Foot Locker: Phoenix Investors Acquires 628,000-Sq-Ft Industrial Property in Jacksonville
- Phoenix Investors acquired a 628,000-square-foot property in Jacksonville, enhancing its industrial portfolio and supporting local economic growth.
- This site, formerly Anchor Glass, will undergo significant renovations to modernize facilities for manufacturing and logistics use.
- The acquisition reinforces Phoenix's strategy of transforming underutilized industrial properties to meet rising demands in the sector.
### Revitalizing Industrial Spaces: Phoenix Investors' Strategic Acquisition
Phoenix Investors, a prominent commercial real estate firm based in Milwaukee, advances its strategy of transforming legacy industrial facilities by acquiring a 628,000-square-foot property in Jacksonville, Florida. Previously operated by Anchor Glass Container Corporation, this site features robust infrastructure, including 26 docks and heavy-duty power capabilities, making it well-suited for manufacturing, logistics, or e-commerce fulfillment. The property’s advantageous location near major transport routes, such as I-95 and Jacksonville International Airport, positions it as a key asset for both regional and national operations, aligning with the growing demand for modern industrial spaces.
The acquisition marks Phoenix's ninth purchase of a former glass manufacturing site, reinforcing its commitment to repurposing underutilized properties into high-capacity industrial facilities. Plans for significant capital improvements are underway, which include selective demolition, roof replacement, and fire suppression upgrades, aimed at modernizing the facility and enhancing its aesthetic appeal. Anthony Crivello, Executive Vice President & Managing Director at Phoenix, emphasizes the firm's dedication to creating value for tenants while supporting Jacksonville’s economic growth. This strategic initiative not only revitalizes the local industrial landscape but also caters to evolving market needs.
Phoenix Investors' extensive portfolio, encompassing approximately 83 million square feet across 27 states, reflects its proactive approach to meeting rising demands in the industrial sector. By focusing on legacy properties, the firm successfully turns challenges into opportunities, significantly impacting the landscape of commercial real estate. Their ability to adapt older facilities for contemporary uses highlights the importance of innovation in the real estate industry, ensuring that these spaces remain relevant and functional for today's businesses.
### Community Engagement and Multifamily Developments
In related news, ECI Group successfully closes a $17.66 million mezzanine loan for the Lynwind Apartments, a 384-unit multifamily development in Davenport, Florida. This Class A community, featuring modern amenities and proximity to major attractions, reflects ECI’s commitment to providing tailored financing solutions in a challenging market environment.
Additionally, the United Breast Cancer Foundation recently hosted a successful Mattress & Pink Bag Event in Tallahassee, Florida, serving 130 breast cancer patients and survivors. Providing over $1.45 million in essentials, the initiative underscores the critical role of community support in uplifting those affected by serious health challenges.