The former Goodyear plant, as seen from the road. (Messenger file photo)
12-13-2022
An affiliate of Phoenix Investors recently announced the acquisition of the approximately three-million-square-foot property of the former Goodyear plant in East Gadsden.
“This acquisition is a game-changer for Gadsden,” said City of Gadsden Mayor Craig Ford. “With this deal, a nationally recognized development firm can locate up to 40 companies within the 2.9 million square feet of available industrial space. Over time, those companies could collectively create as many as 1,200 jobs, which is the same level of employment Goodyear had at its closing. I am looking forward to working with company leaders to maximize job creation and economic impact. This is just another sign that Gadsden is on its way up, and the related growth we’re about to see will only bring more good news.”
Renovated in 2015, the property at 1000 Goodyear Avenue features 2,952,263 square feet of industrial space, 30 dock doors, and clear heights up to 30 feet. The property provides ample car and trailer parking, rail access and proximity to I-759 and I-59. Numerous capital and cosmetic improvements will be implemented within short order to attract high-quality users.
“It is exciting to have the opportunity to work with a nationally recognized leader in repurposing manufacturing facilities,” said Gadsden Etowah Industrial Development Authority Executive Director David Hooks. “Phoenix Investors’ presence in Gadsden will bring global attention to our community. We look forward to having them in The City of Gadsden, Etowah County and The State of Alabama.”
Centrally located the metropolitan cities of Atlanta, Birmingham, Huntsville and Chattanooga, the total land area is 156 acres, providing plenty of valuable industrial space for future tenants. Etowah County boasts a quality workforce, and the repurposing of this building will provide plentiful hiring opportunities in the Gadsden area.
“Gadsden and Etowah County are known for their strong (work) ethic, and we look forward to providing quality jobs to the area through the revitalization of this property,” said Phoenix Investors Founder and Chairman Frank Crivello. “This campus has tremendous potential, and we are honored to add it to our portfolio. Phoenix’s unique business model and proven track record will enable multiple new industries and tenants to occupy the campus. The available space is easily divisible for multi-tenant occupancy and will be marketed for lease.”
Senior mortgage financing was provided by International Bank of Commerce (IBC). The transaction was brokered by Adam Wolinetz, the Transaction Management Director of CBRE/Global Portfolio Services.