ViaWest Group acquired a six-building Phoenix industrial portfolio spanning a total of 428,427 square feet. The $71.1 million deal was financed through a $53.2 million loan from Walton Street Capital. Clarion Partners was the seller. The six properties are within a mile of each other in the East Valley.
Among the 11 tenants housed within the portfolio are SCP, United Refrigeration, and SKY Distribution, with an average lease term of three years remaining. The properties are 98% leased.
Clarion Partners acquired the properties in 2015 as part of a seven-asset purchase worth $80 million from Myron Zimmerman Investments. ViaWest Group’s portfolio now spans more than 4.2 million square feet of industrial space in the Phoenix market. ViaWest and Walton Street Capital joined forces on a $97.8 million, six-building project on The Base, a new 144-acre development in Glendale, Arizona.
Phoenix’s industrial market has been robust, leading the nation in development, with $2.1 billion in assets traded last year at an average of $159 per square foot.
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Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.