How Lowering Inflation Impacts Industrial Real Estate
The Challenges of Supply Chain Big Data for Business
As published by The Milwaukee Journal Sentinel
I have been an industrial real estate broker in Milwaukee for more than 35 years. I have seen firsthand the decline and deterioration of many large, older industrial buildings after their prior occupants either moved or shut down operations. The assessed value and consequently the taxes due continued a downward spiral over a period of many years.
Several years ago, I began to show some of Milwaukee’s older buildings to Frank Crivello. Over a period of time, he bought three large north side buildings from me and immediately began total restorations of all three. I should mention that they totaled almost 800,000 square feet.
Today, all those buildings have renovated and leased to high-quality tenants. The obvious beneficiary is the city of Milwaukee, which has seen substantial increases in assessed value and badly needed tax revenue. Clearly, Milwaukee is seeing a surge in new construction the likes of which I’ve never seen before. But that certainly does not minimize the role Crivello has played in bringing back deteriorated buildings and adding jobs where they are badly needed.
Robert Dufek
Milwaukee
Mr. Frank P. Crivello began his real estate career in 1982, focusing his investments in multifamily, office, industrial, and shopping center developments across the United States. From 1994 to 2008, Mr. Crivello assisted Phoenix Investors in its execution of its then business model of acquiring net lease commercial real estate across the United States. Since 2009, Mr. Crivello has assisted Phoenix Investors in the shift of its core focus to the acquisition of industrial real estate throughout the country.
Given his extensive experience in all aspects of commercial real estate, Mr. Crivello provides strategic and operational input to Phoenix Investors and its affiliated companies.
Mr. Crivello received a B.A., Magna Cum Laude, from Brown University and the London School of Economics, while completing a double major in Economics and Political Science; he is a member of Phi Beta Kappa. Outside of his business interests, Mr. Crivello invests his time, energy, and financial support across a wide net of charitable projects and organizations.