An affiliate of Milwaukee-based Phoenix Investors has purchased an industrial complex in Sheboygan for $2.25 million.
The property, which sits on 12.1 acres, is along the Sheboygan River at Commerce Street and Pennsylvania Avenue in Sheboygan, was purchased from an affiliate of Baird Capital.
The properties, which total 208,000-square-feet, are leased to Safco Products Company, the parent company of Mayline Office Furniture. Safco and its predecessors have manufactured and sold the Mayline brand of office furniture products since 1939.
“We first entered the Sheboygan industrial market four years ago with our acquisition of the former International Auto Components plant. We successfully renovated and re-leased it with the support of Sheboygan’s administrative and political partners,” said Frank Crivello, chairman of Phoenix Investors. “We are looking forward to working with Safco and the City of Sheboygan to plan the future course of these properties.”
The acquisition expands Phoenix’s Wisconsin portfolio to more than 6.5 million square feet.
The sale was brokered by Scott Revolinski of RFP Commercial and Fischer & Company.
