Affiliates of Phoenix Investors, a national private commercial real estate firm headquartered in Milwaukee, acquired from affiliates of Industrial Realty Group two industrial properties totaling about 1.1 million square feet in Covington, Tennessee, and Mount Morris, Illinois, for $13.5 million.
The Covington property is a former Quad Graphics facility located on U.S. Route 51 in Covington, about 45 miles northeast of Memphis. Built between 1987 and 1994, the Covington property is made up of 523,010 square feet in improvements and totals in excess of 55 acres of land.
The building contains two rail spurs, 27 loading docks, four drive-in doors, 25-foot to 35-foot clear ceiling heights, an early suppression fast response (ESFR) sprinkler system, 7 percent office space and 460 surface parking spaces.
Located within Tipton County, the submarket has a tight vacancy rate of 4.43 percent, providing immediate access to Interstates 40 and 55, the City of Memphis and the Memphis International Airport (approximately 55 miles southwest) and I-155 and I-55 (40 miles north).
The Mount Morris property is also a former Quad Graphics facility located at 404 N. Wesley Ave. in Mount Morris, Illinois. It is comprised of 586,706 square feet of improvements and totals in excess of 53 acres of land.
The facility features 24 loading docks, two drive-in doors, 24-foot to 30-foot clear ceiling heights and BNSF rail access. Access is available to the property from larger markets via IL-39, I-88 and I-90.