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 [email protected] 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.