Milwaukee-based commercial real estate firm
Phoenix Investors on Monday announced that it has acquired the 1 million-square-foot
Stellantis facility on Milwaukee’s south side.
The facility is located on a 43.5-acre site at 3280 S. Clement Ave. It has clear heights up to 21 feet, 40 docks, six drive-ins, and some office space.
In 2023, Stellantis, an automaker and the parent company of Chrysler,
reached an agreement with striking United Auto Workers employees that included plans to shutter its lone Milwaukee facility. The company planned to consolidate its operations in Milwaukee; Marysville, Michigan; and Chicago at a facility in Belvidere, Illinois.
Last year the company delayed construction on the Belvidere, Illinois facility, keeping operations going in Milwaukee, where approximately 100 UAW members work.
As part of the deal announced Monday, Phoenix Investors also acquired a 2.3 million-square-foot facility from Stellantis in Marysville, Michigan.
Terms of the transaction were not disclosed. The transaction was brokered by
Tony Avendt and
Jeff Hoffman of
Cushman & Wakefield.
The announcement from Phoenix Investors says that both the Milwaukee and Michigan buildings are currently 100% leased to Stellantis, which was formed in 2021 through the merger of Fiat Chrysler Automobiles and Groupe PSA.
Stellantis designs, manufactures, and sells vehicles under the Chrysler, Jeep, Dodge, Ram, Alfa Romeo, and Fiat brands and provides parts, service, and customer service through its Mopar division. Both the Milwaukee and Marysville campuses are home to Mopar parts distribution centers.
“Both properties are situated in prime locations,” said Phoenix Investors executive vice president and managing director
Anthony Crivello. “We’re thrilled to add these properties to our growing portfolio and look forward to maintaining a strong presence in Wisconsin and Michigan. Collaborating with Stellantis was a pleasure, and we were happy to provide a win-win outcome for all parties.”
Also Monday, Phoenix Investors announced that it
acquired the 56-acre former Regal Rexnord campus in West Milwaukee with plans to lease out the industrial buildings and offer surplus land on the site for residential and commercial development. Phoenix Investors purchased the property at 4701 W. Greenfield Ave. for $9 million, according to state property records.
