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ViaWest asset now 94 percent occupied with 80,635 s.f. in new deals
PHOENIX, July 14, 2015 – On behalf of ViaWest Group, the Phoenix office of JLL has closed two new leases totaling 80,635 square feet at Tiger Industrial Center in Phoenix. The two leases – to Walmart and Custom Bilt Holdings – bring Tiger Industrial Center to 94 percent occupied. The property was just 16 percent leased when ViaWest purchased the property in January.
Located at 4901 and 4929 W. Van Buren St., the two-building Tiger Industrial Center complex totals 103,064 square feet just one mile south of a full-diamond interchange on the I-10 Freeway. Walmart will occupy 74,642 square feet for temporary storage purposes. Custom Bilt Holdings, a Dallas-based metal roofing and gutter manufacturer with an emphasis on eco-friendly technology, has signed a long-term lease for 5,993 square feet.
“We purchased Tiger earlier this year with a vision of adding value through strategic property enhancements coupled with our proactive leasing and management approach,” said Gary Linhart, Founding Principal at ViaWest Group. “We’re excited about these deals and want to keep the momentum going at this project by landing a long-term tenant to backfill Walmart in the coming months.”
These leases mark significant progress for ViaWest’s Select Strategies Fund, which is focused on the acquisition of general industrial properties in the Southwestern U.S. ViaWest’s fund includes several Arizona properties and a recently acquired industrial center in El Paso. The company is currently searching both locally and in neighboring states for new acquisitions.
“We are excited to land such top-tier companies at the Tiger project and look forward to growing our relationships with both Custom Bilt and Walmart,” said Danny Swancey with ViaWest.
“ViaWest’s responsive management, functional lease-ready space and great access to freeways were key factors attracting Walmart and Custom Bilt to this space. They will be valuable, engrained factors as we market the project’s availability moving forward as well,” said JLL’s Riley Gilbert, who represented ViaWest in the lease negotiations along with JLL Managing Directors Marc Hertzberg and Anthony Lydon.
About ViaWest GroupEstablished in 2003, ViaWest Group is a Phoenix-based full service commercial real estate acquisition, development, property management, investment and advisory firm. Since inception, ViaWest has been involved in over $500MM of acquisitions, including over $100MM of commercial properties in the last eighteen months. ViaWest Group is looking to acquire other value-added office, industrial, retail and commercial land parcels in the Southwestern United States.
About JLL 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.
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