As reported in areadevelopment.com
Affiliates of Phoenix Investors, a national private commercial real estate firm headquartered in Milwaukee, Wisconsin, reported it acquired affiliates of Industrial Realty Group’s three industrial properties totaling 1,065,000 square-feet, for $12,800,000, located in Connecticut, Ohio and New York.
According to company officials, 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 tenants, having an in-place occupancy of 65%.
Phoenix Investors said it is a national commercial real estate firm whose core business is the revitalization of former distribution and manufacturing facilities throughout the United States. Phoenix intends to renovate its recently acquired assets in a first-class manner in order to attract new users, the company added.
“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 & CEO.
In April 2018, affiliates of Phoenix reported it 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.