Phoenix Investors in recent days announced that an affiliate of the national private commercial real estate firm has acquired the vacant plant in Wetumpka owned and once occupied by Russell Brands.
A Class A industrial facility totaling approximately 891,000 square feet on 102 acres of land, the plant was closed in 2013.
“I want to welcome Phoenix Investors to the Wetumpka family,” said Wetumpka Mayor Jerry Willis in a statement. “I look forward to many prosperous years to come!”
Russell Brands at this Elmore County location previously manufactured sports equipment and clothing, marketing its products under many brands and subsidiaries, including Russell Athletic and Spalding. Formerly a publicly traded company, Russell Brands was acquired by Fruit of the Loom, a subsidiary of Berkshire Hathaway, in 2006.
“We were pleased to work with Russell Brands as it sells this shuttered former clothing manufacturing plant,” stated Frank P. Crivello, chairman and founder of Phoenix Investors. “The building is less than 25 years old and the construction was of excellent quality. We will make strategic improvements to the buildings and systems to enhance its energy efficiency and desirability to prospective tenants.”
A release from Phoenix Investors also touted the desirable location of the property, which is approximately 10 miles from Montgomery and ideally situated geographically for distribution at the intersection of I-65 and I-85.
“Elmore County has no inventory or occupational taxes, boasting a strong workforce and supported by twelve local colleges and universities,” the release added.
Built between 1995 and 1997, the property reportedly features clear heights up to 41 feet, 29 loading docks, 100 slots for trailer storage, over 500 passenger parking spots, five drive-in doors and adjacent land ripe for expansion. Additionally, the property includes three separate entrances with ample bathrooms and adequate office space to accommodate multiple tenants.
“Ultimately, we were attracted to the robust infrastructure offered by this facility; it is set up well for use by a wide range of tenants of various sizes for distribution or manufacturing. In order to make the facility more attractive to prospective tenants, we plan to make additional improvements to facilitate the occupancy of tenants over the next year,” added David Marks, president and CEO of Phoenix Investors. “We are pleased to be able to provide future tenants access to high-quality amenities and infrastructure at a discount to new construction.”
Cary Cox, executive director for the Elmore County Economic Development Authority (ECEDA), stressed that the acquisition “is a game changer.”
“We have tenants that are interested and hopefully will have some announcements soon,” Cox advised.
County Commissioner Bart Mercer, who serves as a liaison to ECEDA, commented, “Elmore County is excited that Phoenix Investors has decided to add the former Russell plant to their portfolio. Their business model is a perfect fit to create a successful solution for this property. It’s an honor to welcome such a prestigious partner to Elmore County.”
Sean Ross is the editor of Yellowhammer News. You can follow him on Twitter @sean_yhn
