Affiliates of Phoenix Investors have acquired three industrial properties in Tennessee from Frog Properties totaling approximately 1.6 million square feet. The financial terms were not disclosed.
The acquisitions are located in Dresden, Tenn., totaling 611,556 square feet; Kingsport, Tenn., totaling 130,751 square feet; and Church Hill, Tenn., totaling 857,056 square feet. With the addition of these properties, Phoenix’s portfolio spans 21 states and includes commercial properties in excess of 32 million square feet.
“We have been pleased by the pro-business attitude of Tennessee, and the support for our business model,” said Frank Crivello, Phoenix’s chairman and founder. “We look forward to applying our proven renovation and modernization methods to these buildings in an effort to provide attractive buildings at an affordable rental rate to our tenants.”
