Newmark, on Behalf of ViaWest Group, Arranges Sale of Fully Leased, Low Coverage Phoenix Industrial Facility

June 24, 2025 9:00 AM

Newmark announces that the company has arranged the sale of 2727 West Grovers Avenue, a fully leased, low-coverage industrial property in North Phoenix, Arizona. Newmark Managing Director Gary Cornish facilitated the transaction for the seller, ViaWest Group, a leading Phoenix-based real estate investment, development and management firm.

Fully occupied by Metronet, one of the fastest growing fiber companies in the U.S., the 22,706-square-foot property has a highly efficient floorplan, with approximately 20% upgraded office space and 80% functional warehouse space. Constructed in 1985 and completely renovated in 2024, the property features eight loading docks, four grade-level doors, 18’-26’ clear height and a 2.4-acre site with a one-acre secured yard area.

“This transaction reflects our ability to identify overlooked industrial opportunities and unlock value through strategic capital improvements and tenanting,” said Alex Hondros, Senior Vice President of Acquisitions & Asset Management at ViaWest Group. “We’re proud of the results at Grovers Avenue and the role this property plays in supporting the ongoing industrial growth in North Phoenix.”

Cornish added, “This sale highlights the strong demand for low-coverage, infill industrial properties throughout Metro Phoenix. We were pleased to assist ViaWest with the acquisition in 2023 and are proud to support their execution of a successful value-add business plan, resulting in an outstanding outcome.”

Strategically located in North Phoenix’s thriving Deer Valley submarket, the property benefits from proximity to major economic drivers, including TSMC’s $165 billion semiconductor manufacturing site, just eight miles away. The property also offers excellent connectivity, with immediate access to Metro Phoenix’s major freeway systems, including I-17, SR-101, SR-303 and I-10.

About ViaWest Group
Established in 2003, ViaWest Group is a Phoenix-based, full-service commercial real estate investment, development, and property management firm. ViaWest Group is one of the fastest growing real estate investment companies in the Southwestern U.S. with over $3.5 billion in aggregate transactions since inception, 12.4+ million square feet owned, managed and under development, with offices in Phoenix and Denver. ViaWest Group is currently seeking to acquire and develop office, industrial, and multi-family buildings and land parcels in the Southwestern U.S. Visit our website www.viawestgroup.com or contact Mikele Keiffer at (602) 957-8300 x116.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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