An affiliate of Milwaukee-based Phoenix Investors LLC recently acquired a 50 percent interest in the former Tecumseh Engine Manufacturing plant at 900 North Street in Grafton for just under $1 million.
The 341,000-square-foot building, which sits on 26.65 acres of land, will be renovated and upgraded and then leased by Phoenix.
Kurt Jensen, senior vice president of acquisitions and leasing for Phoenix, said he expects leasing activity to be brisk. Phoenix will accelerate renovation and build-out schedules to meet its tenant’s timelines, Jensen said.
The Tecumseh Products Company facility in Grafton served as an office, manufacturing and distribution facility until 2009. Phoenix acquired its interest in the vacant property from BLWL LLC, which still owns the remaining 50 percent interest in the property.
Renovations will be led by Phoenix’s own construction division and will start in early 2016. The transaction was financed through a loan from Marathon Bank.
