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5/19/15
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ViaWest Group paid $3.07 mil for Riverside Industrial, a 72k sf ($43/sf) multi-tenant industrial building in Phoenix. The building, located at 77 N. 45th Ave, in the heart of southwest Phoenix, was sold by El Segundo-based Cordia Capital Managment LLC.
Riverside Industrial is located in a prime location near the southeast corner of Van Buren St and 45th Ave, just south of a full diamond interchange at the I-10 Freeway with immediate access to the two major exits, 43rd Avenue and 51st Avenue. Currently 100% leased, the subject is situated within one of the largest industrial submarkets in Phoenix.
This is the fourth acquisition for ViaWest’s latest fund, focused on industrial assets in the Southwest U.S. The three other asset purchases closed in January this year. The firm also owns Tiger Industrial, a neighboring, 103k sf industrial building on 49th Ave and Van Buren.
The seller was represented by Will Strong, Mike Haenel, Andy Markham and Phil Haenel with DTZ’s Phoenix office. The team will continue leasing the property on behalf of the new ownership. ViaWest Group intends to hold the property for investment and will serve as the property manager and asset manager.
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