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Cushman & Wakefield Negotiates 74,525 SF Sale to Canadian Investor

PHOENIX, November 8, 2016 – ViaWest Group and Cushman & Wakefield announced today that Wexford Developments of Calgary, Canada paid $8.8 million to buy a 74,525-square-foot, Class A flex/R&D building located at 6825 West Galveston Street in Chandler. Steve Lindley, Bob Buckley, Tracy Cartledge and Ben Geelan with Cushman & Wakefield represented the seller, ViaWest Group of Phoenix, in the transaction.

“Buyers are currently attracted to quality properties with excellent yield and intrinsic value,” said Lindley. “For Wexford, Galveston was a perfect fit.”

The project, known as Galveston Tech Center, is a single-story building configured for technology, healthcare and business service tenants. It encompasses 4.88 acres and boasts two billion-dollar tenants occupying almost 70% of the total property square footage, including CVS Health Corporation and Qorvo.

The facility was purchased by ViaWest Group back in 2014 as a value-add opportunity in their portfolio. During ViaWest’s ownership, Galveston Tech Center grew from 69% occupancy to 92%.

“We are excited to continue providing property management services and look forward to working with Wexford on a going-forward basis. They’ve purchased a great building, in the right location, with a high-caliber tenant roster”, said Danny Swancey, Partner of the ViaWest Group.

Galveston Tech Center is located in the heart of Phoenix Metro’s Southeast Valley, frequently referred to as the Silicon Desert. “The property benefits from a land-constrained, freeway-accessible location, surrounded by upscale housing, shopping and dining that attracts the highly-paid, highly educated workforce demanded by high quality corporate technology, medical and headquarter tenants,” added Lindley.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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 $300MM of acquisitions.  Since inception, ViaWest has been involved in over $600MM of acquisitions. ViaWest Group is looking to acquire and develop more office, industrial, retail and commercial land parcels in the Southwestern United States. For more information visit, www.viawestgroup.com.