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Phoenix-based joint venture ViaWest Group has sold the iconic Biltmore Center in Phoenix for $212 million. The deal was the largest to close in 2019 and the fourth largest sale in the market’s history. ViaWest sold the property to an unnamed new entity that was formed for the purchase, and it will maintain an ownership and management interest in the property.

ViaWest purchased the property in 2015 for $163.1 million, and executed a traditional value-add strategy. “The seller had acquired Biltmore Center in 2015 at roughly 75% occupancy,” Ben Geelan, director at JLL, tells GlobeSt.com. “Upon acquisition, ownership underwent a significant repositioning plan to create a collaborative environment at the project. The seller then stabilized the asset and brought it to market.” Geelan represented the seller in the deal along with senior managing director Michael Leggett and analyst Nick Ray. JLL Capital Markets senior managing director Jeremy Womack and senior managing director Ed Coco secured a $150.7 million acquisition loan as part of the purchase.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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