Phoenix Investors acquired three industrial properties for $12.8m. The 1.065 million sq ft warehouse portfolio includes a diverse roster of more than 20 existing tenants, having an in-place occupancy of 65 percent. Ranging in size between 250,000 and 450,000 sq ft, the three properties are located in Pawcatuck, Delaware and Poughkeepsie. Phoenix intends to renovate these assets in a first-class manner in order to attract new users. Senior mortgage financing was provided by Walker & Dunlop Commercial Property Funding. “We have committed capital to continue on our core strategy and are actively seeking similarly styled acquisitions of both single asset and portfolio acquisitions of industrial real estate across the United States,” said Frank Crivello, chairman of Phoenix Investors.
