ViaWest Group has expanded its presence in the Phoenix market with the acquisition of a six-building industrial portfolio. The portfolio, totaling 428,427 square feet and valued at $71.1 million, was financed through a loan of $53.2 million from Walton Street Capital.
The seller of this prime East Valley property was Clarion Partners, who originally acquired it in 2015 as part of a larger purchase from Myron Zimmerman Investments for $80 million. The six properties are strategically located within one mile of each other and currently boast an impressive occupancy rate of 98%.
The diverse tenant mix includes well-known companies such as SCP, United Refrigeration, and SKY Distribution with an average lease term remaining at three years. This latest acquisition brings ViaWest Group’s total industrial space in Phoenix to over 4.2 million square feet.
In addition to this recent purchase, ViaWest Group is also collaborating with Walton Street Capital on another project – a new development called “The Base” spanning across 144 acres in Glendale Arizona worth approximately $97.8 million.
Phoenix’s industrial market continues to thrive as it leads the nation in development activity last year alone saw assets worth over $2 billion traded at an average price per square foot reaching up to$159.
