A prolific private real estate company based in Wisconsin has purchased sizable buildings and land in two states from Whirlpool Corporation with plans to renovate and place them back onto the open market going forward.
Phoenix Investors of Milwaukee, whose portfolio totals approximately 17-million square feet across 22 states, has purchased Whirlpool’s last remaining manufacturing building and surrounding land in Fort Smith, Arkansas in one transaction and Whirlpool’s former manufacturing Plant Three property on Euclid Avenue in Cleveland, Tennessee in another, separate deal.
The Fort Smith property will be the first Arkansas project for the real estate group and will include a complete renovation of the former Whirlpool Complex suitable for use by warehousing, industrial or manufacturing companies.
This is not the first dance between Whirlpool and Phoenix Investors affiliates. Over the last three years Phoenix Investors has acquired six former Whirlpool plants as part of its core business of revitalizing former manufacturing facilities throughout the United States. Ultimately, this strategy leads to positively transforming communities and restarting the economic engine in the communities in which Phoenix operates.
Jeff Noel, Vice President of Communications & Public Affairs for Benton Harbor-based Whirlpool characterizes the Phoenix Investors group as “A company that understands the opportunities that exist in the Fort Smith, Arkansas marketplace.” He adds, “Officials with Phoenix Investors are looking forward to working directly with Tim Allen and his team of local economic development professionals along with members of the Arkansas Economic Development Corporation, and leaders of the City of Fort Smith.”
Frank Crivello is Executive Vice President of Phoenix Investors. He says, “Our core focus and competency lies in restoring legacy industrial properties back to their original greatness.” He proudly says, “We will bring quality companies and jobs back into the former Whirlpool complex. We already have a list of prospects. We look forward to working with local, regional, and state partners to fulfill our vision for the former Whirlpool complex and surrounding acreage that takes full advantage of the dynamic opportunities that exist in Fort Smith. The infrastructure improvements near the facility, strong community leadership, and a great local workforce are key ingredients we look for in a redevelopment project.”
Regarding the sale of their former manufacturing Plant Three property in Cleveland, Tennessee, Noel says, “We outgrew our former manufacturing site in Cleveland a few years back and built a state-of- the-art facility just a few miles away.” He adds, “Today we are pleased to complete the sale of part of our former site to Phoenix Investors who will work directly with the Cleveland community to find the best new opportunity for this site.”
David Marks, Managing Director of Phoenix Investors says, “After the success of our acquisition of Whirlpool’s former facility in Milan, Tennessee, now leased to Delta Faucets, we are pleased to acquire another former Whirlpool complex in Tennessee ripe for an adaptive reuse.”
Terms of neither of the deals announced today were not disclosed.
Phoenix Investors was established in 1994 with senior leadership and advisors boasting more than twenty-five years of experience in successfully acquiring, managing and operating commercial real estate from coast to coast. They specialize in several types of scenarios including distressed property situations, portfolio re-positioning, and trend driven deals where they are adept at identifying underlying themes and nuances that cause changes in the marketplace and drive value creation. The proclaim a deep understanding of the challenges and benefits of various property types in a dynamically changing economy.
