Adding to its growing portfolio, ViaWest Group successfully acquired two commercial properties: a 118,853 SF Phoenix multi-tenant, flex-office complex and a 2.8-acre parcel of commercially- zoned vacant land, collectively referred to as “West 101 Business Center.”
Phoenix-based ViaWest represented itself in the $13.2M acquisition and Eastdil Secured represented the seller, Carlson Real Estate Company, LLLP based in Minneapolis.
The office building is currently 82% leased with many high-profile tenants, including Maricopa County, Aetna, and ITT Educational Services, Inc. The properties are located on 95th Avenue on the north side of McDowell Road in the Southwest Valley submarket. Near the I-10 and 101 freeway interchange, the property has many amenities in very close proximity, including retail, hotels, and hospitals.
Bill Bayless and Andrew Brigham at CBRE will continue leasing the property on behalf of ViaWest. Guggenheim Life Insurance provided debt financing for the project with Keaton Merrell at Legacy Advisors serving as mortgage broker.
“The location of this property combined with the excellent function and aesthetic of the buildings makes this the most desirable asset in the entire submarket for tenants needing office and flex office/industrial space to service the West Valley population.” said Gary Linhart, Co-Founder and Principal of ViaWest.
“We pride ourselves on being 6 to 12 months ahead of the curve in identifying opportunities. We feel that the headline vacancy percentages are misleading due to the small inventory of buildings and the dysfunction of some of the buildings included in the vacancy calculations.,” said Steven Schwarz, also a Co-Founder and Principal of ViaWest.
“As the few functional, vacant buildings fill up, we believe that there will actually be a shortage of office space in the West Valley over the next three to five years, especially considering that 52% of Metro Phoenix’s future growth is expected to be in this area.” The company intends to hold the office building for investment and is considering build-to-suit development opportunities on the land parcel. ViaWest will serve as the property and asset manager on the office buildings. The company continues to seek new acquisition opportunities throughout the Southwestern United States.”