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
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 2,700 buildings valued at nearly $65 billion and over 590 million square feet. As of December 31, 2018, TCC had $9 billion of projects in process and $3.7 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:CBRE), 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 2017 revenue). For more information visit www.TrammellCrow.com.
