Phoenix Investors has finalized the acquisition of a 1.6 million-square-foot industrial portfolio from lighting manufacturer LEDVANCE. The portfolio comprises four properties located in Kentucky and Pennsylvania. Wisconsin Bank & Trust originated the acquisition loan for the Kentucky assets. Newmark Knight Frank Executive Managing Director Jim Belcher and Director Bart Hardison facilitated the transaction.
The properties included in the portfolio are:
- a 378,000-square-foot building at 835 Washington St. in St. Marys, Pa.;
- a 290,000-square-foot facility at 1 Jackson St. in Wellsboro, Pa.;
- a 165,000-square-foot plant at 435 E. Washington St. in Winchester, Ky.;
- a 720,000-square-foot property at 900-1000 Tyrone Pike in Versailles, Ky.
“LEDVANCE delivered these buildings to us in a condition ready for occupancy,” Frank P. Crivello, chairman & founder at Phoenix Investors told Commercial Property Executive. The new owner plans to renovate and lease the properties in the following months. The Kentucky buildings are situated in the Lexington market, which has a vacancy rate lower than 2 percent, according to Phoenix Investors data. The Pennsylvania warehouses are in established industrial zones, close to major thoroughfares and have access to a pool of skilled workers.
Earlier this month, Phoenix Investors completed the acquisition of a partially constructed distribution center in Normal, Ill. The company will invest $16 million to complete the 500,000-square-foot project.