An affiliate of Phoenix Investors LLC, a commercial real estate firm based in Milwaukee, recently acquired a former Quad/Graphics printing plant in Mississippi for $5.2 million.
The 630,000-square-foot building that sits on 123 acres of land will be the first industrial property Phoenix owns in Mississippi. In total, Phoenix’s portfolio now consists of more than 8 million square feet in 19 states.
Phoenix Construction will manage the renovations to the property, which are expected to start in the next few months. Renovations are anticipated to be completed within 12 to 18 months.
The vacant property located in Corinth, Miss., is one of the sites Sussex-based Quad/Graphics obtained during its purchase of World Color Press in 2010.
“We have carved a niche by working with quality corporate partners on the repositioning of their vacant industrial plants,” said Frank Crivello, executive vice president of Phoenix.
Earlier this year, Phoenix initiated discussions with Quad/Graphics about its Corinth plant, as well as some of its other surplus printing facilities from the World Color Press acquisition.
“We were delighted to consummate this transaction with Quad/Graphics and will work hard to attract quality tenants and jobs to the Corinth facility just as Quad and its predecessor did for many years,” Crivello said.
Post-renovation, Phoenix plans to lease the former Quad/Graphics plant to multi-industrial tenants or possibly a single tenant, depending on the market’s demand in the developing area.
“The former Corinth Quad/Graphics facility is a high-quality industrial complex strategically located at the center of five rail networks with room for expansion on the property,” said Kurt Jensen, senior vice president of Phoenix.
Jensen said that the political and economic development climate in Mississippi, and Corinth in particular, is pro-business with significant potential for industrial development and growth.
“We are looking forward to providing the Corinth market with a competitively structured industrial option to accommodate its strong industrial demand. Together, we will create new jobs and economic prosperity,” Jensen said.
