An affiliate of Wisconsin-based commercial real estate firm Phoenix Investors has acquired the former Visteon manufacturing plant in Connersville. Financial details are not being disclosed, though Phoenix says it has plans to renovate the the nearly 70-year-old facility.
The 1.7 million-square-foot plant was built in 1953 by Philco Corp., which was later acquired by Ford Motor Co. (NYSE: F). Visteon, a spin-off company of Ford occupied the plant from 2000 until 2007.
Today, about one-third of the plant is occupied by CliqStudios Cabinets and Phoenix Investors says the company will remain at the facility following the acquisition.
Anthony Crivello, executive vice president of Phoenix Investors, says renovations at the plant have already begun.
“We are planning on making a significant capital investment into the building within short order,” Crivello said in an email to Inside INdiana Business. “Once renovated, we believe there will be many high-quality companies interested in it. We are very excited about the redevelopment.”
Phoenix says the plant’s features and proximity to Indianapolis, as well as Dayton and Cincinnati, Ohio, make it an ideal site for logistics and manufacturing operations.
An estimated time frame for completion of the renovations was not provided.