PHOENIX, AZ – Trammell Crow Company (TCC), one of the nation’s largest commercial real estate developers and investors, and joint venture partner Clarion Partners, a leading U.S. real estate investment manager, announce that construction has begun on Coldwater Depot Logistics Center, Phase 3, a 187,000 square foot, Class A speculative industrial building in Avondale, AZ. Construction is scheduled to be complete 2Q 2015. This is the third and final phase of the venture’s 66 acre master-planned Coldwater Depot Logistics Center industrial park.
Coldwater Depot Phase 3 will be the first distribution building developed in Southwest Phoenix in 7 years that is specifically designed for 100,000-150,000 square foot warehousing requirements. This historically important user size range has been largely underserved as new developments in recent years have focused on much larger buildings. Much of the existing inventory of smaller distribution buildings are now 20-30 years old and do not have desirable attributes such as 30’ clear height, 52’ x 60’ column spacing, ample truck maneuverability, trailer parking and the ability to secure truck courts.
“The Coldwater Depot Logistics Center project has been a tremendous success for the TCC/Clarion venture given the quality of buildings, location along the Interstate 10 freeway and growth and demand within the submarket,” said Cathy Thuringer, Principal with Trammell Crow Company’s Business Unit. “This third phase will target the smaller industrial user, a segment of the market that has become increasingly active as the economy continues its recovery.”
Coldwater Depot Phase 3 sits on 11.7 acres along Interstate 10 at 127th Avenue in the heart of the Southwest Phoenix industrial market. The site is minutes from Loop 101, Loop 303 and I-17, with close proximity to Sky Harbor International Airport and downtown Phoenix. The facility has access to local, regional and national markets via an integrated network of interstate and intrastate freeways. Local amenities include Avondale City Center, Gateway Pavilions, Shops at Alameda Crossing, Gateway Crossing, Hilton Garden Inn, Homewood Suites, The Estrella Falls Regional Mall and Wigwam Golf Resort & Spa.
“We’re excited about kicking off this project with the Trammell Crow Company and growing our portfolio in the Southwest Phoenix submarket,” said Ryan Collins, Vice President with Clarion Partners.
Rusty Kennedy, Dan Calihan and Pat Feeney with CBRE’s Phoenix office have been appointed the leasing agents for the building. Butler Design Group is the architect and Renaissance Companies will serve as the general contractor.
About Clarion Partners
Clarion Partners has been a leading U.S. real estate investment manager for 32 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England, as well as a presence in Mexico. With more than $30 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. The Firm’s industrial footprint is comprised of nearly 99 million square feet across 43 markets across the U.S., Mexico and Brazil.
About Trammell Crow Company
Trammell Crow Company, 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 September 30, 2014, Trammell Crow Company had $5.1 billion of projects in process and 2.9 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.
Trammell Crow Company is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). For more information visit www.TrammellCrow.com.