Phoenix, Ariz. – July 11, 2014 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,” said 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’.
“We believe now is the right time to be developing small bay light industrial in Phoenix,” said Kevin Anderegg, Investment Director with Principal Real Estate Investors. “Both tenants and capital markets show a strong demand for this type of industrial product.”
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,” said 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.”
About Principal Real Estate Investors
Principal Real Estate Investors manages or subadvises $50.5 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. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of March 31, 2014, Trammell Crow Company had $5.0 billion of projects in process and $1.8 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 United States. 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 specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development, or providing incentive-based fee development services.
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, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). For more information visit www.TrammellCrow.com.