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The complex was formerly home to Electrolux Group's upright freezer manufacturing and production until it closed its doors in late 2019. St. Cloud Mayor Dave Kleis expressed his excitement about the opportunity to put the vacant property into reinvestment and reuse for quality tenants that can result in greater tax base and employment opportunities in St. Cloud. He also noted that the property is one of the largest available industrial facilities in Greater Minnesota and is located just 1 hour from the Minneapolis-Saint Paul 494/694 split.
Mayor Kleis also mentioned that the city has positioned itself for a resilient economic recovery with a target industry analysis which identified regional amenities, workforce skills, and business expansion opportunities for precision manufacturing, automation, food manufacturing, and business software and applications. As a result of this work, a $2.5 million federal EDA grant was awarded to St. Cloud Technical & Community College for the buildout of an advanced manufacturing training lab with state-of-the-art equipment set to open late 2023.
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Anthony Crivello, Executive Vice President & Managing Director of Phoenix Investors expressed his enthusiasm about adding this excellent industrial facility to their portfolio and looking forward to seeing what reopening this property will do for the St. Cloud community. He noted that it can be leased immediately as well as provide superior commercial real estate options to local businesses as well as avenues for development and growth within the local workforce and economy.
The transaction was brokered by Paul J. Danko, Senior Managing Director at Savills For more information or to schedule a tour of the property please get in touch with Phoenix Investors at https://phoenixinvestors.com/contact .
Filed Under: Business
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