16.19-Acre Parcel to Feature Four Spec Industrial BuildingsPHOENIX, AZ February 24, 2015 – 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.
"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.
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 December 31, 2014, Trammell Crow Company had $5.5 billion of projects in process and $4.0 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, and the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). For more information visit www.TrammellCrow.com.