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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