Sky Harbor warehouses sell for $6.3M
ViaWest Group is pleased to announce a new addition to its expanding portfolio, with the recent successful acquisition of the two multi-tenant industrial buildings located at 2950 E. Broadway Road, Phoenix, AZ.. The two buildings, 50,256 SF and 44,838 SF, are part of Broadway Crossing industrial park. The fully leased multi- tenant structures, which sit on 6.47 acres, were built in 2000. Phoenix-based ViaWest Group paid $6.302+M ($66.28 per foot) on the acquisition. The seller was CNA Enterprises of Los Angeles, a real estate investment and advisory firm. Lee & Associates Principal Matt McDougall brokered the transaction.
The buildings are fully leased and were sold on a 7% cap rate with a close date of January 30th. The property is located just south of Phoenix Sky Harbor International Airport in the very active Airport submarket.
ViaWest acquired the buildings through a fund it is managing that is expected to buy $75 million to $100 million worth of industrial buildings in the Southwest U.S. ViaWest industrial fund is interested in buying projects from 75,000 SF to 250,000 SF. In addition to the industrial property fund, ViaWest is looking for office and multi-family assests and land parcels that are ready for development.