Phoenix Investors Buys Virginia Industrial Asset
The 813,000-square-foot property previously housed an outerwear manufacturer.
Phoenix Investors has acquired an 813,000-square-foot industrial facility in Martinsville, Va. Resurgence Properties sold the asset.
The building, located on a 53-acre site at 1 Walker Road, formerly housed Bassett-Walker Textile, the outerwear garment manufacturer.
“We own several industrial assets within proximity to Martinsville,” Frank P. Crivello, founder & chairman of Phoenix, told Commercial Property Executive. “There is an acute shortage of quality space and many of our existing clients have requirements in the region. We anticipate the available space leasing up quickly.”
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Phoenix plans on undergoing capital improvements at the 1970s-completed facility. The fully fenced property currently features six dock doors, four grade-level drive-in doors and more than 200 car parking spots.
With more than 700,000 square feet of warehouse and office space available, future tenants have flexible configuration options as well as the possibility for multiple smaller suites. Newmark is marketing the facility for lease.
The property is near U.S. Route 220 and 11 miles from Blue Ridge Airport. The North Carolina border is 10 miles away.
Phoenix Investors’ recent activity
Phoenix Investors specializes in the acquisition, renovation and releasing of former manufacturing facilities in the U.S. The firm’s affiliate companies hold equity interests in some 76 million square feet of industrial space across 29 states.
In December, Phoenix purchased a 785,000-square-foot Memphis, Tenn., industrial facility. The property formerly housed an appliance manufacturer until 2022.
Also late last year, the company acquired Joy Plant 1 in Franklin, Pa. The 464,700-square-foot asset was occupied by the seller and used for heavy equipment manufacturing.
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