An affiliate of Milwaukee-based Phoenix Investors LLC has purchased a 281,000-square-foot industrial complex in Kenosha for $2 million.
Phoenix Kenosha purchased the property, which is located on 13 acres at 3122 14th Ave., from Walnut and Vine Properties II LLC.
The property is primarily leased to Overland Park, Kansas-based Compass Minerals America, which is using the site as a distribution center. Compass Minerals has more than 19 facilities across the United States, Canada and the United Kingdom.
Phoenix is collaborating with Compass Minerals on its plan to improve and expand the Kenosha facility to support the mineral producer’s distribution network.
Phoenix is planning to demolish two vacant two-story freestanding office buildings and repair the exterior yard area. The company also is planning to make repairs to the roof, add high-efficiency lighting, make fire suppression improvements, and make further exterior cosmetic improvements.
“This acquisition is consistent with Phoenix’s strategy of acquiring blighted industrial properties in need of capital improvements and/or repositioning, and applying our consistent metrics to maximize its potential,” said David Marks, managing director of Phoenix Investors. “Once the renovations are complete, the surrounding neighborhood, as well Compass Minerals, will be positively impacted by our final product.”
The transaction was brokered by The Dickman Co. Inc. of Milwaukee and Millennium Properties R/E of Chicago.
