Phoenix Investors to Acquire 1 MSF Industrial Park in Cleveland

by Kristin Harlow

CLEVELAND — An affiliate of Phoenix Investors has reached a definitive agreement to acquire Nela Park in Cleveland for an undisclosed price. Nela Park is home to GE Lighting, a Savant company. The acquisition will add more than 1 million square feet of industrial space to Phoenix’s portfolio. Built in 1913, Nela Park is considered the first industrial park in the world, according to Phoenix. The 138-acre property consists of industrial space, office space, a cafeteria, fitness center and outdoor recreation facilities. Savant acquired GE Lighting in July 2020. GE Lighting plans to maintain partial tenancy at Nela Park after Phoenix’s acquisition.

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