, and proximity to I-759 and I-59.
“This acquisition is a game-changer for Gadsden,” said Gadsden Mayor Craig Ford. “With this deal, a nationally recognized development firm can locate up to 40 companies within the 2.9 million square feet of available industrial space. Over time, those companies could collectively create as many as 1,200 jobs, which is the same level of employment Goodyear had at its closing.”
- ◦Sale/Acquisition
