As reported by the Times-News
Founded in 1994 by Frank P. Crivello, Phoenix Investors and its affiliates (collectively “Phoenix”) are a leader in the acquisition, development, renovation, and repositioning of industrial facilities throughout the United States. Utilizing a disciplined investment approach and successful industry partnerships, Phoenix has developed a proven track record of generating superior returns while providing cost-efficient lease rates for its growing portfolio of national tenants.
Phoenix recently expanded its presence to Tennessee with the acquisition of three industrial properties totaling approximately 1,600,000 square feet. The properties—located in Church Hill, TN; Kingsport, TN; and Dresden, TN—were acquired from Frog Properties and join Phoenix’s growing portfolio, which now spans 22 states and includes commercial properties in excess of 34 million square feet.
The properties range in size from approximately 130,000 to 850,000 square feet and will, in part, be home to Phoenix’s affiliated logistics business, Phoenix Logistics, to support growing demand in the area for its services. Phoenix plans to renovate and modernize the properties, expand existing in-place tenants, and accommodate new businesses for occupancy. “We’re excited to be in Tennessee, and to bring opportunity and jobs to the area,” said Phoenix Logistics Senior Vice President Robert Kriewaldt.
“Phoenix Investors will implement a capital improvement plan that includes selective demolition, new roofs, energy-saving green features including LED lighting and insulation, painting, dock upgrades, and other tenant-specific improvements,” said Anthony Crivello, Phoenix Investors’ Executive Vice President, of the company’s vision. Phoenix’s focus on revitalizing distressed properties inevitably reduces crime, improves safety in surrounding neighborhoods and communities, encourages economic growth, and fosters high-quality jobs.
“Phoenix Investors’ core focus shifted to the renovation of large former industrial plants about a decade ago as I witnessed entire communities making significant strides in the areas surrounding our redevelopments,” said Frank P. Crivello, Chairman & Founder of Phoenix Investors. “Most often when we complete a major industrial renovation, nearby businesses and neighborhoods begin to improve. We’ve found that our renovations are often inspiration for other investments and increased economic activity.”
The facility in Church Hill is the former Kingsport Press (Quebecor World) facility located at 121 Kingsport Press Road. The location is comprised of three industrial buildings totaling approximately 857,056 square feet. This facility supports a number of companies with a local presence including AGC Glass, Universal Forest Products, Bindtech, and Northern Safety. The Kingsport facility, located at 2497 Sherwood Road, has been improved with approximately 130,751 square feet of quality industrial space on 5.8 acres. Phoenix Logistics will operate this facility in support of Eastman Chemical. The 611,556 square-foot Dresden facility, anchored by Champion Homes and MTD Products, was originally occupied by Quebecor/World Color, and is located at 2073 Evergreen Street.
“We are pleased to acquire three well-constructed industrial properties that are poised for a value-add repositioning and expand our growing presence in Tennessee,” said David Marks, Phoenix’s President and CEO.
Please visit https://phoenixinvestors.com to learn more about Phoenix Investors, their national reach, and their commitment to revitalizing communities. Visit https://phoenix3pl.com to learn about Phoenix Logistics and the comprehensive logistics solutions they provide.