Photo: CoStar JULY 05, 2019|JENNIFER WATERS
Phoenix Investors Picks Up Three Illinois Industrial Sites Two Are in Galesburg, Once Known As ‘Appliance City’ Because of the Millions of Maytag Refrigerators It Churned Out
The property at 1801 Monmouth Blvd. in Galesburg, Illinois, was once a manufacturing facility for Maytag, which left the small town for Mexico in 2004. Phoenix Investors purchased the site last month.
Phoenix Investors, a Milwaukee-based real estate firm known for breathing new life into shuttered or outdated industrial properties, acquired three former manufacturing properties in rural Illinois last month, including two previously owned by appliance maker Maytag, adding 1.8 million square feet to its expanding portfolio.
Two of the three properties are in Galesburg, a small city in western Illinois, and one site in Decatur, in the central part of the state. The properties, which will be redeveloped, swell Phoenix’s total portfolio to 27 million square feet across 25 states.
In Galesburg, a manufacturing town once known as “Appliance City” because of the millions of refrigerators and freezers its factories hammered out each year, Phoenix purchased two former Maytag industrial sites. Sale prices were not disclosed.
Maytag had constructed the factories at 1000 S. Linwood Road and 1801 Monmouth Blvd. between 1974 and 1996. The appliance maker closed down all its facilities in Galesburg in 2004 and relocated to Mexico – a move that devastated the town of 32,000 and that then-presidential candidate Barack Obama talked of while on the campaign trail.
Phoenix has a track record of repurposing former Whirlpool facilities, which acquired Maytag in 2006. The real estate firm said its portfolio now includes eight former Whirlpool facilities.
The Linwood site is about 855,000 square feet and substantially leased to Blick Art Materials and Olson Packaging Services, according to CoStar research. The Monmouth site has about 462,000 square feet of available space that can be divided for multi-tenant occupancy, Phoenix said.
Both sites are located in an Illinois Enterprise Zone, designed to stimulate economic growth and revitalization through state and local tax incentives.
In Decatur, Phoenix purchased 625-701 Southside Drive, a 475,000-square-foot manufacturing and logistics site that has about 150,000 square feet of available space. The 56-acre site formerly housed a facility for auto parts maker BorgWarner.
Phoenix Investors Picks Up Three Illinois Industrial Sites Two Are in Galesburg, Once Known As ‘Appliance City’ Because of the Millions of Maytag Refrigerators It Churned Out
The property at 1801 Monmouth Blvd. in Galesburg, Illinois, was once a manufacturing facility for Maytag, which left the small town for Mexico in 2004. Phoenix Investors purchased the site last month.
Phoenix Investors, a Milwaukee-based real estate firm known for breathing new life into shuttered or outdated industrial properties, acquired three former manufacturing properties in rural Illinois last month, including two previously owned by appliance maker Maytag, adding 1.8 million square feet to its expanding portfolio.
Two of the three properties are in Galesburg, a small city in western Illinois, and one site in Decatur, in the central part of the state. The properties, which will be redeveloped, swell Phoenix’s total portfolio to 27 million square feet across 25 states.
In Galesburg, a manufacturing town once known as “Appliance City” because of the millions of refrigerators and freezers its factories hammered out each year, Phoenix purchased two former Maytag industrial sites. Sale prices were not disclosed.
Maytag had constructed the factories at 1000 S. Linwood Road and 1801 Monmouth Blvd. between 1974 and 1996. The appliance maker closed down all its facilities in Galesburg in 2004 and relocated to Mexico – a move that devastated the town of 32,000 and that then-presidential candidate Barack Obama talked of while on the campaign trail.
Phoenix has a track record of repurposing former Whirlpool facilities, which acquired Maytag in 2006. The real estate firm said its portfolio now includes eight former Whirlpool facilities.
The Linwood site is about 855,000 square feet and substantially leased to Blick Art Materials and Olson Packaging Services, according to CoStar research. The Monmouth site has about 462,000 square feet of available space that can be divided for multi-tenant occupancy, Phoenix said.
Both sites are located in an Illinois Enterprise Zone, designed to stimulate economic growth and revitalization through state and local tax incentives.
In Decatur, Phoenix purchased 625-701 Southside Drive, a 475,000-square-foot manufacturing and logistics site that has about 150,000 square feet of available space. The 56-acre site formerly housed a facility for auto parts maker BorgWarner.