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ViaWest Divests Final Property in SW Industrial Portfolio

Phoenix-based ViaWest Group sold ViaWest Sky Harbor Industrial to Austin-based Pennybacker Capital for $11.2 million. The 89,423-square-foot property is located directly across from Chase Field in the heart of downtown Phoenix near 7th and Jackson streets.

ViaWest acquired the property in 2016 when it was only 53% leased. Through strategic improvements and marketing efforts, the property is now 100% leased including notable tenants APS and Westech Recyclers.

ViaWest Group will continue managing the asset on behalf of Pennybacker Capital. The downtown industrial building is the final disposition of a larger portfolio of thematic properties ViaWest purchased from 2014 to 2016.

ViaWest Group Steven Schwarz says, “The close of this fund is representative of ViaWest’s strong history of finding well-located properties, improving their physical condition and repositioning them to make them more attractive to tenants and buyers.”

Cushman & Wakefield’s Will Strong, Andy Markham, Mike Haenel, and Phil Haenel represented the seller. The buyer was self-represented.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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