Milwaukee-based Phoenix Investors LLC
says it has acquired the Lydell Corporate Center office building in Glendale, and plans to convert the building back to its original industrial use.
Phoenix today announced the acquisition of the building, at 5001-5055 N. Lydell Ave., and three others, two in Illinois and one in Texas. The year-end acquisitions totaled about 2.4 million square feet.
The Lydell Corporate Center totals 277,000 square feet on roughly 14.5 acres, close to I-43. An affiliate of Phoenix purchased it from Asset Acquisitions Inc., which is owned by the Giuffre family.
The building was sold for $3.75 million, according to Founders 3 Real Estate Services
. Paul McBride, Ned Purtell and Patti Stevens of Founders 3 represented the seller in the deal.
It has an assessed value of approximately $6 million, according to city records.
It was originally built in 1956 for industrial purposes, and was later converted to flex and office space. Previous occupants include ManpowerGroup and Johnson Controls.
Phoenix noted it will make improvements to the building such as selective demolition and dock upgrades, and is exploring additional development opportunities on the excess land.
A portion of the building will remain office space, but most will be converted back to industrial use, the company stated.
"This asset prides itself on being a unique infill location in the North Shore suburban market," Frank Crivello, chairman and founder of Phoenix, said in a statement. "Both the near-term and long-term redevelopment opportunities present a unique and flexible opportunity to create substantial value with a complementary use to the neighborhood."
The other three properties Phoenix recently purchased include a 1.1 million-square-foot building on 84 acres in Mattoon, Illinois; a 323,000-square-foot building on 14 acres in Rockford, Illinois; and a 702,000-square-foot facility on 61 acres in Longview, Texas.
Phoenix in 2020 acquired 9.5 million square feet of industrial real estate across nine states. The acquisitions increased its portfolio to more than 37 million square feet.