This large vacant industrial property has been sold. Its future could include housing

A large vacant industrial property in West Milwaukee has been sold to a local firm that plans to redevelop it for a mix of uses, which could include housing.

Regal Rexnord Corp.’s 56-acre industrial campus, 4701 W. Greenfield Ave., is now owned by an affiliate of Phoenix Investors LLC. The sale price was $9 million, according to a deed posted online by the Wisconsin Department of Revenue.

The acquisition adds approximately 750,000 square feet to Phoenix’s portfolio, which now exceeds 80 million square feet nationwide.

The site’s nine buildings available for lease were constructed between 1920 and 1973, according to the Monday announcement from Phoenix.

Their features include numerous dock doors, clear heights up to 47 feet, heavy power infrastructure and ample trailer and car parking.

Also, the site has “surplus land suitable for new residential and commercial development,” the statement said.

“Phoenix and West Milwaukee have had preliminary discussions regarding possible new developments on the campus,” it said.

Phoenix plans to revitalize the Regal Rexnord property “to honor the industrial legacy of the site while incorporating other potential uses for portions of the property that will benefit the community of West Milwaukee,” said Frank P. Crivello, founder and chairman.

“The property is in a prime location and is suitable for mixed-use redevelopment. We’re confident its revitalization will bring positive progress to West Milwaukee,” Crivello said.

West Milwaukee’s other redeveloped industrial sites include Palermo Villa Inc.’s frozen pizza production facility coming to the former Froedtert Malt Corp. site, 3900 W. Lincoln Ave.