Building D at Park Aldea Sold for Record Price-Per-Square-Foot in Phoenix
Trammell Crow Company (TCC), one of the nation’s largest commercial real estate developers and investors, announced that it sold a 118,241-square-foot Class A Phoenix industrial building to CAVCO Industries for $15 million. The sale of the asset, which is located within TCC’s recently delivered Park Aldea business park, achieved the highest sale price-per-square-foot for a shell building – $130psf – in the Phoenix industrial market’s history.
Located at 10250 West Montebello Avenue in Glendale, Arizona, the asset – known as Building D – features 32’ clear height, a dedicated truck court with a yard area for trailer storage, and an ESFR fire safety system. The property is part of a four-building 356,000-squre-foot business park that was completed in September 2020. TCC is seeking users for the limited remaining space at Park Aldea, which includes a 76,322-square-foot building and two move-in ready spec suites between 14,000 and 21,000 square feet. TCC is planning to break ground later this year on Phase 2 of the Park Aldea business park, which will include an additional 500,000 square feet of space delivering in the first half of 2022.
“There is a huge demand for the type of high-end industrial and logistic space in the Phoenix market that Park Aldea offers, which is what we believe made Building D such an attractive investment,” said Ryan Norris, Vice President for TCC Phoenix. “We expect user demand for this type of product to grow this year, especially as consumers continue to rely more on ecommerce. We look forward to breaking ground this summer on Phase 2 of the business park.”
Cooper Fratt, John Werstler, Tanner Ferrandi and Mitchell Stravitz with CBRE represented TCC in the sale, while Matt Frederick, Matt Hobaica and Kurt Saulnier of Lee and Associates represented the buyer.
“The Loop 101 Corridor of the West Valley is clearly underserved with Industrial Product. With the access the location provides to a large population base and a diverse labor pool, we expect to see continued demand for this product type throughout the area,” said Fratt.
Park Aldea is located along the Loop 101 freeway, situated off a full diamond interchange at the 101 and Bethany Home Road. The location provides access to a deep, diverse labor pool and is 20 minutes from Downtown Phoenix and Sky Harbor International Airport.