Phoenix, Ariz. — ViaWest Group announces the sale of 1.91 acres of prime developable land located at the southwest corner of Willis Road and Val Vista Drive in Gilbert. The parcel sold for $1,122,000 ($13.50 PSF) to a local investor who has imminent development plans for an undisclosed retail use.
The sale of this property represents the final parcel owned by ViaWest Group from an original 20-acre mixed-use site purchased from Duke Realty Corporation in 2015 for $3,728,850.
“During our ownership, we reimagined the original land plan, improved access to the site by adding a shared access drive with utilities, and targeted a complementary collection of users, including a car wash, two senior living facilities, and a couple of restaurants,” said ViaWest Founding Partner, Steven Schwarz, “This is one of the primary corridors in the increasingly popular Southeast Valley and this has turned out to be a successful investment for us and a real benefit for the surrounding community. We truly appreciate Mike Garlick, Chris Krewson and Mike McQuaid of Newmark Knight Frank bringing us this opportunity.”
“We had the honor of working with the ViaWest team from the beginning stages in site plan consultation to the very end culminating with the final pad sale for the retail portion of their project. As the submarket fundamentals continually improved over the duration of the development, we were able to leverage tenant interest to maximize value for our client,” said NKF Managing Director Tim Westfall. “Overall, the retail component will supplement the rest of the project contributing to a long-term sustainable asset.”
Newmark Knight Frank’s (NKF) Joe Doucett, Tim Westfall, and Joe Hoye represented ViaWest Group in the transaction.