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7/15/15
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There have been two new leases totaling 80.6k sf of space at Tiger Industrial Center, a two-building, 103.1k sf industrial property in Phoenixthat is owned by ViaWest Group. Located at 4901 and 4929 West Van Buren, the center is situated just one mile south of a full-diamond interchange on the I-10 Fwy.
In these latest deals, Walmart will occupy 74.6k sf for temporary storage purposes, while Custom Bilt Holdings has signed a long-term lease for 6k sf. The property was only 16% leased when ViaWest purchased the asset in January 2015. With the execution of these two leases, Tiger’s occupancy will increase to 94%.
These leases mark significant progress for ViaWest’s Select Strategies Fund, which is focused on the acquisition of general industrial properties in Southwestern U.S. “We purchased Tiger earlier this year with a vision of adding value through strategic property enhancements coupled with our proactive leasing and management approach,” says Gary Linhart, Founding Principal at ViaWest Group. ViaWest’s Fund includes several Arizona properties, a recently acquired industrial center in El Paso, and is currently searching both locally and in neighboring states for new acquisitions.
Riley Gilbert of Jones Lange LaSalle cites “responsive management, functional lease-ready space, and great access to freeways” as some of the factors that attracted Walmart and Custom Bilt, a Dallas-based metal roofing and gutter manufacturer with an emphasis on eco-friendly technology. JLL will continue to market the project’s remaining vacancy.
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