Tiger Industrial sold to L.A.-based investment firm
Phoenix-based ViaWest Group sold Tiger Industrial for $6.33 million. Located at 4901-4929 W. Van Buren Street, the 103,511 SF industrial property was originally part of a larger portfolio of thematic properties purchased in 2014. The property was acquired by Los Angeles based Dunbar Real Estate Investment Management.
Will Strong of Cushman & Wakefield represented the seller; the buyer was self-represented.
“Tiger Industrial Center was a unique opportunity to buy a true, value-add industrial project that is easily divisible, and provides the new owner potential for rent increases and market flexibility down the road,” said Strong, “ViaWest bought the project a few years ago, and repositioned and renovated the property to achieve higher rents and decrease vacancy. It has an exceptional location, timeless design and the new Loop 202 provides strong potential to maintain full occupancy and improve cash flow throughout the life of the asset.”
In addition to the sale, ViaWest Group is excited to continue managing the asset for Dunbar.
“We have had a strong history of finding well-located properties, improving their physical condition and repositioning them in the marketplace to make them attractive for both tenants and potential buyers.” said ViaWest Founding Partner Steven Schwarz. “Tiger is a great example of this, and we could not be more excited to continue the new relationship with Dunbar by managing the asset for them.”