Commercial Real EstateDealsRecent Deals

TRAMMELL CROW COMPANY AND PRINCIPAL REAL ESTATE INVESTORS ACQUIRE SITE TO BUILD CORRIDORS INDUSTRIAL PARK

Trammell Crow Company and joint venture partner Principal Real Estate Investors announce the acquisition of a 16.19 acre land parcel located at SEC 23rd Ave and Alter Way in the Corridors master-planned business park in Deer Valley. The venture plans to develop Corridors Industrial Park, which will consist of four, Class A speculative industrial buildings. Construction is scheduled to begin in 2Q 2015 and complete by the end of the year.

Corridors rendering

“We are thrilled to be delivering our second industrial project to the Deer Valley submarket with our long standing partner, Principal Real Estate Investors,” said Paul Tuchin, Vice President of Trammell Crow Company’s Phoenix Business Unit. “There has been strong tenant demand for functional, general industrial warehouse and distribution space. Corridors Industrial Park will provide a variety of bay sizes and building heights to suite those user requirements.”

The four industrial buildings, which will be constructed simultaneously, will target tenants seeking spaces of 6,000 to 80,000 square feet. The Park will feature a combination of ramp-up and dock-high loading with clear heights ranging from 24’ to 30’. The project is a quarter mile east of the Interstate 17 full diamond interchange at Pinnacle Peak Road and less than one mile south of 1.1 million square feet of retail amenities.

The project has access to local, regional and national markets via an integrated network of interstate and intrastate freeways.

Mitchell Stravitz, John Werstler and Cooper Fratt with CBRE Phoenix have been appointed the leasing agents for the building. Butler Design Group will serve as the architect and planner.

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Commercial Real EstateDealsRecent Deals

TRAMMELL CROW COMPANY AND PRUDENTIAL REAL ESTATE INVESTORS ANNOUNCE NEW OFFICE CAMPUS IN CHANDLER, ARIZ.

Trammell Crow Company, one of the nation’s leading developers and investors in commercial real estate, and Prudential Real Estate Investors today announced an agreement to form a joint venture to develop a Class A, speculative office campus featuring two, two-story buildings totaling 210,000 square feet in Chandler, Ariz. PREI, among the world’s largest real estate investment management and advisory businesses, is a business of Prudential Financial, Inc. (NYSE: PRU).

The project, known as “Mach One,” is located on 19 acres at the southeast corner of Loop 202 and Cooper Road near the Chandler Municipal Airport. The site has frontage along the Loop 202 freeway and Cooper Road and is directly adjacent to more than one million square feet of retail amenities. Construction is scheduled to commence in early 2015.

Mach_Onemedia

“We are very excited to announce plans for Mach One, and more importantly to be able to deliver this Class A office campus—in a single phase—into a market with significant demand for this product type,” said Jim Mahoney, Senior Managing Director with Trammell Crow Company’s Phoenix Business Unit. “This new office park is adjacent to an abundance of amenities including retail, restaurants and entertainment, and features best-in-class design in a great location for a variety of users.”

Mach One will include two 105,000 square foot office buildings featuring centrally loaded plates with chevron layout, 6.5 per 1,000 parking ratio, 16-foot floor-to-floor heights, and 12-foot finished ceiling capability. Tenants will enjoy a variety of amenities including covered parking areas, shaded outdoor seating, and large windows that provide abundant natural lighting. Each building will incorporate open workspaces and functional lobbies to provide seating and space for collaboration.

Butler Design Group will serve as lead architect, Willmeng Construction Company as the general contractor and Alliance Bank of Arizona is the lender. Bryan Taute and Charlie Von Arentschildt of CBRE Phoenix will handle leasing and marketing.

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Commercial Real EstateDealsRecent Deals

TRAMMELL CROW COMPANY AND CLARION PARTNERS KICK OFF THIRD PHASE OF COLDWATER DEPOT LOGISTICS CENTER

Trammell Crow Company (TCC), one of the nation’s largest commercial real estate developers and investors, and joint venture partner Clarion Partners, a leading U.S. real estate investment manager, announce that construction has begun on Coldwater Depot Logistics Center, Phase 3, a 187,000 square foot, Class A speculative industrial building in Avondale, AZ. Construction is scheduled to be complete 2Q 2015. This is the third and final phase of the venture’s 66 acre master-planned Coldwater Depot Logistics Center industrial park.

coldwater3small

Coldwater Depot Phase 3 will be the first distribution building developed in Southwest Phoenix in 7 years that is specifically designed for 100,000-150,000 square foot warehousing requirements. This historically important user size range has been largely underserved as new developments in recent years have focused on much larger buildings. Much of the existing inventory of smaller distribution buildings are now 20-30 years old and do not have desirable attributes such as 30’ clear height, 52’ x 60’ column spacing, ample truck maneuverability, trailer parking and the ability to secure truck courts.

“The Coldwater Depot Logistics Center project has been a tremendous success for the TCC/Clarion venture given the quality of buildings, location along the Interstate 10 freeway and growth and demand within the submarket,” said Cathy Thuringer, Principal with Trammell Crow Company’s Business Unit. “This third phase will target the smaller industrial user, a segment of the market that has become increasingly active as the economy continues its recovery.”

Coldwater Depot Phase 3 sits on 11.7 acres along Interstate 10 at 127th Avenue in the heart of the Southwest Phoenix industrial market. The site is minutes from Loop 101, Loop 303 and I-17, with close proximity to Sky Harbor International Airport and downtown Phoenix. The facility has access to local, regional and national markets via an integrated network of interstate and intrastate freeways. Local amenities include Avondale City Center, Gateway Pavilions, Shops at Alameda Crossing, Gateway Crossing, Hilton Garden Inn, Homewood Suites, The Estrella Falls Regional Mall and Wigwam Golf Resort & Spa.

“We’re excited about kicking off this project with the Trammell Crow Company and growing our portfolio in the Southwest Phoenix submarket,” said Ryan Collins, Vice President with Clarion Partners.

Rusty Kennedy, Dan Calihan and Pat Feeney with CBRE’s Phoenix office have been appointed the leasing agents for the building. Butler Design Group is the architect and Renaissance Companies will serve as the general contractor.

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Commercial Real EstateDealsRecent Deals

Trammell Crow Company and Principal Real Estate Investors to Develop 219,000-Square-Foot Industrial Project in Deer Valley

deer valley industrial project

Trammell Crow Company and venture partner Principal Real Estate Investors announce it will develop a 219,000-square-foot industrial park in Deer Valley. The complex will be situated on a 14-acre parcel at the northeast corner of 7th Street and Covey Lane in the Spectrum Ridge master-planned park in Deer Valley. Preliminary site plans show three buildings ranging from 65,000 to 84,000 square feet. Construction is slated to begin later this summer with all three buildings expected to be completed in early 2015.

 

“We are pleased to be delivering high-functional warehouse and distribution space in the Deer Valley submarket, where we believe there is a high demand,” says Cathy Thuringer, Principal with Trammell Crow Company’s Phoenix Business Unit. “We have flexibility on building sizes and build outs that will fit a variety of industrial and warehouse space users.”

 

The venture purchased the property from Newport Beach, Calif.-based TOF DV Bixby, LLC. The site is conveniently located ½ mile north of the full diamond interchange at 7th Street and Loop 101, with frontage along 7th Street and multiple points of ingress/egress around the perimeter of the site. The buildings will provide a combination of grade-level, truck well and dock-high loading with clear heights ranging from 24 to 30 feet.

 

“We believe now is the right time to be developing small bay light industrial in Phoenix,” says Kevin Anderegg, Investment Director with Principal Real Estate Investors. “Both tenants and capital markets show a strong demand for this type of industrial product, as opposed to the large bay product in southwest Phoenix.”

 

Mitchell Stravitz, John Werstler and Cooper Fratt with CBRE’s Phoenix office will lease and market the project and Butler Design Group has been selected as the architect and planner. “The amount of functional, general-industrial space is limited,” says CBRE’s Stravitz. “Users looking to locate in the market are struggling to find functional space to fit their needs and we believe this new project will help remedy that.”

 

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