VIAWEST GROUP SELLS EL PASO INDUSTRIAL PORTFOLIO FOR $11.8M

ViaWest Group ended its three-year hold on Merchant Industrial, a four-building, 245,945 s.f. industrial portfolio at 7155, 7157, 7177 and 7189 Merchant Ave. in El Paso, TX. The Phoenix-based seller struck a deal with Stonelake Capital Partners for the asset, which was 94% leased at the time of sale. When ViaWest acquired it in 2015, occupancy was 40%.

“This property was the beginning of our expansion outside of Arizona, and turned out to be a great project for us,” said Steve Schwarz of ViaWest Group. “As one of the few multi-tenant properties in the Central El Paso submarket, we felt that this underperforming property was positioned perfectly for renovation and re-positioning.”

Arturo De La Mora and Jonathan Bryan with CBRE represented ViaWest, while Bill Caparis, also with CBRE, negotiated on behalf of the buyer, CBRE also managed and leased up the property during the seller’s hold.