Phoenix Investors, a Milwaukee-based real estate firm focused on the renovation and leasing of former single-tenant manufacturing facilities, has acquired an industrial real estate portfolio from United Furniture Industries that encompasses 13 facilities and two excess land sites located in North Carolina and Mississippi.
United, which was best known for its consumer brands included Lane and Simmons, ceased business operations last November and laid off its entire workforce, citing “unforeseen business circumstances.” The company filed petitions in bankruptcy court seeking relief under Chapter 11 on Jan. 31.
The acquisition included United’s 5 million square feet and land holdings of 626.5 acres. The financial terms of the acquisition were not disclosed.
“It can be a devastating blow to a community when a major employer is forced to shut its doors,” said Anthony Crivello, executive vice president of Phoenix Investors. “Our mission at each of these facilities will be to bring commerce back to the host communities by securing exceptional employers that will invest alongside Phoenix in each of these communities to provide high-quality jobs.”