Trammell Crow Company (TCC) Phoenix and its partner, a fund sponsored by CBRE Global Investors, have unveiled plans for a new industrial project in Phoenix, known as Park Aldea. Located just west of the intersection of 99th Avenue and Cardinals Way (Bethany Home Road), the 356,000-square-foot development will span 27 acres and include four buildings, ranging in size from 74,165 square feet to 118,240 square feet with divisibility down to 7,280 square feet. Construction began in September and will wrap by the second quarter of 2020.
“Park Aldea is a unique development for this area of Phoenix – it is the first Class A industrial project to be built in more than 10 years along this particular 10-mile stretch of the Loop 101 Freeway,” said Ryan Norris, Vice President at Trammell Crow Company. “The industrial market is booming right now in Phoenix – there’s been three straight years of over nine million square feet of net absorption, increasing demand for Class A industrial space. Park Aldea is ideally located within the expanding employment corridor of the Loop 101 freeway and adjacent to numerous retail and entertainment venues in and around Westgate.”
Features at the buildings within Park Aldea will include ESFR fire sprinkles; clear heights ranging from 24 feet up to 32 feet; building depths ranging from 140 feet to 222 feet and truck courts than range in size from 130 feet to 180 feet.
Mitchell Stravitz and Cooper Fratt with CBRE Phoenix will serve as the exclusive leasing agents for the project.
Park Aldea is easily accessible from the Loop 101 Freeway and Cardinals Way, providing access to a deep, diverse labor pool. The site is 20 minutes from Downtown Phoenix and from Sky Harbor International Airport and is a short drive to the Westgate Entertainment District.
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $106.7 billion in assets under management* as of June 30, 2019. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2018 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.
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 2,700 buildings valued at nearly $65 billion and over 590 million square feet. As of September 30, 2019, TCC had $10.9 billion of projects in process and $3.5 billion in its pipeline. It employs more than 550 professionals in the United States and the United Kingdom.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 18 major cities throughout the United States and London. 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 the needs of its clients. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development and 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 2018 revenue). For more information visit www.TrammellCrow.com.
