Phoenix Investors Acquires 1.5 MSF Texas Warehouse

An affiliate of Phoenix Investors has purchased a 1.5 million-square-foot industrial warehouse in Corsicana, Texas. Huntington National Bank issued a $32.6 million acquisition loan, public records reveal. Dart Interests sold the asset, CommercialEdge information shows.

K-Mart used the warehouse as its distribution center when it was first constructed, in 1981, but Home Depot later utilized it as a logistics hub. Although the property was fully leased at closing, some tenants are on track to vacate the premises starting this fall and going into early 2027.

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Features include clear heights ranging from 26 to 28 feet, 109 dock doors, three drive-in doors, as well as 983 trailer and 329 car spaces. A new roof was installed in 2018, as part of a major renovation.

Located on 172 acres at 2200 S. Business 45, the property is about 58 miles southeast of downtown Dallas. Interstate 45, which links the Metroplex to Houston, runs less than 1 mile away.

Making value-add industrial moves

Navigating current macroeconomic conditions, Phoenix Investors’ strategy revolves around the acquisition of large value-add industrial assets and the cycling out of big-box, single-tenant retail properties.

The company purchased about 6 million square feet of industrial product year-to-date, targeting assets throughout the nation in states such as Tennessee, Kentucky, Virginia, Wisconsin and Michigan. Earlier this year, it acquired three properties totaling 3.1 million square feet in Milwaukee and Marysville, Mich., from Regal Rexnord and an affiliate of Stellantis.  

Phoenix Investors isn’t the sole value-add player in Central East Texas. In January, PacVentures purchased a 1974-built, 554,851-square-foot park from Pearson Group, funded with a $12.5 million acquisition loan issued by Symetra Financial, CommercialEdge shows.