Milwaukee-based
Phoenix Investors paid more than $3 million above assessed value for the 1 million-square-foot
Stellantis facility in Milwaukee's Bay View neighborhood.
Phoenix Investors, known for redevelopment of aging manufacturing facilities,
announced last week that it had purchased the 43.5-acre site at 3280 S. Clement Ave., but did not disclose a sale price.
State records posted this week revealed the sale price of $8.4 million. Built in 1919, the property has an assessed value of $5.36 million, according to Milwaukee County records.
The space has clear heights up to 21 feet, 40 docks, six drive-ins and some office space, according to Phoenix Investors.
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, Phoenix Investors also acquired a 2.3 million-square-foot facility from Stellantis in Marysville, Michigan.
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.
