Coldwater Depot Logistics Center Phase III

Location

Avondale, Arizona

Product Type

Industrial

Timeline

Project Start: December 2014
Project Completion: July 2015

Overview

Coldwater Depot Logistics Center Phase III is a 187,000-square-foot, single-level Class A cross-dock distribution facility located on 11.4 acres along I-10 at 127th Avenue in Avondale, Arizona. The site is minutes from Loop 101, Loop 303, and I-17 freeways with close proximity to Sky Harbor International Airport and downtown Phoenix.

The project exhibits contemporary architectural design elements with masonry and steel accent canopies at all office entries. Building attributes include concrete tilt construction, 30-foot clear height, 52-by-60-foot column spacing, ample truck maneuverability, secure truck courts, and trailer parking along the north side of the building.

Additionally, there are numerous surrounding amenities and retail centers including Avondale City Center, Gateway Pavillions, Shops at Alameda Crossing, Gateway Crossing, Hilton Garden Inn, Homewood Suites, The Estrella Falls Regional Mall, and Wigwam Golf Resort & Spa.

Opportunity, Solutions & Outcomes

TCC Phoenix acquired the site in 2012 as the 3rd phase of the overall 1 million-square-foot Coldwater Depot Logistics Center master development. The business plan for this phase targeted mid-size tenants in the 45,000-to-187,000-square-foot range in response to increased activity in this sector of the market.

The property was not originally entitled for industrial use and required a PAD re-zoning process with the City of Avondale. The original site acquisition consisted of 14 acres; through cooperation with City of Avondale, 3 acres were later sold to the City to accommodate a future regional drainage channel that will span from 99th Avenue to the Agua Fria River. Given its prominence along Van Buren Street, there was significant emphasis on architecture and screening of loading activities.

The asset was purchased at a low-land basis, obtained attractive financing rates, and was competitively bid and constructed within a relatively quick (6-month) timeframe, all of which contributed to the delivery of an institutional quality cross-dock industrial project with competitive lease rates appealing to the burgeoning demand within the mid-size tenant market. The building was fully leased to The Vitamin Shoppe under a long-term lease and serves as the company's West Coast distribution center.