Trammell Crow Company Announces Record Sale of 118,241-Square-Foot Industrial Building in Phoenix Area
Building D at Park Aldea Sold for Record Price-Per-Square-Foot in Phoenix
March 16, 2021
Trammell Crow Company (TCC), one of the nation’s largest commercial real estate developers and investors, announced that it sold a 118,241-square-foot Class A Phoenix industrial building to CAVCO Industries for $15 million. The sale of the asset, which is located within TCC’s recently delivered Park Aldea business park, achieved the highest sale price-per-square-foot for a shell building – $130psf – in the Phoenix industrial market’s history.
Located at 10250 West Montebello Avenue in Glendale, Arizona, the asset – known as Building D – features 32’ clear height, a dedicated truck court with a yard area for trailer storage, and an ESFR fire safety system. The property is part of a four-building 356,000-squre-foot business park that was completed in September 2020. TCC is seeking users for the limited remaining space at Park Aldea, which includes a 76,322-square-foot building and two move-in ready spec suites between 14,000 and 21,000 square feet. TCC is planning to break ground later this year on Phase 2 of the Park Aldea business park, which will include an additional 500,000 square feet of space delivering in the first half of 2022.
“There is a huge demand for the type of high-end industrial and logistic space in the Phoenix market that Park Aldea offers, which is what we believe made Building D such an attractive investment,” said Ryan Norris, Vice President for TCC Phoenix. “We expect user demand for this type of product to grow this year, especially as consumers continue to rely more on ecommerce. We look forward to breaking ground this summer on Phase 2 of the business park.”
Cooper Fratt, John Werstler, Tanner Ferrandi and Mitchell Stravitz with CBRE represented TCC in the sale, while Matt Frederick, Matt Hobaica and Kurt Saulnier of Lee and Associates represented the buyer.
“The Loop 101 Corridor of the West Valley is clearly underserved with Industrial Product. With the access the location provides to a large population base and a diverse labor pool, we expect to see continued demand for this product type throughout the area,” said Fratt.Park Aldea is located along the Loop 101 freeway, situated off a full diamond interchange at the 101 and Bethany Home Road. The location provides access to a deep, diverse labor pool and is 20 minutes from Downtown Phoenix and Sky Harbor International Airport.
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 September 30, 2023, TCC had $15.4 billion of projects in process and $14.5 billion in its pipeline. It employs 650 professionals in 28 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.