PHOENIX INVESTORS ACQUIRES PA MIXED-USE ASSET
As reported in cpexecutive.com written by IvyLee Rosario
An affiliate of Phoenix Investors has acquired a 402,000-square-foot industrial and office building in Athens, Pa. This purchase marks Phoenix’s second acquisition in the state of Pennsylvania within six months.
Located at 101 N. Main St., the property is the former Ingersoll Rand manufacturing plant. The facility will undergo extensive renovations to become a Class A modernized property. The interior of the plant is divisible for multi-tenant occupancy. Ingersoll Rand completed a series of significant upgrades on the office area.
“We were greatly touched by the facility’s deep history and significance to the city of Athens,” said David Marks, Phoenix’s president & CEO, in a prepared statement. “Phoenix will revitalize the property and aggressively market the vacant space to high-quality companies.”
Last month, the company purchased a $13.5 million industrial portfolio totaling 1.1 million square feet from Industrial Realty Group. Quad Graphics formerly occupied both facilities, which are located in rural Illinois and Tennessee.
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