Press Release
TCC and Principal Real Estate Investors Close on Crossroads Commerce Park
July 28, 2015
Media Contact
Cynthia Langhorst
Global Head of Communications
DENVER, CO – Trammell Crow Company (TCC) announces its acquisition of prime commercial infill land located at East 55th Avenue and Washington Street near the I-25/I-70 interstate “crossroads” in unincorporated Adams County and the City of Denver for its new industrial project, Crossroads Commerce Park. When completed, the Park will comprise up to 1 million square feet in multiple buildings. Site work on the project has already commenced and vertical groundbreaking starts next week. The first tranche of land purchased will be developed as speculative industrial buildings equaling 640,000 square feet and a build-to-suit building for a user. Future phases will include individual buildings on a build-to-suit basis for users for sale or lease.
Principal Real Estate Investors is TCC’s capital partner in Phase I of the Crossroads project, and is very enthusiastic in investing in the Denver industrial market. “We are excited to partner with Trammell Crow Company on this rare, institutionally sized, central Denver industrial site. The central Denver market continues to be tight with around a 2 percent vacancy rate and we expect leasing velocity to be strong,” said Kevin Anderegg, Assistant Managing Director in Asset Management with Principal.
The site is being purchased from Globeville I, LLC, an EnviroFinance® Group (EFG) company, who has overseen the horizontal land development and is readying the site for new development. “We have been diligently working with EFG, as well as Principal Real Estate Investors, and County, City and State agencies to bring this project to this stage,” said Bill Mosher, Senior Managing Director with TCC Denver.
”Redevelopment of this site has been a long time coming and TCC’s planned development, and the jobs it will create, are a huge win for Denver and Adams Counties,” said Cameron Bertron, Executive Vice President with EFG.
Ann Sperling, Senior Director with TCC Denver, is pleased with the level of activity from tenants and users due to the limited supply in Central Denver and pent-up demand, “situated in both Adams County and the City and County of Denver, the site allows for a wide range of building sizes and uses,“ adding, “our goal is to make Crossroads a prime location for companies with showroom, distribution, warehouse and light manufacturing needs, looking to locate or expand in the Denver market.“
The Newmark Grubb Knight Frank team of Mike Wafer and Tim D’Angelo brokered the land sale and will also handle the marketing of the site on Trammell Crow Company’s behalf.
With this acquisition, Trammell Crow Company continues to invest in Colorado’s Front Range, having developed a long history in industrial, office, residential, healthcare and public-private projects, including over $2 billion in projects over the past 10 years.
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 nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of March 31, 2015, TCC had $5.5 billion of projects in process and $3.6 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 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:CBG), 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 2014 revenue). For more information visit www.TrammellCrow.com.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $59.3 billion in commercial real estate assets . The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®. For more information, visit www.principal.com.
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, 2024, TCC had $19 billion of projects in process and $13.4 billion in its pipeline. With 575 employees throughout the United States and Europe in 26 offices, the company serves users of and investors in office, industrial/logistics, healthcare, life science, data center and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.