An affiliate of Milwaukee-based commercial real estate firm
Phoenix Investors has 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, known for redevelopment of former manufacturing facilities, purchased the property at 4701 W. Greenfield Ave. for $9 million, according to state property records.
Milwaukee-based Regal Rexnord Corp.
listed the property for sale in November 2023 for $15 million, according to a listing from Mequon-based
Paradigm Real Estate, after
shuttering the plant and outsourcing the work to Mexico. At the time, Regal Rexnord cited a deteriorating facility as part of the reason for the closure.
Phoenix Investors said its representatives have held preliminary discussions with Village of West Milwaukee officials regarding possible new developments on the campus, according to a Monday press release.
The campus has a total of nine buildings with a total of 753,076 square feet of space, 125,000 square feet of which is office space, according to the listing.
Phoenix Investors said the campus is available for lease and features numerous dock doors, clear heights up to 47 feet, heavy power infrastructure and ample trailer and car parking.
“Phoenix is committed to revitalizing the Regal Rexnord property in a holistic manner to honor the industrial legacy of the site while incorporating other potential uses for portions of the property that will benefit the community of West Milwaukee,” said Frank Crivello, founder and chairman of Phoenix Investors, in the release. “The property is in a prime location and is suitable for mixed-use redevelopment. We’re confident its revitalization will bring positive progress to West Milwaukee.”
Jeff Cartwright, senior vice president and regional manager of First Financial Bank, provided the senior financing, Phoenix Investors said.
