Memphis, TN (December 27, 2023): Get ready for a major industrial revamp in Memphis! An affiliate of the investment giant Phoenix Investors has officially snatched up the former Electrolux facility, a colossal 785,000-square-foot building just waiting to be reimagined. This acquisition marks a significant milestone for Phoenix, pushing its total portfolio well past 75 million square feet and rounding out a year of impressive growth.
Remember those shiny Electrolux appliances? Well, in June 2022, their Memphis production line took a bow and relocated to a brand-new facility in Springfield, TN. But guess what? This vacant giant wasn’t destined for dust and tumbleweeds. Phoenix Investors saw potential in its sturdy bones and modern features, ready to give it a whole new chapter.
“The Memphis property is in top shape,” enthuses Anthony Crivello, EVP & Managing Director of Phoenix Investors. “Picture shiny production space, decked-out offices, and a cafeteria fit for a king (or queen, of course!). It’s got everything a manufacturer could dream of cooling towers, heavy electrical power, cranes, and even a chemical storage room and wastewater treatment facilities. This place is ready to roll again!”
But Phoenix was interested in more than just the main building
They snagged an additional 580 acres of prime developable land from Electrolux, opening up a world of possibilities for the surrounding area. Imagine bustling warehouses, buzzing logistics hubs, or maybe even a swanky tech park – the sky’s the limit!
This acquisition isn’t just good news for Phoenix’s portfolio, it’s a potential game-changer for Memphis. With such a massive and well-equipped space back in play, we expect a surge in local jobs, economic growth, and a few shiny new businesses setting up shop.
“We’re thrilled to be part of Memphis’ future,” says David Marks, President & CEO of Phoenix Investors. “This deal wasn’t just about bricks and mortar – it’s about opportunity. We see potential here and can’t wait to work with the Memphis community to turn that potential into something real.”
So, Memphis, keep your eyes peeled! The former Electrolux giant is about to rise again, bigger and better than ever, thanks to Phoenix Investors. Now, the big question is: who will be the lucky ones to breathe new life into this industrial beast? Only time will tell, but one thing’s for sure: the future of Memphis just got a whole lot brighter.