MILWAUKEE, March 13, 2018 /PRNewswire/ -- An affiliate of
Phoenix Investors ("Phoenix"), a
national private commercial real estate firm headquartered in
Milwaukee, Wisconsin, announced it
acquired from JCPenney its Logistics Warehouse and Furniture Outlet
Center totaling 2,022,825 square-feet and in excess of 77 acres for
$31,250,000 located at 18000 West
Burleigh Street, Wauwatosa,
Wisconsin.
The subject buildings are well located, situated adjacent to
Interstate 45, feature generous clear heights and column spacing,
are adjacent to rail, supported by heavy power infrastructure, and
include over one hundred (100) loading docks. Historically, the
JCPenney site was agriculturally developed with row crops and apple
orchards and an associated farmstead from the early 1930's to the
late 1950's. The first buildings were constructed in the 1950's
with subsequent additions during the 1960's and 1970's. Over the
last fifty years, JCPenney made substantial and regular
improvements to the buildings and infrastructure.
"These buildings are in exceptional condition given their age,"
said David Marks, Phoenix's President and CEO. "We intend to
renovate these buildings, both structurally and cosmetically, in
the same first-class manner we have undertaken in many communities
throughout the country and other industrial corridors throughout
Milwaukee, and the state of
Wisconsin. Once complete, they will look and function like a
newly constructed industrial facility. Beyond the tangible
brick and mortar of this facility, Phoenix was drawn to the demographics of the
workforce that has sustained this facility throughout its
history."
"While our formal marketing has not yet begun, we have already
had overwhelming interest in the JCPenney property from virtually
every regional brokerage firm on behalf of their clients," said
Kurt Jensen, Senior Vice President
of Phoenix. "The demand exceeds
the available space. We are in active discussions with over a dozen
quality companies for portions of the complex."
"JCPenney has been a Wauwatosa
fixture and solid corporate partner for the last fifty years.
Virtually everyone in the metro Milwaukee knows someone that either worked at
the facility or had a relative that worked there," said
Phoenix's Chairman, Frank Crivello. "As the largest owner of
industrial warehouse and manufacturing space in Wisconsin, we are uniquely qualified to
re-position these buildings in a manner that will result in a
number of new high-quality companies occupying portions of the
complex. Given the organic prospects already in hand, we are
confident that we will grow the size of the workforce through the
completion of our redevelopment."
About Phoenix Investors
Phoenix Investors is a national commercial real estate firm
based in Milwaukee, Wisconsin
whose core business is the revitalization of former distribution
and manufacturing facilities throughout the United States. This strategy leads to
positively transforming communities and restarting the economic
engine in the communities we serve. Phoenix's affiliate companies hold interests
in approximately 20 million square feet of industrial, retail,
office, and single tenant net-leased properties across 23
states.
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SOURCE Phoenix Investors, LLC