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7/07/15
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ViaWest Group closed on an industrial buy in Arizona, paying $4.23 mil for Bell17 Industrial, a three-building, 70.5k sf ($60/sf) industrial project in North Phoenix’s Deer Valley submarket. Based in Phoenix, ViaWest has purchased approximately $50 mil of industrial assets over the last nine months as part of its new fund focused on well-located industrial space in the Southwest U.S.
The fully leased building is located at I-17 at 16602 N. 23rd Ave, 16601 N. 25th Ave and 2401 W. Phelps, near Bell Rd. The buildings are one mile from Interstate 17, two miles from the Loop 101, less than five miles from Deer Valley Airport and offer 2.5 million square feet of retail amenities within a two mile radius.
“At more than 11 million square feet, Deer Valley is a subtle but powerful part of Phoenix’s industrial real estate market,” said JLL Executive Vice President Steve Sayre. “Like the Bell17 Industrial property, this inventory consists primarily of well-located, quality assets in close proximity to Interstate 17 and the Deer Valley Airport. For those two reasons alone, properties in the submarket tend to garner some of Phoenix’s higher asking rents and perform well for their owners.”
Sayre, along with JLL Executive Vice President Pat Harlan and Associate Kyle Westfall, led the project’s leasing effort on behalf of the prior property owner/developer/seller, Klefstad Companies, Inc. They will continue to do so for ViaWest Group.
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