Affiliates of Milwaukee-based Phoenix Investors have acquired three industrial buildings, with a total of 1.8 million square feet of space in Galesburg and Decatur, Illinois.
No financial terms of the transaction were disclosed. The deal increases Phoenix Investors’ overall portfolio to 27 million square feet in 25 states.
The deal includes two buildings in Galesburg, which were originally constructed by Maytag between 1974 and 1996 and then acquired by Whirlpool Corp. They include the 1000 South Linwood facility, which consists of approximately 855,000 square feet and is substantially leased to national and regional companies serving the e-commerce, retailing, packaging, and distribution sectors. The other Galesburg building at 1801 Monmouth Boulevard, has approximately 462,000 square feet of available space.
The Decatur property is a former BorgWarner facility located at 625-701 Southside Drive. The facility is comprised of approximately 475,000 square feet of improvements anchored by global manufacturing and logistics tenants, of which approximately 150,000 square feet of space remain available for lease.
“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 Investors.
