PHOENIX, April 27, 2017 /PRNewswire/ -- Virtua Partners announced today that it has acquired approximately 19 acres of undeveloped land in West Phoenix at a purchase price of $2.25MM. The site, located at 103rd Avenue and West Buckeye Road, will be developed by Virtua Partners' affiliate, Quyp Development Services. Current plans call for light industrial on the property.
"Industrial growth is very strong in the Phoenix MSA," stated Quinn Palomino, Principal of Virtua Partners. "Many companies from California and other high tax states are looking for a more competitive economic and regulatory environment. We're very bullish on the Phoenix industrial market."
"This location is ideal due to its proximity to I-10 and the 101 Loop, access from MC 85, availability of utilities, and the business friendly policies of the City of Phoenix," said Nick Montague, President of Quyp Development. "We're excited to add this project to our Phoenix development pipeline."
Cathy Cheshier of Property Dimensions Real Estate Group represented the buyer in the transaction.
Virtua currently has 15 properties in the Greater Phoenix Area, including projects in Avondale, Mesa, Tolleson, Goodyear, Peoria and Phoenix. Virtua recently announced that Marriott International has approved its construction of two new hotels -- a SpringHill Suites in Avondale and a Fairfield Inn in Tolleson.
About Virtua Partners:
Virtua Partners is a private equity firm specializing in commercial real estate. Virtua sponsors a variety of funds and commercial real estate projects across the country. Investment products include fixed income, growth to income, growth, and aggressive growth. Through its affiliates, Virtua provides debt and equity origination, asset and property management, workout consulting, development, and fund management.
Please visit http://www.virtuapartners.com to learn more about our investor services.
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SOURCE Virtua Partners