Phoenix-based ViaWest Group has sold ViaWest Sky Harbor Industrial for $11.2 million. The 89,423 SF property is located directly across from Chase Field in the heart of downtown Phoenix near the corner of 7th Street and Jackson Street. The buyer is Pennybacker Capital, an Austin-based real estate private equity firm.
Will Strong, Andy Markham, Mike Haenel, and Phil Haenel of Cushman & Wakefield represented the seller; the buyer was self-represented.
In addition to the sale, ViaWest Group is excited to continue managing the asset on behalf of Pennybacker Capital.
When ViaWest acquired the property in 2016 it was only 53% leased. Through strategic improvements and marketing efforts, the property is 100% leased including notable tenants APS and Westech Recyclers.
“With its exceptional location and timeless warehouse amenities this property is a fantastic asset.” said Will Strong, Executive Managing Director. “The proximity to Phoenix Sky Harbor will always provide the property attraction from users spanning multiple industry segments.”
The downtown industrial building is the final in a larger portfolio of thematic properties purchased from 2014 to 2016. Five other properties made up ViaWest’s Select Strategies Fund. Merchant Industrial, located in El Paso, Texas sold for $11.8 million in May 2018. Tiger Industrial, located in Phoenix sold for $6.33 million in September 2018. Broadway Industrial Center and 45th Ave Industrial Park, located in Phoenix sold together as a portfolio for $16.6 million in February 2020. Bell 17 Industrial, located in the Deer Valley submarket of Phoenix, sold for $8.28 million in August of 2020.
“The close of this fund is representative of ViaWest’s strong history of finding well-located properties, improving their physical condition and repositioning them to make them more attractive to tenants and buyers,” said ViaWest Group Founding Partner Steven Schwarz. “This portfolio was notably put together prior to industrial being the favored property type and is an example of the vision of our team in identifying future trends. We are pleased with the value we have created through the purchase and repositioning of these properties.”