Phoenix Investors Expands Portfolio With 1.7 Million Sf Acquisition Of Historic Plant In Connersville, Indiana

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Nov 30, 2021, 11:54 ET

CONNERSVILLE, Ind., Nov. 30, 2021 /PRNewswire/ -- An affiliate of Phoenix Investors ("Phoenix") announced the acquisition of a manufacturing plant of 1.7 million square feet on 186 acres at 4747 North Western Avenue, Connersville, Indiana.

The first phase of the plant was built in 1953 by Philco Corporation. Philco was a leading consumer, automotive, and defense manufacturer dating back to the 1920s. Ford Motor Company acquired Philco in 1961 and renamed the division Philco-Ford in 1966. Ford expanded the plant through phases in the 1960s. Ford operated the Connersville plant from 1961 until it spun this division off as Visteon Corporation in 2000. Visteon Corporation is an American global automotive electronics supplier composed of multiple businesses that design, engineer, and manufacture vehicle cockpit electronics products and connected car services for a diversified customer base, including all major automakers. Visteon closed the plant in 2007. Since 2013, one-third of the plant has been home to CliqStudios Cabinets.

The property features robust and heavy industrial infrastructure including clear heights of 30' throughout the plant, 60' x 40' column spacing, 50 docks and drive-in doors, two rail sidings with multiple rail bays and over 2,000' of rail on-site for rail car management, an ESFR sprinkler system, and massive electric infrastructure with 28 MVA. One of the oldest cities in Indiana, Connersville is strategically located between I-70 & I-74 that connect directly to Indianapolis (55 miles); Dayton (72 miles); and Cincinnati (62 miles). These features make it an ideal site for logistics and manufacturing operations. Mettel Air Field is located directly across from the property and serves jet aviation.

"Mayor Frank and his team have bent over backwards to welcome us to Connersville. Our public-private partnerships are critical to the successful redevelopment of plants like this one. The Connersville workforce and the infrastructure of this plant can't easily be duplicated," said Frank Crivello, Founder & Chairman of Phoenix Investors. "Phoenix can adapt this plant to a number of industries. The Connersville community and culture are tied tightly to a history of hard work and innovation. We are excited to be part of its future."

"Mr. Crivello and his team at Phoenix Investors have been a top-notch, professional group to work with from day one," said Chad Frank, Mayor, Connersville, Indiana. "The property has a rich history that I am excited to see renovated, flourishing with great companies that will positively impact our community."

"We will renovate this property in a first-class manner. We will restore it to its greatness," said David Marks, President & CEO of Phoenix Investors. "Given its unique infrastructure and proximity to major manufacturing hubs, we are confident we will attract high-quality companies to the property."

About Phoenix Investors
Phoenix Investors is a national commercial real estate firm based in Milwaukee, Wisconsin. Phoenix's affiliate companies hold interests in industrial, retail, office, and single tenant net-leased properties in approximately 49 million square feet, spanning 29 states. Its core business is the revitalization of former manufacturing facilities throughout the United States. This strategy leads to positively transforming communities and restarting the economic engine in the communities we serve.

For more information, please visit https://phoenixinvestors.com.

SOURCE Phoenix Investors