Emerging Details of Gateway Business Park Sale
New details on the development of the 56-acre property in Beloit’s Gateway Business Park have emerged. The sale of land was approved by Beloit City Council, as previously reported on by the Round Table. The 56.27 acres at 1901 Gateway Blvd. sold for $562,700.
As mentioned before the sale was made to Milwaukee-based Phoenix Acquisitions. On Monday the City of Beloit Economic Development Director Jennifer Hall said the company plans to “build a 50,000-square-foot, Class A industrial complex in Beloit,” as reported by Beloit Daily News.
This is not the first time that Phoenix Acquisitions have acquired land in the city of Beloit. In 2017, the company owned the former Alcoa industrial building located on Reynolds Drive near the Milwaukee Road business gallery. The company successfully renovated the 416,000-square-foot property while also filling the redesigned space with new companies.
“We are pleased that Phoenix sees such significant potential in Beloit, that they are stepping out of their standard revitalization model,” Hall said, commenting on the relationship between the city and Phoenix. “The Gateway Business Park continues to attract quality developments adding quality jobs for our community.”
According to the Beloit Daily Mail, “the City of Beloit officials state that affiliates of Phoenix also own an 815,000-square-foot industrial complex in Edgerton,” located in northern Rock County. The company affiliates also own a 590,000-square-foot property. The location of this complex is in Jefferson, Wisconsin. The property saw extensive renovations and is now fully occupied.
Interests for Phoenix’s affiliate companies hold relatively high interests in industrial, retail, office, and single tenant net leased properties, reported by Beloit Daily Mail. This brings the total of owned property to 46 million square-feet and spans over 28 states.
Frank P. Crivello is the founder and chairman of Phoenix Investors. On the Phoenix Investors website they illustrated their organization’s mission specifically after the beginning of the Great Recession in 2007. Phoenix actively seeks out unprecedented commercial real estate opportunities. As of recently they are focusing on maximizing “underappreciated asset classes including Class B and C Industrial properties, portfolio and REIT dispositions, and creatively working with corporations, banks, and other institutions on underperforming asset dispositions,” as stated on their website.
Crivello said on the project, “Our existing projects in the Beloit region are fully leased and we have demand for additional space there from prospective industrial tenants. This project will meet the market demand. We are grateful to the City of Beloit for its support for our projects.”