November 30, 2020
An affiliate of Milwaukee-based Phoenix Investors recently acquired Titan International’s former plant in Brownsville from Titan. Deal terms weren’t disclosed.
Originally built in 1997, the plant is located at 6700 Paredes Line Rd. and totals approximately 1,040,000 square feet. After Titan ended production of tires in 2003, the property was converted to multi-tenant occupancy. While under contract, Phoenix finalized leases with tenants for the entire property.
Phoenix chairman Frank P. Crivello said, “Given robust demand in Brownsville for industrial space, we plan to commence construction on new space in 2021 on the surplus land we recently acquired.”
Added Phoenix CEO David Marks, “We plan to make improvements to the property over the next six months for the benefit of our new tenants in Brownsville. With our new construction, we anticipate leasing space to industrial companies in late 2021.”
The transaction was brokered by Newmark senior managing director Michael M. Reid.
Photo courtesy of Phoenix Investors.
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Tags: Acquisition, Broker, Industrial
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