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7/05/19
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ViaWest Group closed on the acquisition of an industrial portfolio comprised of both vacant, developable land and two existing buildings in the Phoenix Sky Harbor submarket. Ultimately, the combined projects will have over 650k sf of industrial space, including 75k sf of freezer storage, with the ability to accommodate tenants in sizes ranging from 18k sf to 165k sf.
Both projects benefit from excellent access and proximity to four major freeways, including I-17, I-10, SR 51 and Loop 202, pulling from a wide and diverse labor pool. Both are also located within Opportunity Zones, which have substantial potential tax benefits for both development and for businesses choosing to locate in the projects.
John Werstler and Cooper Fratt of CBRE in Phoenix represented the buyer and the seller, Bayless Investment & Trading Company, in the transaction, and will be leasing the project going forward.
“Central Phoenix’s high barriers to entry, limited availability of land, prime location, in addition to the project’s cold-storage capability, make this unique redevelopment project highly desirable for tenants, especially those in need of refrigerated industrial space, where vacancy is below 2%,” said Fratt.
The larger, 25-acre site is located at Central Ave and Buckeye Rd, just south of downtown Phoenix. It includes over 12 acres of vacant, developable land in addition to an existing, fully-leased 196.7k sf, 30’ clear, cross-dock warehouse, and a vacant 76.3k sf freezer storage facility. ViaWest’s plans include renovating the freezer building and developing two new 32’ clear height buildings on the vacant land, including a 94k sf building, divisible to two tenants, and a 71k sf industrial warehouse adjacent to the cold storage building.
The property immediately south of the airport is a 9.17-acre vacant land site at the northwest corner of Superior Ave and 44th Street. ViaWest Group will develop two industrial buildings totaling 150k sf, with divisibility down to 18k sf. These projects will bring much needed Class A industrial space to the Central Phoenix/Sky Harbor submarket, which has a total industrial base over 75 msf, with only a 6.85% vacancy rate.
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