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5/07/24
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ViaWest Group acquired a 94.2k sf, freestanding industrial building on 4.20 acres in Phoenix. The single-tenant facility, which underwent a significant renovation in 2023, is located at 1002 South 54th Ave and is 100% leased to Copper State Bolt & Nut Company.
1002 South 54th Avenue was originally built in the early 1990s prior to its most recent 2023 capital improvements. The facility features 7k sf of updated office space, 24’ clear height, 17 docks doors, two grade-level doors, fenced and secured yard, a new roof (2022), LED Lighting, and ample parking.
Cushman & Wakefield’s Phil Haenel, Will Strong, Foster Bundy, and Katie Repine of the firm’s Private Capital Group represented the seller, Stos Partners, in the transaction and were joined by Anna Josephson of KBC Advisors. Cushman & Wakefield’s Mike Haenel and Andy Markham also provided local advisory.
“Continuing to strengthen its Arizona portfolio, ViaWest Group has acquired a highly functional industrial asset in a sought-after submarket, which due to its modern upgrades now better competes with the newer projects recently built in the area. The property is also fully leased to a strong, established credit tenant with a long-term commitment to the building providing stable rental income,” said Phil Haenel.
“Adding to its desirability, the property is well positioned approximately two miles from the I-17 freeway, offering complete transportation linkages via air, ground, and offers accessibility and proximity across the local Phoenix Metro region as well as other Mountain West regions,” said Bundy.
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