PHOENIX, AZ – July 27, 2015 – Trammell Crow Company (TCC) and joint venture partner Principal Real Estate Investors announce that construction has commenced on Corridors Industrial Park in Deer Valley, AZ. The project will consist of four, Class A speculative industrial buildings, totaling 220,259 square feet. Construction is scheduled to be completed by the end of the year.
"We are thrilled to be working with Principal Real Estate Investors in delivering our second industrial project to the Deer Valley submarket,” said Paul Tuchin, Vice President of TCC’s Phoenix Business Unit. “Our successful collaboration has brought best-in-class industrial facilities and I am excited to add Corridors Industrial Park to the list."
The four industrial buildings are being constructed simultaneously, targeting tenants seeking spaces of 6,000-to-80,000 square feet. The 16.19-acre Park will feature a combination of ramp-up and dock-high loading with clear heights ranging from 24’-to-30’. The project is located 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. It has access to local, regional and national markets via an integrated network of interstate and intrastate freeways.
“We are excited to commence construction on the Corridors project in Deer Valley with Trammell Crow, which enables our joint venture to further capitalize on strong leasing momentum currently being experienced by our first venture, Park Ladera,” said Kevin Anderegg with Principal Real Estate Investors.
The project is being marketed by Mitchell Stravitz, John Werstler and Cooper Fratt with CBRE Phoenix. D.L. Withers is the General Contractor and Butler Design Group is the architect and planner. The project lender is Bank of America.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $47.8 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 (TCC), 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, 2015, TCC had $5.5 billion of projects in process and $3.6 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.
TCC 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.