{"id":1004458207,"date":"2020-06-24T00:45:58","date_gmt":"2020-06-24T08:45:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004458207"},"modified":"2022-03-03T00:10:30","modified_gmt":"2022-03-03T08:10:30","slug":"phoenix-investors-buys-1-6-msf-industrial-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phoenix-investors-buys-1-6-msf-industrial-portfolio\/","title":{"rendered":"Phoenix Investors Buys 1.6 MSF Industrial Portfolio"},"content":{"rendered":"<div id=\"attachment_1004458510\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/435-E-Washington-St..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004458510\" data-attachment-id=\"1004458510\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phoenix-investors-buys-1-6-msf-industrial-portfolio\/435-e-washington-st\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/435-E-Washington-St..jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"435 E Washington St.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;435 E Washington St. &lt;i&gt;Image courtesy of Phoenix Investors&lt;\/i&gt;&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/435-E-Washington-St..jpg?w=800\" class=\"wp-image-1004458510 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/435-E-Washington-St..jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/435-E-Washington-St..jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/435-E-Washington-St..jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/435-E-Washington-St..jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004458510\" class=\"wp-caption-text\">435 E Washington St. <i>Image courtesy of Phoenix Investors<\/i><\/p><\/div>\n<p>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.&nbsp;Wisconsin Bank &amp; Trust originated the acquisition loan for the Kentucky assets.&nbsp;Newmark Knight Frank Executive Managing Director Jim Belcher and Director Bart Hardison facilitated the transaction.<\/p>\n<p>The properties included in the portfolio are:<\/p>\n<ul>\n<li>a 378,000-square-foot building at 835 Washington St. in St. Marys, Pa.;<\/li>\n<li>a 290,000-square-foot facility at 1 Jackson St. in Wellsboro, Pa.;<\/li>\n<li>a 165,000-square-foot plant at 435 E. Washington St. in Winchester, Ky.;<\/li>\n<li>a 720,000-square-foot property at 900-1000 Tyrone Pike in Versailles, Ky.<\/li>\n<\/ul>\n<p><em>\u201cLEDVANCE delivered these buildings to us in a condition ready for occupancy,\u201d<\/em> Frank P. Crivello, chairman &amp; founder at Phoenix Investors told <em>Commercial Property Executive<\/em>. 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.<\/p>\n<p>Earlier this month, Phoenix Investors completed the acquisition of a partially constructed distribution center in Normal, Ill. The company <a href=\"https:\/\/www.commercialsearch.com\/news\/phoenix-investors-brings-500-ksf-industrial-project-back-to-normal\/\">will invest $16 million<\/a> to complete the 500,000-square-foot project.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The assets, formerly owned and occupied by LEDVANCE, are located in Kentucky and Pennsylvania.<\/p>\n","protected":false},"author":867,"featured_media":1004458510,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,13,21742,10],"tags":[36351,36007,37411],"class_list":["post-1004458207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-midwest","category-latest","category-northeast","tag-capital-improvement","tag-newmark-knight-frank","tag-phoenix-investors"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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