ViaWest Group completed the purchase of its first acquisition since Heather Personne joined the firm late last year, as Retail Partner, to grow the company’s retail platform. The 100%-occupied property has two buildings on approximately 68,000 SF of land, located on the northwest corner of Fillmore and Scottsdale Roads in Tempe, AZ. 2404 N. Scottsdale Road is a single-tenant building leased to Title Max, and 2412 N. Scottsdale Rd. is a multi-tenant automotive repair building, with three tenants, including Luxury Legends, Babbitt Motor Werks and Euro Motor Works.
“This acquisition is consistent with our infill investment strategy, which in this case involved buying a well cash-flowing retail center in a rapidly gentrifying neighborhood,” says Personne. “The Scottsdale Road address and attractive basis add to the long-term redevelopment potential of the property.”
The seller, a private owner based out of California, was represented by Mark Wilcke with NAI Horizon. ViaWest Group was represented by Andrew Fosberg with CBRE.