ViaWest Group has completed the acquisition of a substantial industrial portfolio totaling 428,427 square feet in Gilbert, Arizona. The acquisition solidifies ViaWest Group’s commitment to strategic real estate investments in the East Valley Phoenix area.
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JLL Capital Markets facilitated the transaction, representing the seller, and bringing ViaWest Group to the table as the buyer.
This portfolio is 98 percent occupied and spans 26.87 acres and comprises six buildings housing 11 tenants. Noteworthy features of the properties include clear heights ranging from 15 to 30 feet, a total of 64 dock-high doors, 23 grade-level doors and 639 car parking spaces. The properties are strategically located in Gilbert, Arizona, with addresses at 955 N Fiesta Blvd. (108,212 SF), 1171 & 1191 N Fiesta Blvd. (126,472 SF), 2075 & 2135 W Obispo Ave. (180,087 SF) and 2020 W Guadalupe Rd (13,656 SF).
With average rents currently positioned 30 percent below market rates and an average of three years of remaining lease term across the portfolio, the acquisition presents a compelling mark-to-market opportunity in a highly sought-after East Valley Phoenix location.
Danny Swancey, Partner, ViaWest Group, commented on the acquisition, saying, “This transaction underscores our continued commitment to identifying and capitalizing on strategic infill industrial investment opportunities in top-tier markets across the Southwest. This acquisition aligns perfectly with our investment strategy and enhances our presence in the region.”
The JLL Capital Markets team, led by Mark Detmer, Greer Oliver, Ryan Sitov, and Connor Nebeker-Hay, facilitated the seamless execution of the transaction. Additionally, JLL assisted with the procurement of the financing led by Kevin MacKenzie, Jason Carlos, and Jarrod Howard. Market leasing is in the capable hands of Steve Larsen at JLL.
