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9/17/18
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Los Angeles-based Dunbar Real Estate Investment Management has purchased Tiger Industrial, a 103.5k sf ($61/sf) industrial property in Phoenix for $6.33 mil. The property is located at 4901-4929 W. Van Buren St, just south of I-10.
The asset was originally part of a larger portfolio of thematic properties purchased in 2014 by the seller, Phoenix-based ViaWest Group. ViaWest will continue to manage the property for the new owner.
Will Strong of Cushman & Wakefield represented the seller; the buyer was self-represented.
“Tiger Industrial Center was a unique opportunity to buy a true, value-add industrial project that is easily divisible, and provides the new owner potential for rent increases and market flexibility down the road,” said Strong, “ViaWest bought the project a few years ago, and repositioned and renovated the property to achieve higher rents and decrease vacancy. It has an exceptional location, timeless design and the new Loop 202 provides strong potential to maintain full occupancy and improve cash flow throughout the life of the asset.
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