An affiliate of Milwaukee-based commercial real estate firm Phoenix Investors today announced the acquisition of the 785,000-square-foot industrial building located at 3231 Paul R Lowry Road in Memphis, Tennessee. Previously owned by Electrolux, the acquisition brings Phoenix’s portfolio to a total in excess of 75 million square feet in 29 states.
“The Memphis property is in exceptional condition and is ready for its next manufacturer,” Anthony Crivello, EVP & Managing Director of Phoenix Investors, said in a press release. “This asset is truly a one-of-a-kind, modern, Class A manufacturing complex; nothing else in the country compares to it, and we are thrilled to add it to our portfolio.”
According to a press release, the facility includes production space, furnished offices, a full-service cafeteria, a cooling tower, heavy electrical power feeds, cranes, a chemical storage room, wastewater treatment capabilities, and ESFR fire suppression. The complex also features 61 dock doors, seven drive-in doors, and clear heights up to 40 feet.
Situated on over 217 acres and boasting 949 automobile spaces and 142 trailer spaces, the facility is located across the street from the Canadian National Intermodal facility and CSX while still offering easy access to I-55. Built in 2013, the facility is also port capable and is 100% air conditioned.
Phoenix also acquired an additional 580 acres of developable industrial land from Electrolux. Phoenix is currently accepting proposals for the land in the form of build to suit opportunities, long-term ground leases, and potential sales.
The acquisition caps a busy year for Phoenix; in October, the company announced the acquisition of another former Electrolux facility in St. Cloud, Minnesota, which totaled over 922,000 square feet.
“It was a pleasure to again collaborate with Electrolux on this acquisition and exceed its aggressive closing requirement,” David Marks, President & CEO of Phoenix Investors, said in a statement. “Our team was extraordinary and closed the purchase within three weeks of our execution of the purchase agreement, including two holidays.”
Electrolux halted production in Memphis in June 2022 and moved operations to a new facility in Springfield, TN.