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8/18/20
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Bell 17 Industrial, a three building, 70.5k sf industrial project in North Phoenix’s Deer Valley submarket, was acquired for $8.28 mil ($117/sf) by a private investor. The fully leased, multi-tenant industrial park was sold by ViaWest Group.
Bell 17 is a fully occupied, multi-tenant industrial park located in the supply-constrained, amenity rich Deer Valley submarket where vacancy hovers around five percent. The campus is located at 16602 N. 23rd Ave, 16601 N. 25th Ave, and 2401 W. Phelps, near Bell Rd and I-17. 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 msf of retail amenities within a two mile radius.
Geoffrey Turbow, Anthony DeLorezo, Rusty Kennedy, Daniel Calihan, and Bryan Johnson of CBRE Capital Markets represented the seller. The buyer was repped by Mark Trueblood of Trumark Real Estate Management Services.
According to Turbow, the property is underwritten by triple-net leases that provide exceptional ease of ownership and durable cash flow. ViaWest acquired the well-located property in July 2015 as part of ViaWest Select Strategies Fund and has maintained occupancy rates above 90%.
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