As reported in prnewswire.com
MILWAUKEE, May 8, 2018 /PRNewswire/ — Affiliates of Phoenix Investors (“Phoenix“), a national private commercial real estate firm headquartered in Milwaukee, Wisconsin, announced they acquired from affiliates of Industrial Realty Group (“IRG”) two industrial properties totaling approximately 1,100,000 square feet in Covington, Tennessee and Mount Morris, Illinois for $13,500,000.
“Over the last three years we have acquired eight industrial properties across the United States from IRG resulting in win-win outcomes for both companies,” said Frank Crivello, Phoenix’s Founder and Chairman. “These properties fit our core strategy and expertise. We are excited to apply the Phoenix ‘touch’ to them.”
The Covington property is a former Quad Graphics facility located on U.S. Route 51 in Covington, Tennessee, approximately forty-five miles northeast of Memphis. Constructed between 1987 and 1994, the Covington property is comprised of 523,010 square feet in improvements and totals in excess of fifty-five acres of land. Additionally, the building contains two rail spurs, twenty-seven loading docks, four drive-in doors, 25-foot to 35-foot clear ceiling heights, an early suppression fast response (ESFR) sprinkler system, 7% office space and 460 surface parking spaces. Located within Tipton County, the submarket has a tight vacancy rate of 4.43%, providing immediate access to Interstates 40 and 55, the City of Memphis and the Memphis International Airport (approximately 55 miles southwest) and I-155 and I-55 (40 miles north).
The Mount Morris property is also a former Quad Graphics facility located at 404 N. Wesley Avenue in Mount Morris, Illinois. It is comprised of 586,706 square feet of improvements and totals in excess of fifty-three acres of land. Additionally, the facility features twenty-four loading docks, two drive-in doors, 24-foot to 30-foot clear ceiling heights and BNSF rail access. Access is available to the property from larger markets via IL-39, I-88 and I-90.
“Both buildings have good bones and feature high clear ceilings heights. We intend on renovating and ultimately restoring these legacy industrial assets back to their original greatness,” said Anthony Crivello, Phoenix’s Executive Vice President.
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.