February 22, 2017

Phoenix Investors buys Whirlpool industrial complex for redevelopment

Phoenix Investors buys Whirlpool industrial complex for redevelopment

Phoenix Investors buys Whirlpool industrial complex for redevelopment

As reported in Moody on the Market:

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 P. Crivello is Chairman & Founder 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.”

Read the full story here

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.

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