Phoenix Investors Acquires Illinois Industrial Portfolio
- Jun 27, 2019
Phoenix Investors has acquired three industrial properties consisting of nearly 1.8 million square feet in the state of Illinois. The company’s portfolio now consists of about 27 million square feet of logistics space across 25 states.
Two of the properties are located in Galesburg, including the 855,000-square-foot 1000 S. Linwood Ave. facility. The asset is leased to national and regional companies serving the e-commerce, retailing, packaging, and distribution sectors. The property boasts 25-foot to 36-foot clear ceiling heights, 50-foot by 50-foot column spacing, 33 docks and 14 overhead doors.
The other Galesburg facility is a 462,000-square-foot warehouse located at 1801 Monmouth Blvd. The property boasts 25-foot to 33-foot clear ceiling heights, varying column spacing, 16 docks, five overhead doors and BNSF rail service.
Both properties were completed between 1974-1996 by Maytag and eventually acquired by the Whirlpool Corp. The two properties also offer convenient access to Interstate 74 East from County Highway 10, as well as Interstate 74 West from the Chicago-Kansas City Expressway.
One in Decatur
The third property is a 475,000-square-foot warehouse located at 625-701 S. Side Drive in Decatur. Situated on 56 acres, the facility is anchored by global manufacturing and logistics tenants and boasts 20 loading docks, 16 overhead doors, 16-foot to 30-foot clear ceiling heights and Canadian National Railroad rail access. The Decatur property is conveniently located in the proximity of Interstate 72, via Highway 51, located just 3 miles southwest.
Last year, the National Real Estate Investor ranked Phoenix Investors as the 28th largest national industrial real estate portfolio. In March, Phoenix Investors began converting a 200,000-square-foot industrial facility into a storage asset in Mount Pleasant, Wis., with plans to add approximately 2,000 self-storage units to the property.