- June 4, 2021
-- Westmount Realty Capital, LLC announced the acquisition of Mountain Vista Commerce Center, a three-building, 134,713-square-
foot multi-tenant industrial flex property, in Phoenix's high-wealth Ahwatukee Foothills area also known as Silicon Desert. Located at 14647 South 50th Street fronting Interstate 10, the acquisition is Westmount's first industrial flex space in Arizona.
The property was built in 1999 and is 62% occupied with 50,862 square feet of vacancy. The anchor tenant Cognizant Trizetto, a healthcare IT services provider, occupies 38% of the modern corporate office space while six wellness and fitness-related businesses occupy another 32%. One building is configured for corporate office use built out with modern standard design and finishes while the other two buildings are configured for showroom/training and office/warehouse spaces with 18-foot, clear-height dock doors.
"Silicon Desert is nationally renowned for attracting strong international technology and financial services corporations,"
said Brian Scruggs, Westmount's managing director of industrial acquisitions. "The facility is in a land-constrained infill location that is well built out with limited sites available for competitive new development. As demand for state-of-the-
art industrial flex properties like Mountain Vista continues to increase, the limits on supply will result in the highest upside potential in rent, income and value."
Intel is the largest area employer in Silicon Desert with more than 11,000 employees, contributing an annual economic impact of $5.3 billion. Other employers include Amazon, Avnet, Verizon, Bank of America, GoDaddy and Shutterfly, which has created a robust demand for the area. Mountain Vista is located just 1 mile south of the new Loop 202 South Mountain Freeway, which opened in 2019. Loop 202 has relieved congestion along Interstate 10, reducing commute times up to 45 minutes. The property is also 15 minutes north of Sky Harbor International Airport.
"We currently have three multifamily properties in Arizona, so we've had our eye on this area for many years," said Brant Brown, COO & CFO of Westmount. "A high quality of life, lower cost of living, young and talented workforce, business-friendly environment and a surging innovation ecosystem will keep our portfolio dynamic and thriving."###
About Westmount Realty Capital
Westmount Realty Capital, LLC is a time-tested, privately held, Dallas-based commercial real estate company that has achieved exceptional performance, with a core team in place, for more than 30 years. Westmount is seen as an innovator and leading-edge company in the industry and is a relationship-
driven trusted operating partner of numerous U.S. and foreign institutional and private capital sources. The company is active within the U.S., specializing in value add and opportunistic investments, and has navigated successfully through multiple market cycles. For additional information, contact www.westmountrc.com. (http://www.westmountrc.com/