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2/12/13
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ViaWest Group has acquired two Phoenix commercial properties: a 118.9k sf, multi-tenant, flex-office complex and a 2.8-acre parcel of commercially-zoned vacant land, collectively referred to as “West 101 Business Center”. The properties were sold by Carlson Real Estate Company LLLP, based in Minneapolis, MN, for a total price of $13.2 mil.
The office building is currently 82% leased with many high-profile tenants, including Maricopa County, Aetna, and ITT Educational Services, Inc. The properties are located on 95th Ave, on the north side of McDowell Rd in the Southwest Valley submarket. Near the I-10 and 101 freeway interchange, there are many amenities in very close proximity, including retail, hotels, and hospitals.
Phoenix-based ViaWest represented itself in the transaction, while Eastdil Secured represented the seller. Bill Bayless and Andrew Brigham at CBRE will continue leasing the property on behalf of ViaWest. Guggenheim Life Insurance provided debt financing for the project with Keaton Merrell at Legacy Advisors serving as mortgage broker.
“The location of this property combined with the excellent function and aesthetic of the buildings makes this the most desirable asset in the entire submarket for tenants needing office and flex office/industrial space to service the West Valley population.” noted Gary Linhart, Co-Founder and Principal of ViaWest.
The company intends to hold the office building for investment and is considering build-to-suit development opportunities on the land parcel. ViaWest will serve as the property and asset manager on the office buildings. The company continues to seek new acquisition opportunities throughout the Southwestern United States.
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