Development on Phase IV to Begin in Q3 2017
Trammell Crow Company (TCC) and partner Artis REIT are pleased to announce that Phases I and III of Park Lucero are 100 percent leased. This milestone was reached due to the hard work of the following brokerage teams: Mike McQuaid, Newmark Grubb Knight Frank; Mike Parker, Evan Kaplan, and Rusty Kennedy, CBRE; Pete Klees and James Harper, Cushman & Wakefield; Pat Harlan, Kyle Westfall, Steve Larsen, Mike McWilliams, and Steve Sayre, JLL; Charlie Neuhaus, Avison Young; and TJ Zaharis, Cobe Real Estate.
To round out the project, construction of Park Lucero Phase II was completed in March and Phase IV, the final phase is scheduled to break ground Q3 2017 and be available for lease by 1Q 2018. This final phase will be one 95,000-square-foot building.
“On behalf of TCC and Artis REIT, we want to sincerely thank the many brokerage teams that have helped us to achieve great success with Phase I and Phase III of Park Lucero,” said
Cathy Thuringer, Principal with TCC’s
Phoenix Business Unit. “These relationships are highly valued, and we look forward to partnering with the brokerage community once again as we deliver yet another best-in-class industrial building to the Park Lucero development.”
Park Lucero features a combination of buildings with dock-high, truck well and grade-level loading, 24-foot to 30-foot ceiling clear heights and an overall 2.1:1,000 parking ratio. Upon full buildout, Park Lucero will consist of nearly 600,000 square feet of industrial space in six buildings. The project is located on 48 acres at the northwest corner of Mustang Drive and Germann Road near the Gilbert/Chandler border.
Western Alliance Bank is the project lender. Butler Design Group of Phoenix, AZ is the lead architect and D.L. Withers Construction will serve as general contractor. The team of Pat Harlan, Steve Sayre and Steve Larsen of JLL handle the leasing and marketing.
About Gilbert, Arizona
Located in the southeast valley of the Phoenix metropolitan area, Gilbert, Arizona has a resident base of 247,542 and is nationally recognized as the 22nd best place to live in the nation (CNN/Money Magazine, 2014); 2nd safest community in the nation (Law Street Media, 2016); 3rd best city to find a job (WalletHub, 2015), and has the highest median income in the nation (WalletHub, 2015).. The community promotes commercial investment opportunities for innovation-based industries such as aerospace and aviation, health and life science, clean technology, advanced business services, and manufacturing. For more information, contact econdev@gilbertaz.gov or visit www.gilbertedi.com. You can also follow Gilbert’s Office of Economic Development on Twitter at @GilbertAZEcoDev.
About Artis REIT
Artis REIT (TSX: AX.UN) is one of the largest diversified commercial real estate investment trusts in Canada and is an unincorporated closed-end real estate investment trust primarily focused on creating value for unitholders through the investment in and ownership of quality commercial properties in select markets. Artis REIT’s portfolio consists of industrial, retail and office properties in Canada and the United States.
Artis REIT’s management team has over 200 years of collective experience in construction, development, and management of commercial and other properties in Canada and the United States. The management team at Artis REIT has implemented a prudent investment strategy, which includes stringent acquisition criteria, a conservative financing approach, and the development of excellent deal flow in its target markets. Artis REIT is fully-internalized and operates its own asset management and property management functions. These functions are responsible for the day-to-day management of the REIT’s portfolio as well as administrative services. For more information, visit www.artisreit.com.
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.
