DALLAS, TX – October 18, 2013 Trammell Crow Company, one of the nation’s leading developers and investors in commercial real estate, and joint venture partner Prudential Real Estate Investors, the real estate investment management business of Prudential Financial, Inc. (NYSE:PRU), have broken ground on Trammell Crow Penn Distribution Center, a 823,379 square foot Class A, speculative, industrial building located in southern Dallas County.
“There are two groups that have been instrumental in bringing this development together. Prudential Real Estate Investors has been a great partner over the years and we have had great success. This is the third industrial development with Prudential in the I-20 corridor. The City of Dallas has also been a strategic partner in the process. They have paved the way to provide economic growth to the I-20 southern Dallas corridor,” said Scott Krikorian, Managing Director and head of Trammell Crow Company’s Dallas/Fort Worth Business Unit. “The location has a strong demand for bulk warehouse space over 500,000 square feet. The intersection of I-35 and I-20 has proven to be the epicenter of logistics with product moving from Mexico into the region and then distributed locally or nationally via I-20 and I-35.”
Trammell Crow Penn Distribution Center sits on nearly 47 acres and is located along I-20 in south Dallas. The site offers the best ingress and egress in the region and provides great highway visibility. The new facility will feature 36’ clear, modern warehouse and will pursue LEED® certification. Construction is expected to be completed in May 2014.
About Prudential Real Estate Investors
PREI®, which has been investing in real estate on behalf of institutional clients since 1970, is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America. Headquartered in Madison, N.J., PREI has other offices in Atlanta, Chicago, Miami, New York, San Francisco, London, Lisbon, Luxembourg, Munich, Frankfurt, Paris, Abu Dhabi, Mexico City, Sao Paulo, Beijing, Hong Kong, Seoul, Singapore, Sydney and Tokyo.
In addition, PREI has representatives in Milan. As of June 30, 2013, PREI managed approximately $51.7 billion in gross real estate assets ($38.7 billion net) on behalf of more than 490 clients worldwide. For more information, visit http://www.prei.com.
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of June 30, 2013, Trammell Crow Company had over $4.7 billion of projects in process and $1.7 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 15 major cities throughout the United States. The company serves users of and investors in, office, industrial, retail, healthcare, multifamily 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 and investment firm (in terms of 2012 revenue). For more information visit www.TrammellCrow.com.