CBRE has completed over 260,000 square feet of industrial leases at two new Trammell Crow Company industrial projects in the Deer Valley Airpark submarket of metropolitan Phoenix.
The first of the two projects, Park Ladera at Spectrum Ridge, consisted of 220,000 square feet of warehouse space and was completed in August 2015. The CBRE team of Mitch Stravitz, Cooper Fratt and John Werstler brought the project to 100 percent leased in just under 12 months. The most recent additions added to Park Ladera’s tenant roll include Brass Hat Auto Leasing AZ in 23,142 sq. ft., represented by Jackie Orcutt and John Grady with CBRE; IEWC in 31,020 sq. ft., represented by Steve Sayre and Marc Hertzberg at JLL, and Nortek in 27,724 sq. ft., represented by Tom Knaub at Colliers.
The second project, a Trammell Crow Company and Principal Real Estate Investor’s joint-venture, is the Corridors Industrial Park located off of Pinnacle Peak Rd and 23rd Avenue. The Project also consists for 220,000 square feet of warehouse space and was completed last month. Leasing was kicked off with a 45,000 square feet lease to Vitron Acquisitions, represented by Stein Koss and Tom Louer at Lee & Associates.
“The Deer Valley Industrial Market has had a need for new, clean and functional industrial space for some time now. As soon as TCC broke ground on Park Ladera we had a flurry of activity from users,” said Stravitz.
Continued Fratt, “We are seeing significant interest from both existing companies within the Deer Valley submarket who have needed expansion space for sometime but had no viable options, and new users who like Park Ladera’s proximity to Scottsdale Airpark but want to avoid the Airpark’s higher rental rates. We expect that interest to continue.”
Corridors Industrial Park benefits from its location less than half a mile from the full diamond interchange at the I-17 Freeway and Pinnacle Peak Road. The remaining available space offers prospective tenants 24’ to 30’ clear heights, dock high and grade level loading with suite sizes ranging from 6,300 square feet up to 57,727 square feet.
Park Ladera at Spectrum Ridge was highly sought after for its location less than a mile from a Loop 101 interchange and excellent 7th Street frontage.