Phoenix Investors Buys 465 KSF Pittsburgh-Area Industrial Plant

The 464,700-square-foot industrial building is a highly desirable asset for a manufacturer, noted Phoenix Investors Chairman & Founder, Frank Crivello. Image courtesy of Phoenix Investors

Phoenix Investors has purchased Joy Plant 1, a 464,700-square-foot industrial property in Franklin, Pa. Joy Global—which is owned by Komatsu Mining Corp.—sold the asset, public records show. The property was occupied by the seller and was used for heavy equipment manufacturing.

The facility is at 325 Buffalo St. Clear heights vary from 28 feet in the manufacturing area to 44 feet in the warehouse space. Other features include seven dock doors, 10 drive-in doors, insulated metal panel walls, a 17,000-square-foot office component, reinforced concrete floors, 42 overhead cranes with capacities up to 40 tons and 525 surface spots spread across two main lots.

Joy Plant 1 is a 47-acre property that allows for access to major transportation routes such as state routes 62 and 322. It is also near another Komatsu Mining Corp. property at 120 Liberty St., as well as the Venango Regional Airport. Youngstown, Ohio, is 59 miles away, Erie, Pa. is 66 miles away, while Pittsburgh is roughly 72 miles away.

The new owner plans to bring the facility online once more. Designed for heavy industrial engagement and with good equipment and infrastructure, the industrial property is a highly desirable asset for a manufacturer, noted Phoenix Investors Chairman & Founder Frank Crivello, in prepared statements.

A growing national portfolio

Phoenix Investors has a track record of generating superior risk adjusted returns, providing cost-efficient lease rates for its growing portfolio and drive the reinvigoration of the economic engines within the communities it serves, Crivello said in a recent article on Commercial Property Executive. The company and its affiliates are specialized in the acquisition and repositioning of industrial manufacturing facilities in the United States.

Recent additions to Phoenix Investors’ portfolio includes a 922,444-square-foot industrial facility in St. Cloud, Minn. The property was used as a freezer manufacturing and production plan until late 2019 by seller Electrolux Group. In September, the company picked up a 5 million-square-foot industrial portfolio and excess land sites totaling over 600 acres in North Carolina and Mississippi. The seller, United Furniture Industries, closed all business operations in late 2022.