Milwaukee-based Phoenix Investors LLC
sold an underutilized office building in Glendale to the Orthopaedic Hospital of Wisconsin
for $2.5 million.
[caption id="attachment_165463" align="alignright" width="413"]
575 W. River Woods Parkway[/caption]
The three-story, 70,758-square-foot building at 575 W. River Woods Parkway was purchased by Phoenix Investors in 2013 for $1.75 million.
Frank Crivello, executive vice president of Phoenix, said the company decided to sell to focus on its core investment strategy of industrial properties.
“This is a suburban office property and we decided the time was right to sell,” Crivello said.
The Orthopaedic Hospital is located next door to the property, at 475 W. River Woods Parkway. CEO Brian Cramer could not be reached by phone or email.
Glendale City Administrator Rachel Reiss said the city is aware of the sale, but has not been approached by the Orthopaedic Hospital regarding expansion plans.
During a Plan Commission meeting in September, Phoenix Investors asked the city to approve a parking lot expansion for the building. At the time, representatives for Phoenix said the additional spaces would help attract tenants. Occupancy was about 20 percent, which included the Orthopaedic Hospital, which had outgrown its current building.
Meanwhile, Phoenix Investors has continued to grow
its industrial portfolio. Last week, the company purchased three former Whirlpool manufacturing facilities, all outside of Wisconsin.
The company owns 17 million square feet across 22 states.