ViaWest Group announced the recent acquisition of two multi-tenant, industrial buildings collectively referred to as Tiger Industrial Center. Located at 4901 & 4929 W. Van Buren, the complex is comprised of 103,064 SF. Sold on December 30, 2014, Phoenix-based ViaWest Group paid $4.55MM acquisition. This is the first acquisition in ViaWest’s new fund focused on the purchase of industrial assets in the Southwest U.S. Two other assets are in escrow presently and will close this month. The seller was KTR Arizona LLC, and the buyer and seller were both represented by Tony Lydon, Marc Hertzberg and Riley Gilbert at Jones Lang LaSalle.
Tiger Industrial Center is located at the southeast corner of Van Buren Street and 51st Avenue, just south of a full diamond interchange at the I-10 Freeway. Currently 16 percent leased, the subject is situated within one of the largest industrial submarkets in Phoenix.
ViaWest plans to make some strategic improvements to the property and lease the balance of the space to tenants needing warehousing and manufacturing uses. Tony Lydon, Marc Hertzberg and Riley Gilbert at JLL will continue leasing the property on behalf of ViaWest.
“This property is a great fit as the first investment in our new fund, which is focused on acquisitions of well-located general industrial and multi-family properties, in recovering secondary markets in the Southwestern U.S., at significant discounts to replacement cost,” says Gary Linhart, Founding Principal at ViaWest Group.
Marc Hertzberg of JLL expressed, “This asset is uniquely positioned to cater to 10,000 to 75,000 SF tenants that want a prime, infill location that provides all the function needed in today’s world at extremely competitive rental rates.” ViaWest Group intends to hold the property for investment and will serve as the property manager and asset manager.
