Phoenix Investors acquires industrial campus in West Milwaukee

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A Milwaukee commercial real estate firm bought 56 acres of industrial space in West Milwaukee, which might open the door for more commercial and residential development.

Milwaukee-based Phoenix Investors announced on Monday they purchased a 56-acre, multi-building industrial campus from motor maker Regal Rexnord at 4701 W. Greenfield Ave. The firm paid $9 million for the property on Friday, state real estate records showed.

The acquisition added around 750,000 square feet to Phoenix’s portfolio and the company has around 80 million square feet nationwide, company officials said in a news release.

The campus has extra land available for residential and commercial development, officials said. Phoenix and West Milwaukee had early discussions about possible new development, they added.

The campus is available for lease and “features numerous dock doors, clear heights up to 47 feet, heavy power infrastructure and ample trailer and car parking,” officials said. There are nine buildings, constructed between 1920 and 1973 with expansive crane bays, a fully fenced site and flexible floor plan configurations for industrial users as small as around 15,000 square feet, officials said. The location is one mile from Interstate 94.

“Phoenix is committed to revitalizing the Regal Rexnord property in a holistic manner to honor the industrial legacy of the site while incorporating other potential uses for portions of the property that will benefit the community of West Milwaukee,” said Frank P. Crivello, founder and chairman of Phoenix Investors, in a statement. “The property is in a prime location and is suitable for mixed-use redevelopment. We’re confident its revitalization will bring positive progress to West Milwaukee,” he added.

Jeff Cartwright, senior vice president and regional manager of First Financial Bank, provided the senior financing, officials said.