As published in Commercial Property Executive
Phoenix Investors has expanded its industrial footprint in Tennessee. The company acquired a collection of three properties totaling approximately 1.6 million square feet in Church Hill, Dresden and Kingsport for an undisclosed price. Newmark Knight Frank represented the seller, Frog Properties, in the transaction.
The largest property spans 857,056 square feet across three buildings in Church Hill, Tenn. Located at 121 Kingsport Press Road, the site previously hosted the Quebecor World facility and has an interior 300-foot rail spur that allows access onto the Norfolk Southern Rail. The property is also equipped with heavy power and dock spaces for trucks and rail.
In Dresden, Tenn., Phoenix Investors bought a 611,556-square-foot facility that is anchored by Champion Homes and has also been occupied by Quebecor/World Color. Located at 2073 Evergreen St., the property has a parking area, 30 truck doors, eight- to 12-foot thick flooring, 20- to 35-foot ceiling heights, as well as rail access with a 1500-foot rail platform.
The Kingsport, Tenn., property offers 130,751 square feet on a 5.8 acre site located at 2497 Sherwood Road. The facility has up to 20-foot clear heights and eight- to 12-foot thick reinforced concrete floors.
Anthony Crivello, executive vice president at Phoenix Investors, told Commercial Property Executive that the company is looking to implement a capital improvement plan with the new acquisitions that includes selective demolition, new roofs, LED upgrades, painting, dock upgrades and other tenant-specific improvements.
Entering the Tennessee Logistics Market
Phoenix Investors acquired the portfolio to accommodate the growth of its affiliated logistics company, Phoenix Logistics. Crivello told CPE that Phoenix Logistics will occupy a portion of the space in two of the buildings for its various third-party logistics contracts. Crivello also told CPE that these two sites will be the first locations in the state for Phoenix Logistics, with plans for further expansion in the state in the immediate future.
While not logistics-related, Phoenix investors has also acquired a 1.6 million-square-foot industrial portfolio with four properties in Kentucky and Pennsylvania. The company is planning to renovate the assets and lease them up over the next few months. Following the two recent industrial acquisitions, Phoenix’s portfolio now includes more than 32 million square feet of commercial space across 21 states.
Mr. Frank P. Crivello began his real estate career in 1982, focusing his investments in multifamily, office, industrial, and shopping center developments across the United States. From 1994 to 2008, Mr. Crivello assisted Phoenix Investors in its execution of its then business model of acquiring net lease commercial real estate across the United States. Since 2009, Mr. Crivello has assisted Phoenix Investors in the shift of its core focus to the acquisition of industrial real estate throughout the country.
Given his extensive experience in all aspects of commercial real estate, Mr. Crivello provides strategic and operational input to Phoenix Investors and its affiliated companies.
Mr. Crivello received a B.A., Magna Cum Laude, from Brown University and the London School of Economics, while completing a double major in Economics and Political Science; he is a member of Phi Beta Kappa. Outside of his business interests, Mr. Crivello invests his time, energy, and financial support across a wide net of charitable projects and organizations.