BY SABRINA BATES
DRESDEN (September 21) – The Dresden Industrial Board reached an agreement with Phoenix Investors Monday evening when the Board met to finalize details of a land sale where the former Quebecor property is located.
Dresden Mayor Jeff Washburn told Industrial Board members Phoenix Investors reached an agreement with Frog Properties/Calpaco to purchase their assets and the building located at 2073 Evergreen St. in Dresden.
As the Industrial Board owned the land the building is placed on, Phoenix needed to purchase the property from the Board. A purchase agreement for the 40.774-acre tract at $3,000 an acre was submitted prior to Monday’s meeting. Last month, Industrial Board members voted to research a fair-market value for the tract. A recommendation of $7,500-$10,000 was offered by Weakley County Property Assessor David Tuck prior to Monday’s meeting.
Industrial Board members opted to sell the land to Phoenix for $3,000 an acre for a total price of $122,322. The water and sewer lines on the property will belong to Phoenix Investors and the City of Dresden will maintain access to all lines the city owns.
Phoenix Investors is a national commercial real estate firm based in Milwaukee, Wisconsin, who core business is the revitalization of former manufacturing facilities throughout the United States. The company specializes in the renovation and repositioning of large, former single-tenant industrial facilities throughout the U.S. That were previously owned by major corporate clients, Real Estate Investment Trusts (REITs) or financial institutions.