ViaWest Group JV Pays $98M for Phoenix Industrial Portfolio
Sumitomo Mitsui Trust Bank provided nearly $68 million in acquisition financing.
ViaWest Group, in partnership with Walton Street Capital, has purchased a six-building industrial portfolio encompassing 586,915 square feet within the Phoenix metro. TA Realty sold the assets for a total of $97.8 million, CommercialEdge data shows. Sumitomo Mitsui Trust Bank provided nearly $68 million in acquisition financing, according to the same source. JLL negotiated on behalf of the seller and procured the buyer.
Fully leased at the time of sale, the acquired assets include:
- A 149,755-square-foot, Class A building at 6718 S. Harl Ave., in Tempe, Ariz.
- A 106,152-square-foot, Class A building at 9160 S. McKemy St., in Tempe, Ariz.
- Two 47,165-square-foot, Class A buildings at 9185 and 9245 S. Farmer Ave., in Tempe, Ariz.
- A 66,053-square-foot, Class B building at 7400 E. Tierra Buena Lane, in Scottsdale, Ariz.
- A 170,625-square-foot, Class B building at 125 N. 67th Ave., in Phoenix
The investment brought ViaWest’s portfolio to more than 13 million square feet.
A closer look at ViaWest’s purchase
Completed between 1994 and 2001, the buildings feature sky lights, ESFR sprinkler systems, truck courts and ample parking, according to CommercialEdge data. The properties’ tenant rosters include Bunzl Distribution, TForce Logistics, Premier Vending & Food Services Inc., West Pharmaceuticals, LightCo and Hardwoods Phoenix, among others.
The Tempe properties are close to Interstate 10, U.S. Route 60 and Loop 202, covering a combined 19.6 acres. The Scottsdale and Phoenix industrial assets are within 28 miles of each other.
JLL Senior Managing Director Mark Detmer, Senior Director Greer Oliver, Managing Director Ryan Sitov and Associate Connor Nebeker-Hay negotiated on behalf of the sellers. In addition, Executive Managing Director Kevin MacKenzie, Senior Director Jason Carlos and Analyst Jarrod Howard assisted with securing acquisition financing.
In another notable transaction in the metro, Westcore Properties paid nearly $93 million for a two-building, 906,125-square-foot industrial campus in Waddell, Ariz. Cushman & Wakefield arranged $73.3 million in acquisition financing.