Phoenix Investors LLC of Milwaukee on Wednesday announced that an affiliate of the real estate investment firm had acquired Swedish manufacturer Husqvarna’s facilities in Nashville.
The deal includes three manufacturing facilities and a solar farm for a combined total of 815,000 SF, Phoenix said in a news release.
Financial terms were not disclosed. The transaction hadn’t been listed on Howard County’s property records website Wednesday morning.
Phoenix’s acquisition comes a year after Husqvarna announced it was shutting down the facilities as part of a broader strategy to consolidate operations and reduce its carbon footprint. The company, which makes power outdoor products including chainsaws, trimmers, cultivators and mowers, plans to phase out Nashville operations by the end of 2024. About 700 jobs are directly affected, as well as positions at local businesses that support Husqvara with parts and labor.
In a statement, Nashville Mayor Larry Dunaway said the city will be working with Phoenix to find a new tenant for the facilities. The firm plans to implement a capital improvement plan to attract high-quality industrial users to the area.
“We look forward to all the opportunities ahead,” Dunaway said. “The City of Nashville is committed to helping bring new industry and jobs to our area.”
Andreas Rangert, president of Husqvarna North America’s Forest & Garden Division, said, “We’re proud to partner with an experienced real estate firm so dedicated to transforming manufacturing facilities. We trust Phoenix Investors will bring significant growth and opportunity to Nashville, AR and its community.”
Phoenix has interests in a portfolio of industrial properties spanning about 78 million SF in 29 states. The company said it’s focus is “delivering corporations with a cost-effective national footprint to dynamically supply creative solutions to meet their leasing needs.”
Vanessa Weeks, director of Howard County Economic Development, welcomed Phoenix to Nashville.
“Their acquisition of the Husqvarna facility means we gained a strong partner as we continue to aggressively market and recruit industries to our community,” she said. “I look forward to working with them in the weeks ahead.”
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