March 11, 2022
An affiliate of Phoenix Investors, a private commercial real estate firm headquartered in Milwaukee, has reached a definitive purchase agreement to acquire Cleveland’s Nela Park, from GE Lighting’s parent company Savant Systems.
Built in 1913, Nela Park is reportedly the world’s first industrial park, spanning 92 acres and comprised of 20+ buildings offering industrial space, office space, and amenities such as a cafeteria, fitness center, and outdoor recreation facilities.
Nela Park has become nearly synonymous with GE Lighting, a Savant company, headquartered there since its inception. GE Lighting – which was acquired by Savant Systems, Inc. in July 2020 – has reportedly signed a long-term lease and will remain on the campus. GE Lighting also announced that two of its Ohio manufacturing plants – one in Bucyrus and one Logan – will close.
With this acquisition, Phoenix will add more than 1,000,000 square feet to its growing portfolio. “The future of Nela will be in good hands and positioned to benefit local communities that rely on job creation, income tax dollars, and consumer spending to thrive,” said Kathy Sterio, President of GE Lighting.
“This is great news for our business and the future of Nela Park, as well as East Cleveland and other surrounding cities. Phoenix has a track record of success reinvigorating and investing in commercial real estate to attract new tenants and will bring that same approach to historic Nela Park,” she added.
In September 2021, Phoenix announced the acquisition of The Huron Campus in Endicott, New York, the birthplace of IBM. The acquisition of Nela Park would add another historic property to Phoenix’s portfolio.
“We’re excited at the prospect of expanding our footprint in Ohio with Nela Park,” said Frank Crivello, Founder & Chairman of Phoenix Investors. “Revitalization is one of our core values; we plan to both honor the Park’s history and embrace its future with thoughtful renovations while attracting high-quality tenants to the area.”