July 9, 2019
ViaWest Group struck a deal with Bayless Investment & Trading Co. to acquire vacant land and industrial buildings in Phoenix’s Sky Harbor submarket. The portfolio’s combined square footage totals 650,000 square feet of industrial space, including 75,000 square feet of freezer storage. The portfolio’s acreage totals just over 34 acres.
John Werstler, SIOR and Cooper Fratt, SIOR, of CBRE negotiated the transaction, and will be leasing the project, going forward.
The 25-acre site at Central Avenue and Buckeye Road contains a fully-leased warehouse and vacant freezer facility. ViaWest will renovate the freezer building, and will build new industrial on 12 acres of vacant land. ViaWest is also planning to develop two industrial buildings, totaling 150,000 square feet, on 9.2 acres at Superior Avenue and 44th Street.
“Central Phoenix’s high barriers to entry, limited availability of land, prime location and the cold-storage capability, make this unique redevelopment project highly desirable for tenants,” Fratt said.
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