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ViaWest Group Divests Deer Valley Industrial Park
Phoenix-based ViaWest Group sold Bell 17 Industrial, a three-building, 70,495-square-foot industrial project in North Phoenix’s Deer Valley submarket. The fully leased, multi-tenant industrial park was acquired by an unnamed private investor for $8.28 million.
ViaWest acquired the well-located property in July 2015 as part of ViaWest Select Strategies Fund. It subsequently embarked on a business plan to attract and retain high quality tenants by infusing capital to revitalize the property and providing first-class customer service.
Trumark Real Estate Management Services’ Mark Trueblood represented the buyer. CBRE’s Geoffrey Turbow, Anthony DeLorenzo, Rusty Kennedy, Daniel Calihan, and Bryan Johnson represented the seller. Financing was secured by Dana Summers, Shaun Moothart, Bruce Francis, Doug Birrell, Bob Ybarra and Jim Korinek of CBRE Debt & Structured Finance.
Turbow says, “The property is underwritten by triple-net leases that provide exceptional ease of ownership and durable cash flow. ViaWest Group has done a tremendous job at enhancing the tenancy experience at Bell17, something new ownership intends on continuing.”
The property is located near Bell Road and I-17 at 16602 N. 23rd Ave., 16601 N. 25th Ave., and 2401 W. Phelps.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition