ViaWest purchases fourth Southwest industrial property
ViaWest Group announced a new addition to its expanding portfolio, with the recent successful acquisition of the 72,129 SF multi-tenant industrial building located at 77 N. 45th Ave. in the heart of southwest Phoenix. Phoenix-based ViaWest Group paid $3.07M on the acquisition.
This is the fourth acquisition in ViaWest’s new fund focused on the purchase of industrial assets in the Southwest U.S. The three other assets closed in January this year. The seller was El Segundo, California-based Cordia Capital Managment, LLC, represented by Will Strong, Mike Haenel, Andy Markham and Phil Haenel with DTZ’s Phoenix office.
Riverside Industrial is located in a prime location near the southeast corner of Van Buren Street and 45th Avenue, just south of a full diamond interchange at the I-10 Freeway with immediate access to the two major exits, 43rd Avenue and 51st Avenue. Currently 100% leased, the subject is situated within one of the largest industrial submarkets in Phoenix. Will Strong, Mike Haenel, Andy Markham and Phil Haenel at DTZ will continue leasing the property on behalf of ViaWest.
“This property is a great fit as the fourth investment in our new fund, which is focused on acquisitions of well-located general industrial properties, in recovering secondary markets in the Southwestern U.S., at significant discounts to replacement cost”, says Gary Linhart, Co-Founder of ViaWest Group.
Will Strong of DTZ expressed, “This property is uniquely positioned to cater to small and medium size users that want a prime, infill location that provides generous coverage ratio and functional loading at competitive rental rates.”
“We are excited to purchase the Riverside Industrial building considering its prime infill location with great proximity to the diamond interchange at the I-10 Freeway. It has been and will continue to be well-managed, and is a great complement to our neighboring 103KSF industrial building on 49th Avenue and Van Buren Street, Tiger Industrial. With these two assets, we are gaining a nice position on multi-tenant industrial in the most desirable industrial location in the heart of southwest Phoenix”, says Steven Schwarz, Co-Founder of ViaWest Group.
ViaWest Group intends to hold the property for investment and will serve as the property manager and asset manager.