Venture Delivers New, Class A Speculative, 210,710 SF Industrial Building
CARSON, CA – December 12, 2012 Trammell Crow Company (“TCC”) in partnership with Principal Real Estate Investors, has completed construction and is in receipt of a certificate of occupancy for Carson Industrial Center North, a 210,710 square foot Class A industrial building located in the highly desired port influenced City of Carson, in the Greater Los Angeles area. TCC was successful in entitling and delivering the project two months ahead of schedule, and is under contract to sell the building before year’s end.
“We have had a great relationship with the City of Carson,” said Jason Gremillion, Vice President with TCC’s Los Angeles Business Unit. “The project’s success is a tribute to what can be achieved when developer and City work together towards a shared vision. We look forward to the continued relationship”.
TCC, one of the largest commercial real estate developers and investors, and Principal Real Estate Investors, one of the largest institutional real estate managers in the United States, acquired the 11.6 acre property in November 2011 on behalf of the Principal Green Property Fund I, L.P.
Carson Industrial Center North, which is located at 16325 South Avalon Boulevard, features 32 foot clear heights, 26 dock high doors (rear load), two 60 foot speed bays, 52 foot column spacing, T-5 lighting, ESFR sprinklers, 4,400 square feet of finished ground floor offices and a 300 foot deep concrete truck court. The single building project is configured for single or multi-tenant flexibility. The development team has submitted the project for Silver certification under LEED® for New Construction by the U.S. Green Building Council.
The project also features a flag lot connecting it to the cross street, making it a virtual corner, having ingress and egress from two different streets, and putting it within immediate proximity to the I-405, I-105 and Rte-91 freeways. Carson’s large industrial zone includes some of the region’s top manufacturers and distributors.
About Principal Real Estate Investors
Principal Real Estate Investors manages or subadvises $42.7 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. It has developed or acquired over 525 million square feet of buildings with a value exceeding $55 billion. As of September 30, 2012, Trammell Crow Company had over $4.6 billion of projects in process and $1.9 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the U.S. and in Canada. The company serves users of and investors in, office, industrial, retail, healthcare, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company offers large strategic joint ventures, opportunity funds, and other targeted investment options.
Trammell Crow Company is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles and the world’s largest commercial real estate services firm (in terms of 2011 revenue). For more information visit www.TrammellCrow.com.
About the Principal Green Property Fund I, L.P.
The Principal Green Property Fund is a closed-end, commingled fund that adopts a broad, holistic approach towards integrating environmental, social and economic principles into the design and delivery of new commercial properties as well as retrofitting of existing U.S. properties to obtain Leadership in Energy and Environmental Design (LEED) certified status.