WASHINGTON, D.C. – May 12, 2016 – Trammell Crow Company (TCC) and its partner, Diamond Realty Investments, Inc., announce the acquisition of a 100-acre land parcel in Principio Business Park located in North East, Maryland and commencement of construction on Principio Commerce Center I, a 1.15 million square foot distribution center, which is expected to deliver in Spring 2017.
Principio Commerce Center I will feature a state-of-the-art, highly-efficient cross-dock design with 190’ truck courts and 283 trailer stalls, up to 216 dock doors, 36’ clear height, ESFR, and 7 1/2” slab. The project will afford users ultimate flexibility with 15+ acres of expansion space, offering more than 300,000 square feet of expansion opportunities or an additional 350 trailer drops.
David Neuman, Principal with TCC stated, “Trammell Crow Company is thrilled to have partnered with Diamond Realty Investments, Inc. to deliver a best-in-class project at the best site in the I-95 North submarket.”
“This project presents a unique value proposition for tenants who desire a premium location adjacent to I-95 at a compelling cost relative to many Pennsylvania and New Jersey markets,” added Andrew Mele, Managing Director with TCC.
Principio Commerce Center I is part of the 6 million square foot master-planned Principio Business Park, already home to Restoration Hardware and General Electric. Principio Commerce Center I benefits from being adjacent to Route 40 and less than 5 miles from both Exits 93 and 100 on I-95 providing easy access to more than 35 million people within a four hour drive.
Dave Richards, Diamond Realty’s head of industrial stated, “Principio Commerce Center I is exactly the type of investment we seek – a premier site in an established business park in a submarket with sub-5% competitive vacancy and strong tenant demand for large blocks of space.”
Principio Commerce Center I’s leasing is being handled by Dave Dannenfelser of JLL and Mike Zerbe of Colliers International. Conewago is the project’s general contractor and KSS Architects provided design services. PCCP provided a construction loan to the joint venture.
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 more than 2,600 buildings valued at more than $60 billion and over 565 million square feet. As of March 31, 2016, TCC had $7.1 billion of projects in process and $3.1 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, through its operating subsidiary High Street 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 2015 revenue). For more information visit www.TrammellCrow.com.
About Diamond Realty Investments, Inc.
Diamond Realty Investments, Inc. is a national leader in the investment and development of industrial, multifamily and student housing real estate properties. Specializing in joint venture partnerships, Diamond Realty is the real estate investment arm of Mitsubishi Corporation and has invested in more than 130 industrial, multifamily, and student housing properties with a total acquisition and development cost surpassing $3.5 billion. For more than 20 years, Diamond Realty has partnered with the nation’s leading developers to create best in class living and working environments.