Phoenix Investors emerged from a crowded field of potential buyers to own Rexnord Industries’ former 56-acre industrial campus in West Milwaukee, Wisconsin.
The Milwaukee-based real estate investor then embarked on a project to modernize the facility while preserving historic elements of a property well known in the community.
Phoenix Investors acquired the complex with a combined 753,076 square feet of buildings, some of which are more than a century old.
It came after the property became obsolete for Rexnord, a maker of products such as bearings, gear drives, couplings and conveyors.
The overhauled space is ready for new industrial tenants to bring jobs back to the site.
A panel of real estate professionals chose the project as a 2026 CoStar Impact Award winner.
About the project: Phoenix Investors paid $9 million for the property, according to CoStar data. The firm faced competition from a nationwide field of institutional investors, developers and industrial users.
Phoenix then began interior demolition, followed by upgrades to building systems and cosmetic improvements inside and out.
The project required consideration of legacy infrastructure, environmental conditions, zoning overlays and historic preservation.
What the judges said: “Phoenix Investors’ redevelopment of the former Rexnord campus demonstrates a successful large-scale industrial repositioning by revitalizing a legacy property with significant local and regional economic upside,” said Ted Nevermann, investment sales analyst at CBRE.
They made it happen: The project was led by Phoenix Investors’ Anthony Crivello, Kurt Jensen, Patrick Dedering, Luke Herder and Jeff Kilbourn.