As reported in prnewswire.com
Companies purchase over 1 million square-feet in $12.80 million transaction
MILWAUKEE, April 9, 2018 /PRNewswire/ — Affiliates of Phoenix Investors (“Phoenix“), a national private commercial real estate firm headquartered in Milwaukee, Wisconsin, announced it acquired from affiliates of Industrial Realty Group three industrial properties totaling 1,065,000 square-feet for $12,800,000 located in Pawcatuck, CT, Delaware, OH, and Poughkeepsie, NY.
The subject properties range from approximately 250,000 to 450,000 square-feet, featuring high clear ceiling heights. The portfolio includes a diverse roster of over twenty (20) existing tenants, having an in-place occupancy of 65%. Phoenix intends to renovate these assets in a first-class manner in order to attract new users.
“We are pleased to acquire three functional industrial buildings that are poised for a value-add repositioning and expand our presence in the Northeast,” said David Marks, Phoenix’s President and CEO.
In April 2018, affiliates of Phoenix purchased 11 industrial properties, consisting of over 2 million square feet in four states. Phoenix’s affiliates now own approximately 22 million square-feet of principally industrial real estate across 23 states.
“We have committed capital to continue on our core strategy and are actively seeking similarly styled acquisitions of both single asset and portfolio acquisitions of industrial real estate across the United States,” said Frank P. Crivello, Chairman & Founder, Phoenix Investors.
Senior mortgage financing was provided by Walker & Dunlop Commercial Property Funding, LLC.
About Phoenix Investors
Phoenix Investors is a national commercial real estate firm based in Milwaukee, Wisconsin whose core business is the revitalization of former distribution and manufacturing facilities throughout the United States. This strategy leads to positively transforming communities and restarting the economic engine in the communities we serve.
Phoenix’s affiliate companies hold interests in approximately 22 million square feet of industrial, retail, office, and single tenant net-leased properties across 23 states. NREI’s most recent survey ranked Phoenix Investor’s as having the 28th largest total industrial real estate portfolio. Today, Phoenix principally specializes in the renovation and repositioning of large, former single tenant industrial facilities throughout the United States that were previously owned by major corporate clients, REITs, or financial institutions.