Phoenix Investors Acquires 1.8 MSF Industrial Portfolio in Saginaw, Michigan

SAGINAW, MICH. — An affiliate of Milwaukee-based Phoenix Investors has acquired 1.8 million square feet of industrial floorspace across three buildings in Buena Vista Charter Township in the Saginaw area. The buildings are known locally as Plants 5, 6/1 and 7 and are occupied by international automotive supplier group Nexteer Automotive. The properties formerly served as the General Motors Saginaw Steering Gear complex. As part of the transaction, Nexteer will continue to occupy 1.3 million square feet across two buildings through a lease-back agreement and has retained ownership of the adjacent plants (Plant 3 and Plant 4) and land, including the solar field and test track. Approximately 552,000 square feet in Plant 5 is available for lease. Phoenix intends to make capital investments throughout the property and reposition the available space for new industrial users. CBRE’s Andrew Baines, Matt Osiecki and Joe Kemp represented Nexteer in the sale.