{"id":1004701578,"date":"2024-02-08T04:44:35","date_gmt":"2024-02-08T12:44:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004701578"},"modified":"2024-02-08T04:56:20","modified_gmt":"2024-02-08T12:56:20","slug":"viawest-pays-71m-for-phoenix-industrial-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/viawest-pays-71m-for-phoenix-industrial-portfolio\/","title":{"rendered":"ViaWest Pays $71M for Phoenix Industrial Portfolio"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a335f994c936&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004701583\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/viawest-pays-71m-for-phoenix-industrial-portfolio\/955-n-fiesta-blvd\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/955-N-Fiesta-Blvd.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1660217522&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"955 N Fiesta Blvd\" data-image-description=\"&lt;p&gt;The facility at 955 N. Fiesta Blvd. in Gilbert, Ariz.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The rail-served campus at 955 N. Fiesta Blvd. features 18 dock-high doors and 8 drive-in doors with dock levelers and bumpers. Image courtesy of JLL&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/955-N-Fiesta-Blvd.jpg?w=1000\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/955-N-Fiesta-Blvd.jpg\" alt=\"The facility at 955 N. Fiesta Blvd. in Gilbert, Ariz.\" class=\"wp-image-1004701583\" style=\"width:400px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/955-N-Fiesta-Blvd.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/955-N-Fiesta-Blvd.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/02\/955-N-Fiesta-Blvd.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The rail-served campus at 955 N. Fiesta Blvd. features 18 dock-high doors and 8 drive-in doors with dock levelers and bumpers. <em>Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n<p><strong>Clarion Partners<\/strong> has sold a six-building, 428,427-square-foot industrial portfolio in Gilbert, Ariz. According to public records, buyer <strong>ViaWest Group<\/strong> paid a total of $71.1 million for the assets and took out a $53.2 million acquisition loan from <strong>Walton Street Capital<\/strong>. <strong>JLL <\/strong>represented the seller and secured the financing.<\/p>\n\n\n\n<p>In 2015, Clarion Partners acquired seven assets\u2014including the properties traded in this deal\u2014for $80 million from Myron Zimmerman Investments, CommercialEdge data shows.<\/p>\n\n\n\n<p>A total of 11 tenants occupy space at the properties including SCP, United Refrigeration and SKY Distribution. The 27-acre portfolio was 98 percent leased with an average remaining term of 3 years.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/centersquare-strategist-the-long-awaited-reset-is-here\/\">Is CRE\u2019s Long-Awaited Reset Here?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>The properties are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Continental Tech Center A&amp;B, a two-building, 108,212-square-foot rail-served campus at 955 N. Fiesta Blvd. featuring 18 dock-high loading doors, 16- and 30-foot clear heights and eight drive-in doors<\/li>\n\n\n\n<li>El Dorado Tech Center I &amp; II, a two-building, 126,472-square-foot climate-controlled park at 1171 &amp; 1191 N. Fiesta Blvd. with 21-foot clear heights, 18 dock doors and nine drive-in doors<\/li>\n\n\n\n<li>The 180,087-square-foot El Dorado Tech Center III at 2075 &amp; 2135 W. Obispo Ave., a two-building campus featuring 30-foot clear heights, 26 dock loading doors and four drive-in doors<\/li>\n\n\n\n<li>The 13,656-square-foot warehouse at 2020 W. Guadalupe Road.<\/li>\n<\/ul>\n\n\n\n<p>The properties are close to each other and some 21 miles from downtown Phoenix. Phoenix Sky Harbor International Airport is within 14 miles.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-jll-representation\">JLL representation<\/h2>\n\n\n\n<p>The JLL Capital Markets team that brokered the transaction included Senior Managing Director Mark Detmer, Senior Director Greer Oliver, Managing Director Ryan Sitov and Associate Connor Nebeker-Hay. Last month, Detmer and Sitov were also instrumental in the sale of <a href=\"https:\/\/www.commercialsearch.com\/news\/dra-advisors-rising-realty-buy-industrial-portfolio\/\">a 531,308-square foot portfolio<\/a> in Tracy and Stockton, Calif.<\/p>\n\n\n\n<p>Executive Managing Director Kevin MacKenzie, Director Jason Carlos and Director Jarrod Howard secured the financing. Senior Managing Director Steve Larsen will conduct the leasing efforts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">ViaWest&#8217;s Phoenix industrial inventory<\/h2>\n\n\n\n<p>ViaWest Group has 32 industrial properties in the Phoenix market, CommercialEdge data shows, amounting to more than 4.2 million square feet. In August, the firm partnered with Walton Street Capital for the acquisition of <a href=\"https:\/\/www.commercialsearch.com\/news\/viawest-group-jv-pays-98m-for-phoenix-industrial-portfolio\/\">a six-building portfolio<\/a> encompassing 586,915 square feet. The assets traded for $97.8 million.<\/p>\n\n\n\n<p>A few months later, ViaWest and Willmeng Construction broke ground on The Base, <a href=\"https:\/\/www.commercialsearch.com\/news\/viawest-breaks-ground-on-2-msf-phoenix-industrial-campus\/\">a 144-acre development<\/a> in Glendale, Ariz. The first phase, measuring 1.2 million square feet across seven buildings, is expected to come online at the end of the year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Phoenix\u2019s industrial momentum<\/h2>\n\n\n\n<p>According to a recent<a href=\"https:\/\/www.commercialedge.com\/blog\/national-industrial-report\/\" target=\"_blank\" rel=\"noreferrer noopener\"> CommercialEdge industrial report<\/a>, 2023 was a good year for Phoenix\u2019s industrial sector, considering current economic headwinds. The metro ranked first in the U.S. in terms of development. Additionally, some $2.1 billion in assets changed hands last year for an average of $159 per square foot, well above the $129 national average.<\/p>\n\n\n\n<p>In one of the most prominent deals, Prologis acquired Airpark Logistics Center, a <a href=\"https:\/\/www.commercialsearch.com\/news\/prologis-pays-184m-for-phoenix-area-industrial-campus\/\">2.7 million-square-foot industrial development <\/a>for $184 million, reportedly setting the record for the state\u2019s largest multi-building industrial park sale. Creation and CrossHarbor Capital Partners were the sellers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Walton Street Capital provided more than $53 million in acquisition financing.<\/p>\n","protected":false},"author":3355,"featured_media":1004701583,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,21742,1601,15],"tags":[32790,32796,35281,37674],"class_list":["post-1004701578","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","category-phoenix","category-west","tag-clarion-partners","tag-jll","tag-viawest","tag-walton-street-capital"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ViaWest Pays $71M for Phoenix Industrial Portfolio - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Clarion Partners has sold a six-building, 428,427-square-foot industrial portfolio in Gilbert, Ariz. 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