An investors group affiliated with Milwaukee-based Phoenix Investors LLC announced today that it has acquired three industrial buildings, totaling 300,000 square feet of space, on the northwest side of Milwaukee, for $2.8 million.
The buildings were sold by Community Bank and Trust. The transaction was brokered by Brett Garceau and Travis Tiede of NAI MLG Commercial.
The buildings are located at 4505 Woolworth, 4609-4721 Woolworth, and 4801 Woolworth Ave.
Phoenix Investors will assume all property management of the building portfolio, and manage its repositioning and re-tenanting. Phoenix principally specializes in repositioning large former single tenant industrial facilities.
Financing for the project was completed through a conventional loan from Community Bank and Trust.
“Throughout Wisconsin industrial leasing activity and projected demand remains robust. Given the in place occupancy in conjunction with pending transactions on our existing portfolio, our available industrial inventory is very low,” said Kurt Jensen, senior vice president acquisitions, Phoenix Investors. “This acquisition and others pending in early 2015 are designed to keep pace with the demand and needs of our industrial tenants as we soundly continue to grow our industrial portfolio. We are actively seeking acquisition opportunities in 2015.”
“While we completed acquisitions across several commercial segments in 2014, in 2015 we are focused on building our industrial portfolio,” said Frank P. Crivello, executive vice president, Phoenix Investors. “We are in the process of selling a number of our long held retail properties during the first quarter of 2015 and we will seek to redeploy that equity into industrial properties across the Midwest.”
