By Jeff Hamann
Phoenix Investors has purchased a two-building industrial portfolio totaling 1,109,716 square feet from Industrial Realty Group (IRG) for $13.5 million. Quad Graphics formerly occupied both facilities, which are located in rural Illinois and Tennessee. The new owner plans to renovate both properties.
“Over the last three years we have acquired eight industrial properties across the United States from IRG resulting in win-win outcomes for both companies,” said Frank Crivello, founder & chairman of Phoenix Investors, in a prepared statement.
A rail-served portfolio
The Illinois asset, located at 404 N. Wesley Ave. in the town of Mount Morris, contains 586,706 square feet. Situated 30 miles southwest of Rockford, Ill., the property falls within 25 miles of major regional thoroughfares, including interstates 39 and 88. The building features 24- to 30-foot clear heights, 24 loading docks and two grade-level drive-in doors. Rail access is provided to the site by BNSF via three rail spurs.
The Tennessee property, with an address of 4000 Highway 51 N., sits in Covington, a town 40 miles northeast of Memphis. The structure’s characteristics include 25- to 35-foot clear heights, two rail spurs, an ESFR sprinkler system, 27 dock-high and four drive-in doors, along with 460 parking spaces. Built in 1987 and 1994, the asset was renovated and partially re-roofed in 2000 and 2004. The building also includes air-conditioned office space and a gas-fired heating system.
Images via Google Maps