A Milwaukee-based real estate company has acquired one of Memphis' most notable warehouse properties.

Phoenix Investors has acquired the former 785,000-square-foot Electrolux facility at 3231 Paul R. Lowry Road, near President's Island in South Memphis.

Electrolux Group announced the sale of the Memphis property on Dec. 22. The facility, which closed in June 2022, sold for $35 million. According to the news release, the sale is part of ongoing global divestment in property and non-core assets for the Swedish appliance manufacturer. Since the facility closed in 2022, operations were transferred to the Electrolux plant in Springfield, Tennessee.

The company had two previous deals fall through on the Memphis property. In October 2022, Electrolux Group announced it had a buyer and $82.5 million deal in place. That initial deal fell through in April 2023, according to a news release. In September, a second deal worth $61 million also dissolved.

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The Paul R. Lowry Road property is listed for sale or lease on the Phoenix Investors website. The property listing included 217.4 acres and 949 parking spaces. The Shelby County Register of Deeds has the property value assessment at $51 million.

“I can’t imagine a better way to ring in the new year than with the sale of this incredibly valuable asset in Memphis, one of the fastest-growing job markets in the nation,” said Gwyn Fisher, the Greater Memphis Chamber's chief economic development officer. “We have every confidence in our ability to bring high-quality jobs back to this building, and we look forward to continuing to support Phoenix Investors in 2024.”

Electrolux Group was courted by state and local officials to relocate its North American facilities from Quebec, Canada, to Memphis in a deal that included several incentives. In 2011, the Economic Development Growth Engine for Memphis and Shelby County (EDGE) awarded a 15-year payment-in-lieu-of-taxes (PILOT) to Electrolux Group for its $195 million investment.

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The facility opened in 2014. In January 2019, Electrolux Group announced it would be closing the plant and relocating its operations. At its peak, the plant employed 1,100 employees, in its final year employment was around 530. Consequently, its 15-year PILOT incentive was terminated following the closure announcement.

The company received more than $188 million in subsidies, including $97 million from the state, to relocate to Memphis. A 2019 Commercial Appeal investigation reported that the deal included 20 years of debt service on state bands worth $48.5 million along with $28 million in city- and county-back bonds. The local bond repayment on those bonds will continue until 2036.

Neil Strebig is a journalist with The Commercial Appeal. He can be reached at neil.strebig@commercialappeal.com, 901-426-0679 or via X/Twitter,@neilStrebig

This article originally appeared on Memphis Commercial Appeal: Memphis Electrolux facility sold to Phoenix Investors