As reported in biztimes.com written by Corrinne Hess
An affiliate of Phoenix Investors purchased three industrial properties totaling just over 1 million square feet for $12.8 million.
The Milwaukee-based company purchased the properties, located in Pawcatuck, Connecticut; Delaware, Ohio; and Poughkeepsie, New York from affiliates of Industrial Realty Group.
The properties range from approximately 250,000 to 450,000 square feet. Occupancy is about 65 percent. Phoenix intends to renovate the properties and release.
“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 chief executive officer.
This latest acquisition for Phoenix Investors gives the company 22 million square feet of principally industrial real estate across 23 states. It has been very active in growing its portfolio.
This month, affiliates of Phoenix have purchased 11 industrial properties, totaling more than 2 million square feet in four states.
In March, Phoenix Investors purchased the JCPenney Logistics Warehouse and Furniture Outlet Center in Wauwatosa for $31.25 million. The 2 million-square-foot building is located on 77 acres at 11800 W Burleigh St., just west of I-41. J.C. Penney Co. announced on Feb. 13 it would close the distribution center and call center beginning this summer and lay off a total of 670 employees.
“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 Crivello, chairman of Phoenix Investors.