Cushman & Wakefield: ViaWest takes on 3.5 acres of commercial space in Phoenix
Staff Reports | Digital Free Press
Cushman & Wakefield has advised buyer ViaWest Group in acquiring a 39,360-square-foot, single-tenant Class A industrial building situated on nearly 3.5 acres in central Phoenix.
The property is fully leased to Core & Main (formerly HD Supply), a leading specialized distributor of water, wastewater, storm drainage and fire protection products and related services, according to a press release.
Executive Director Paul Boyle with Cushman & Wakefield’s Phoenix office represented both ViaWest Group as the buyer and Buckeye RRV, LLC as the seller, the release states.
“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,” Mr. Boyle said in a prepared statement.
“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.”
The property at 1450 E. Buckeye is designed with truck-well and grade-level loading, featuring cross-dock access, and over 4,600-square-feet of office space. The property has convenient drive around ingress and egress, outside storage yard, and heavy power.
“Additionally, as today’s construction costs remain elevated, it remains more challenging to develop industrial buildings less than 100,000 sf. The property is well positioned to benefit from this scenario, as the future development of new competitive product is limited,” Mr. Boyle added.
The location is easily accessible from Interstates 10 and 17, which connect to the region’s larger freeway network, and is also in close proximity to downtown Phoenix and the Phoenix Sky Harbor International Airport.
“We are excited to acquire this high-quality, fully-occupied industrial asset in Phoenix, adding to our expanding portfolio in the region. The property’s excellent functionality, valuable excess land, and airport-adjacent location combine to make it an extremely rare find,” commented Danny Swancey, partner at ViaWest Group.