Speed Bay has acquired Farmer Industrial Center, a two-building industrial park in Tempe, in a transaction valued at $24.5 million. The property, sold by ViaWest Group and Walton Street Capital, totals 93,900 square feet of industrial space and is positioned as a multitenant asset serving a range of users.
Farmer Industrial Center is currently 94.1% leased to seven tenants, providing the buyer with a largely stabilized income stream at closing. The tenancy spans several industries, including aerospace, third-party logistics, home improvement services and electrical testing, which diversifies the cash flows across different demand drivers. Lease expirations are staggered, contributing to what is described as a balanced rollover profile rather than a concentrated near-term maturity risk.
The industrial park is located at 9185 and 9245 South Farmer Avenue, east of Interstate 10 and north of Ray Road. The site offers regional connectivity, with Interstate 10 approximately four minutes away and Loop 101 reachable in about seven minutes, according to information provided with the transaction. From this location, tenants can access additional regional transportation corridors including Loop 202 and U.S. 60, as well as Sky Harbor International Airport, supporting both local and broader distribution requirements.
Marketing and negotiations for the sale were handled by a JLL capital markets team. Senior Managing Director Ben Geelan, Senior Director Greer Oliver, Associate Bryce Beecher and Analyst Gigi Martin represented ViaWest Group and Walton Street Capital in the disposition of the property. Their role focused on positioning the asset to investors as a leased, income-producing industrial park with exposure to multiple tenant industries and established highway access.
The transaction highlights ongoing investment interest in well-leased industrial product in Tempe, particularly assets with immediate access to major transportation routes and a mix of tenants. While specific buyer plans for Farmer Industrial Center were not disclosed, the current occupancy level and the diversification of tenants and lease maturities suggest the property was marketed as a stable, cash-flowing investment rather than a near-term repositioning opportunity.
The original report also referenced an upcoming Connect Phoenix Multifamily, SFR & BTR event that will address themes such as uneven absorption, new deliveries, and shifting rent performance at the metro level. This underscores that, alongside industrial investment activity like the Farmer Industrial Center sale, regional stakeholders are closely watching how fundamentals are evolving across other property types in the broader Phoenix area.
