Trammell Crow Company (TCC) and an institutional investor have partnered to acquire a 38.5-acre site south of the southeast corner of 59th Avenue and Lower Buckeye Road in the Southwest submarket of Phoenix for the development of West 202 Logistics Center, a new 554,000-square-foot, Class A cross-dock industrial building. Construction is scheduled to begin 3Q 2018.
“The Metro Phoenix industrial sector continues to perform well with vacancy rates declining and rental rates increasing, and we are particularly excited about this site in the Southwest submarket given its proximity to the new extension of the Loop 202 freeway and the area’s skilled labor base,” said Cathy Thuringer, Principal with TCC’s Phoenix Business Unit. “We are also encouraged by the continued positive job growth and population growth as individuals are drawn to the area by climate, quality of life and affordability. ”
The state-of-the-art industrial building will be 960-by-570--foot deep and feature 36-foot clear heights, signature office entries and all concrete truck courts and circulation drives. Minimum truck court depths of 195 feet will provide efficient maneuverability and loading will consist of a combination of ramp and dock high doors. The site will accommodate 160 trailer parking spaces as well as ample auto parking.
The site will be less than one mile east of a full diamond interchange at Lower Buckeye Road and the new Loop 202 freeway extension that is scheduled for completion late 2019. This freeway extension will provide a much needed reliever for traffic that currently moves along Interstate 10 through downtown Phoenix and open opportunities for new users, including higher tech manufacturing companies, to relocate to the Southwest Phoenix area.
Butler Design Group will serve as the project architect and Willmeng Construction, Inc. as the general contractor. Comerica Bank is providing construction financing. Pat Feeney, Dan Calihan, Rusty Kennedy and Bill Bayless with CBRE Phoenix are marketing the project on behalf of the venture.
About Trammell Crow Company
Trammell Crow Company (TCC) is a global commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of March 31, 2023, TCC had $17.3 billion of projects in process and $13.1 billion in its pipeline. It employs 700 professionals in 27 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.