A massive HMH Education Company warehouse in Troy, Missouri, just landed in new hands, with a Milwaukee-based affiliate of Phoenix Investors scooping up the industrial campus and betting that the St. Louis freight engine is not slowing down anytime soon.
The single-story complex clocks in at roughly 600,000 square feet on a 38-acre site north of St. Louis, with highway access that keeps it plugged into regional and national logistics lanes. HMH is not going anywhere for now, though. The education company will remain on-site under a sale-leaseback while Phoenix starts readying the building for future tenants.
Deal details
In a press release via BusinessPressWire, Phoenix said an affiliate closed on the near-600,000-square-foot property at 200 Academic Way. The campus offers strategic access to US-61 about 54 miles northwest of St. Louis. According to the release, the transaction supports HMH’s longer-term consolidation strategy, and HMH entered into a leaseback of the entire facility. Phoenix said it will immediately begin marketing future availability within the building.
Company comment
Anthony Crivello, president of Phoenix Investors, framed the deal as a hands-on partnership play. He said the firm is “willing to roll up our sleeves and work collaboratively,” according to the release carried by BusinessPressWire. Crivello described the acquisition as a way to balance HMH’s consolidation objectives with Phoenix’s plan to add flexible industrial product to its national portfolio.
Building and logistics features
Commercial real-estate listings show the single-floor building offers majority clear heights of about 32 feet, 24 dock-high doors and five drive-in doors, with parking for roughly 190 vehicles, according to marketing materials on LoopNet. The structure dates to 1969, with additions in 1986 and 1998, and includes substantial 277/480-volt three-phase electrical service appropriate for distribution or light manufacturing.
While Phoenix describes the campus as nearly 600,000 square feet, commercial listings previously marketed the property at about 574,500 square feet, underscoring minor differences between marketing materials and the purchaser's description.
What’s next for the site
Phoenix says it plans targeted capital improvements, including additional dock positions, and may make portions of the campus available for lease beginning in October 2026, according to a syndicated copy of the release on BusinessPressWire. The firm will market the space immediately while HMH continues operating under its leaseback, offering flexibility to potential logistics, manufacturing or third-party logistics users.
Local officials and prospective tenants had not responded to requests for comment at the time of publication.
Local market context
St. Louis remains a major Midwest logistics hub, and recent market overviews point to low vacancy and strong absorption that keep large-format warehouses in demand. A regional summary cited industrial vacancy near 2.6% as of Q3 2025, highlighting tight conditions for bulk space, per Crexi. With the metro's freight connections and steady tenant demand, Phoenix's Troy acquisition drops a large, highway-accessible campus squarely within reach of national distribution networks.
Phoenix's purchase adds a sizable bulk asset to the St. Louis orbit while preserving HMH's local operations for now. The next chapter will hinge on whether the building lands a single national tenant or gets carved up for multiple operators looking for a foothold in the region.
