Gadsden, AL – An affiliate of Phoenix Investors (“Phoenix”) announced the acquisition of an approximately 3-million-square-foot Campus in Gadsden, Alabama.
Phoenix’s unique business model and proven track record will enable multiple new industries and tenants to occupy the Campus. The available space is easily divisible for multi-tenant occupancy and will be marketed for lease.
Phoenix Investors is a national commercial real estate firm based in Milwaukee, WI whose 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 these communities.
This acquisition is a game-changer for Gadsden,” said Gadsden Mayor Craig Ford. “With this deal, a nationally recognized development firm can locate up to 40 companies within the 2.9 million square feet of available industrial space. Over time, those companies could collectively create as many as 1,200 jobs, which is the same level of employment Goodyear had at its closing. I am looking forward to working with company leaders to maximize job creation and economic impact. This is just another sign that Gadsden is on its way up, and the related growth we’re about to see will only bring more good news.”
“It is exciting to have the opportunity to work with a nationally recognized leader in repurposing manufacturing facilities,” said David Hooks, Executive Director of the Gadsden Etowah Industrial Development Authority. “Phoenix Investors’ presence in Gadsden will bring global attention to our community. We look forward to having them in The City of Gadsden, Etowah County, and The State of Alabama.”
“Gadsden and Etowah County are known for their strong ethic, and we look forward to providing quality jobs to the area through the revitalization of this property,” said Frank Crivello, Founder and Chairman of Phoenix Investors. “This Campus has tremendous potential, and we are honored to add it to our Portfolio.”
Renovated in 2015, the property at 1000 Goodyear Avenue features 2,952,263 square feet of industrial space, 30 dock doors, and clear heights up to 30 feet. The property provides ample car and trailer parking, rail access, and proximity to I-759 and I-59. Numerous capital and cosmetic improvements will be implemented at the Campus within short order to attract high-quality users.
The building is centrally located near four metropolitan cities—Atlanta, Birmingham, Huntsville, and Chattanooga. The total land area is 156 acres, providing plenty of valuable industrial space for future tenants. Etowah County boasts a quality workforce, and the repurposing of this building will provide plentiful hiring opportunities in the Gadsden area.
Senior mortgage financing was provided by International Bank of Commerce (IBC). The transaction was brokered by Adam Wolinetz, Director – Transaction Management, of CBRE | Global Portfolio Services.