As reported in bizjournals.com written by Sean Ryan
Two former Quad/Graphics Inc. industrial facilities in Illinois and Tennessee sold to Milwaukee-based Phoenix Investors.
An affiliate of the Milwaukee real estate investor bought the two buildings for $13.5 million from Industrial Realty Group. The two buildings have about 1.1 million square feet combined and were formerly occupied by Sussex printing company Quad/Graphics (NYSE: QUAD).
“Both buildings have good bones and feature high clear ceiling heights,” said Anthony Crivello, Phoenix executive vice president. “We intend on renovating and ultimately restoring these legacy industrial assets back to their original greatness.”
Phoenix announced the purchase on Tuesday. The two former Quad/Graphics plants are in Covington, Tenn., and at 404 N. Wesley Ave., in Mount Morris, Ill. The facilities were part of printing company Quebecor World, which became World Color Press Inc. before merging with Quad/Graphics in the 2010 deal that made Quad a public company.
Phoenix Investors has specialized in buying large, vacant industrial buildings, updating them, and leasing them to new tenants. It owns about 23 million square feet of building space in 23 states.
Phoenix Investors last year bought a 123-acre shuttered printing plant in Mississippi from Quad/Graphics.