The Phoenix office of JLL has just closed the $4.225 million sale of Bell17 Industrial, a three-building, 70,517-square-foot industrial project in North Phoenix’s Deer Valley submarket. The fully leased building acquisition is the latest for the Southwest industrial property buying strategy of ViaWest Group.
“At more than 11 million square feet, Deer Valley is a subtle but powerful part of Phoenix’s industrial real estate market,” said JLL Executive Vice President Steve Sayre. “Like the Bell17 Industrial property, this inventory consists primarily of well-located, quality assets in close proximity to Interstate 17 and the Deer Valley Airport. For those two reasons alone, properties in the submarket tend to garner some of Phoenix’s higher asking rents and perform well for their owners.”
Sayre, along with JLL Executive Vice President Pat Harlan and Associate Kyle Westfall, led the project’s leasing effort on behalf of the prior property owner/developer/seller, Klefstad Companies, Inc. They will continue to do so for ViaWest Group, the entity that the JLL team identified to purchase the property.
Based in Phoenix, ViaWest has purchased approximately $50 million of industrial assets over the last nine months as part of its new fund focused on well-located industrial space in the Southwest U.S.
“We are very excited about the potential of Bell17 Industrial. It has consistently maintained strong occupancy and, with our hands-on management approach, we believe that we can continue having it serve as a premier location for smaller tenants in the Deer Valley market,” said Steven Schwarz, a Founding Partner of ViaWest Group.
Bell17 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.
About ViaWest Group
Established in 2003, ViaWest Group is a Phoenix-based full service commercial real estate acquisition, development, property management, investment and advisory firm. ViaWest Group has been one of the fastest growing real estate investment companies in the Valley over the last few years with over $200 million of acquisitions. Since inception, ViaWest has been involved in over $500 million of acquisitions. ViaWest Group is looking to acquire and develop more office, industrial, retail and commercial land parcels in the Southwestern United States. Visit www.viawestgroup.com or contact Steven Schwarz at (602) 957-8300 ext 102, [email protected] or Gary Linhart at (602) 957-8300 ext 101, [email protected]
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
In Phoenix, JLL is a market leader employing more than 500 of the region’s most recognized industry experts offering office, industrial and retail brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services. In 2014, the Phoenix team completed 12.2 million square feet in lease transactions valued at $918 million, directed $75 million in project management and currently manages a 23.1 million-square-foot portfolio. For more news, videos and research resources on Jones Lang LaSalle, please visit www.jll.com or www.jll.com/phoenix.