July 15, 2022

Wisconsin Investors Keep 300 Jobs in Greenwood

Wisconsin Investors Keep 300 Jobs in Greenwood

As published by Molly Hulsey for SC BIZ News

After Greenwood’s Fujifilm plant prepared to shutter operations later this year, a Milwaukee-based commercial real estate firm swooped in to purchase the site.

Terms of the deal were not disclosed in an announcement made today, but 300 employees at the site will retain their jobs after Phoenix Investors leased 1.1 million square feet back to the Japanese manufacturer.

Fujifilm’s five facilities in the area will continue to be used for administrative, manufacturing, warehousing and distribution operations, according to a news release.

Last year, the company planned to streamline production by outsourcing its manufacturing capacity to sites in Europe and Asia.

The recent transaction will allow the company to continue manufacturing for its Personalized Photo Products Group, as well as warehousing and distribution and administrative support functions, the news release said.

“Fujifilm arrived in Greenwood over 30 years ago, and we look forward to continuing as a major employer and a good neighbor in the community,” Jun Higuchi, president of Fujifilm Holdings America Corp. and CEO of Fujifilm North America Corp., said in the news release. “We look forward to working with Phoenix Investors to create a productive and enjoyable working environment for our valued employees.”

Fujifilm decided to maintain and increase manufacturing assembly of its QuickSnap one-time-use-cameras, due to the rising U.S. demand driven by Gen Z consumers, according to the release.

“We are pleased to continue our manufacturing assembly operations of QuickSnap one-time-use-cameras and with the increased demand for color film, we’ve recently added a second shift with 15 additional positions,” Bing Liem, division president of Fujifilm North American Corp.’s Imaging Division, said in the release. “We will also continue our personalized photo products operations here, where we provide fulfillment of photo prints and photo gifts for customers across the country. We have built strong relationships with the community to fill nearly 1,000 seasonal positions annually during our busy holiday season and are proud to be one of the largest employers in Greenwood.”

Phoenix Investors’ core business is the revitalization of former manufacturing facilities throughout the United States with expertise in renovating large commercial campuses. The deal is expected to close by early October, subject to satisfaction of terms and conditions.

“For over the last 12 years, we have successfully redeveloped single-tenant manufacturing campuses like this one into successful multi-tenant facilities,” David Marks, president and CEO of Phoenix Investors, said in the release. “The result will be a win-win outcome for Fujifilm, our new industrial tenants, the local Greenwood community and Phoenix Investors.”

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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