Phoenix Investors Acquires Two Stabilized Industrial Buildings in DuBois

Company purchases 612,800 square-feet in $10 million transaction

MILWAUKEE, Wis. – An affiliate of Phoenix Investors, a national private commercial real estate firm headquartered in Milwaukee, Wis., announced it has acquired two, fully-leased, single-tenant industrial buildings, totaling 612,800 square-feet for $10 million. The buildings are located at 851-891 Beaver Dr., DuBois.

The subject acquisition represents Phoenix Investors’ entry into Pennsylvania, the 23rd state in its portfolio.

The buildings are well-located, situated within two miles of Interstate 80, and feature up to 35’ clear ceiling heights, 102 loading docks and 6-8” concrete floor slabs.

In addition, 202,800 square-feet is refrigeration/freezer space, with capabilities of maintaining minus 20 degrees Fahrenheit.

Located within a tight submarket in which little refrigeration/freezer space is available, the overall vacancy rate for refrigeration/freezer properties in the state of Pennsylvania is less than 3 percent, representing strong demand for space of this type and quality.

“The building has been fully-leased since the former user, Penn Traffic Inc., completed construction in 1962. We are confident the space will remain highly desirable in the future,” said Jason Lennartz, Associate Acquisitions & Leasing of Phoenix Investors.

“We have committed capital to continue on our core strategy and are seeking similarly-styled acquisitions of single properties and portfolios acquisitions of industrial real estate across the United States,” said Frank Crivello, chairman, Phoenix Investors.

“We remain interested in pursuing additional properties in the refrigeration/freezer space.”

About Phoenix Investors

Phoenix Investors, a limited liability company, is a national commercial real estate firm based in Milwaukee, Wis., whose core business is the revitalization of former manufacturing facilities throughout the United States.

This strategy leads to positively transforming communities and restarting the economic engine in the communities it serves.

Phoenix’s affiliate companies hold interests in approximately 18 million square feet of industrial, retail, office and single-tenant net-leased properties across 23 states.

A 2017 survey conducted by NREI ranked Phoenix Investors as having the 33rd largest total industrial real estate portfolio.

Today, Phoenix principally specializes in the renovation and repositioning of large, former single-tenant industrial facilities throughout the United States that were previously owned by major corporate clients, REITs, or financial institutions.

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