ViaWest Group announces the sale of Bell 17 Industrial, a three building, 70,495 square foot industrial project in North Phoenix’s Deer Valley submarket. The fully leased, multi-tenant industrial park sold to a private investor for $8.28 million.
Geoffrey Turbow, Anthony DeLorezo, Rusty Kennedy, Daniel Calihan, Matt Pourcho, Pat Feeny and Bryan Johnson of CBRE Capital Markets represented the seller. The buyer was represented by Mark Trueblood of Trumark Real Estate Management Services, located in Glendale, California.
“Bell 17 is a fully occupied, multi-tenant industrial park located in the supply-constrained, amenity rich Deer Valley submarket where vacancy hovers around five percent,” said Geoff Turbow, First Vice President with CBRE Capital Markets Investment Properties SoCal/Phoenix. “The property is underwritten by triple-net leases that provide exceptional ease of ownership and durable cash flow. ViaWest Group has done a tremendous job at enhancing the tenancy experience at Bell17, something new ownership intends on continuing. This transaction is another example of our multi-state team collaborating to accommodate Southern California buyers seeking quality investments here in Phoenix.”
“Bell 17 Industrial has lived up to its potential as a premier location for tenants in the Deer Valley submarket. Through our hands-on management approach ViaWest has maintained occupancy rates above 90% and achieved year-over-year market rent growth,” said ViaWest Group Chief Operating Officer Todd Weiss.
“The property was obviously well maintained and managed; we could see that from the start. ViaWest has a professional approach to their properties, tenants, and how they conduct business. We are happy to have bought the property from this group. We feel confident that the ground work they have laid will benefit the new buyers and ensure they have to do very little to protect or improve the operation of Bell 17,” said Managing Member of the buying entity, Sau Wong.
“It is always a pleasure working with a professional like Mark and his team at Trumark. We are excited about the opportunity to continue providing property management services for the asset on the behalf of the buyer and are appreciative of their trust in our team’s capabilities,” commented Danny Swancey, Partner at ViaWest.
Bell 17 Industrial is located near Bell Road and I-17 at 16602 N. 23rd Ave., 16601 N. 25th Ave., and 2401 W. Phelps. The buildings are one mile from Interstate 17, two miles from the Loop 101, less than five miles from Deer Valley Airport, and offer 2.5 million square feet of retail amenities within a two mile radius.