Phoenix Investors Makes 891 KSF Alabama Industrial Buy
- Dec 11, 2020
Phoenix Investors has acquired an 891,000-square-foot Class A industrial property outside of Montgomery, Ala., from Russell Brands. Spanning three buildings on 102 acres, the site was home to the previous owner’s clothing manufacturing plant which closed in 2013. CBRE brokered the deal.
The property is located at 3145 Elmore Road in Wetumpka, Ala., just off U.S. Route 14, 18 miles north of central Montgomery. Interstate 65 is 10 miles west of the parcel. A 40-acre portion of the site is available for future expansion.
Built between 1995 and 1997, the asset has 41-foot clear heights, 29 loading docks and five drive-in doors. Additionally, the site includes 100 stalls for trailer storage and 500 parking spaces. Three separate entrances allow for multiple tenants with a minimum of 75,000 square feet allocated per user. Phoenix Investors Chairman & Founder Frank Crivello added that the new owner plans to invest in facility upgrades which will include the implementation of energy-efficient building systems.
CBRE First Vice President Philip Yost arranged the transaction. The deal comes two months after Phoenix Investors acquired a 1.6 million-square-foot portfolio spanning three assets in Tennessee from Frog Properties.