JLL Capital Markets facilitated the transaction, representing the seller, and bringing ViaWest Group to the table as the buyer
News release
07 February 2024
ViaWest Group acquires six-building industrial portfolio in East Valley Phoenix
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PHOENIX, Feb. 7, 2024 – ViaWest Group has completed the acquisition of a substantial industrial portfolio totalling 428,427 square feet in Gilbert, Arizona. The acquisition solidifies ViaWest Group's commitment to strategic real estate investments in the East Valley Phoenix area.
JLL Capital Markets facilitated the transaction, representing the seller, and bringing ViaWest Group to the table as the buyer.
This portfolio is 98 percent occupied and spans 26.87 acres and comprises six buildings housing 11 tenants. Noteworthy features of the properties include clear heights ranging from 15 to 30 feet, a total of 64 dock-high doors, 23 grade-level doors and 639 car parking spaces. The properties are strategically located in Gilbert, Arizona, with addresses at 955 N Fiesta Blvd. (108,212 SF), 1171 & 1191 N Fiesta Blvd. (126,472 SF), 2075 & 2135 W Obispo Ave. (180,087 SF) and 2020 W Guadalupe Rd (13,656 SF).
With average rents currently positioned 30 percent below market rates and an average of three years of remaining lease term across the portfolio, the acquisition presents a compelling mark-to-market opportunity in a highly sought-after East Valley Phoenix location.
Danny Swancey, Partner, ViaWest Group, commented on the acquisition, saying, "This transaction underscores our continued commitment to identifying and capitalizing on strategic infill industrial investment opportunities in top-tier markets across the Southwest. This acquisition aligns perfectly with our investment strategy and enhances our presence in the region."
The JLL Capital Markets team, led by Mark Detmer, Greer Oliver, Ryan Sitov, and Connor Nebeker-Hay, facilitated the seamless execution of the transaction. Additionally, JLL assisted with the procurement of the financing led by Kevin MacKenzie, Jason Carlos, and Jarrod Howard. Market leasing is in the capable hands of Steve Larsen at JLL.
For more news, videos, and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About ViaWest Group
Established in 2003, ViaWest Group is a Phoenix-based, full-service commercial real estate investment, development, and property management firm. ViaWest Group is one of the fastest growing real estate investment companies in the Southwestern U.S. with over $2.8 billion in aggregate transactions since inception, 11.9+ million square feet owned, managed and under development, with offices in Phoenix and Denver. ViaWest Group is currently seeking to acquire and develop office, industrial, and multi-family buildings and land parcels in the Southwestern U.S. Visit our website www.viawestgroup.com or contact Mikele Keiffer at (602) 957-8300 x116.