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BUSINESS
ViaWest Group buys industrial asset in Phoenix
Smaller-scale building is fully leased, well positioned in market
(Photo provided by Cushman & Wakefield)
This single-tenant Class A industrial building on nearly 3.5 acres at 1450 E. Buckeye in Phoenix is under new ownership.
Posted
Special to Independent Newsmedia
ViaWest Group purchased a 39,360-square-foot, single-tenant Class A industrial building on nearly 3.5 acres in central Phoenix.
The property is fully leased to Core & Main (formerly HD Supply), a distributor of water, wastewater, storm drainage and fire protection products and related services.
Executive Director Paul Boyle with Cushman & Wakefield’s Phoenix office represented both ViaWest Group as the buyer and Buckeye RRV, LLC as the seller.
“1450 E Buckeye was an excellent opportunity for ViaWest to expand its industrial portfolio in Greater Phoenix, adding a high-quality, centrally located industrial building with many attractive traits as a long-term investment asset,” Boyle shared in a press release. “Built in 1999 and renovated since, the property is in excellent condition, provides a convenient central market location, has been fully leased now for many years to a quality tenant with term remaining, and sits on a large parcel adding further flexibility and optionality.”
Metro area continues to perform well as a high-demand industrial market. According to Cushman & Wakefield’s latest Q3-2023 report, Phoenix has achieved 11.2 million square feet (msf) of growth in the first three quarters of the year, after gaining 21.7 msf of overall industrial occupancy in 2022.
ViaWest currently has active industrial developments in Phoenix, San Diego, Salt Lake, Las Vegas, and Denver totaling more than 4.1 million square feet.
