Trammell Crow Company (TCC) and partner Artis REIT announce they have completed construction on Park Lucero Phase II, a Class A, speculative industrial building totaling 131,796 square feet. The project is situated adjacent to Phase 1 (completed in 2015) and Phase 3 (currently under construction), and fronts along the Santan Freeway (Loop 202) providing significant freeway visibility.
“Continuing the momentum we have established with Phase 1 and Phase 3, both of which are 100 percent leased, we are excited to deliver yet another best-in-class industrial building to the Park Lucero development,” said Cathy Thuringer
, Principal with TCC’s Phoenix Business Unit
. “We are confident tenants will continue to be attracted to this business park due to its location in the fast-growing Southeast Valley, access to major highways and proximity to more than 1 million square feet of retail amenities.”
Park Lucero is a 4-phase, Class A industrial park featuring 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. Each building is designed to maximize operational and economic efficiency for a wide range of occupants. 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 served as lead architect and D.L. Withers Construction served as general contractor. The team of Pat Harlan, Steve Sayre and Steve Larsen of JLL handles the leasing and marketing for Park Lucero.
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.