ViaWest Sells Phoenix Office-to-Industrial Redevelopment
The two-building park came online in 2023.
ViaWest Group has sold Sight Logistics Park, a Class A industrial park spanning 357,103 square feet across two buildings in Tempe, Ariz. JLL brokered the deal on behalf of the seller.
Pacific Coast Capital Partners issued a $40.2 million construction loan in 2021, according to CommercialEdge data, and the industrial park came online two years later.
The campus’ development was a conversion from an office asset, which previously served as the headquarters of tech company Insight Enterprises. A joint venture led by ViaWest group acquired it in a $26.9 portfolio deal four years ago.
READ ALSO: Phoenix Maintained Industrial Strength in 2024
Located at 6840 and 6860 S. Harl Ave., Sight Logistics Park is 7 and 14 miles from downtown Tempe and Phoenix, respectively. The infill campus has frontage along Interstate 10, while U.S. Route 60 is 2 miles away.
The facilities measure 201,187 and 155,916 square feet. Features include 32-foot clear heights, 66 dock-high doors and 10 grade-level doors, as well as a 200-foot truck court.
At closing, the park was 88 percent leased. The tenant roster includes nVent, Daikin, Rentex and Supply Chain Solutions. The latter inked an agreement to occupy 156,751 square feet at the campus last year.
JLL Senior Managing Director Ben Geelan and Senior Director Greer Oliver, as well as Associate Connor Nebeker-Hay, brokered the deal on behalf of ViaWest Group.
ViaWest owns and manages more than 12.4 million square feet of space. In February last year, it made another, $71 million purchase in metro Phoenix, while in December it sold an industrial asset in Salt Lake City.
Phoenix investment retains momentum
During the first quarter, investors traded 2.9 million square feet of industrial product—up 3.6 percent year-over-year—across metro Phoenix, according to CommercialEdge data. The market’s industrial investment volume clocked in at $394 million year-to-date through March.
Several noteworthy deals closed during the first three months of 2025. BKM Capital Partners purchased a portfolio from Starwood Capital Group for $156.8 million. A month before that, LBA Logistics paid $39 million for a 220,240-square-foot asset sold by Echo Real Estate and Grandview Partners.
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