Dallas-based Trammell Crow Company and its joint venture partner, Principal Real Estate Investors, announced that it had purchased a 16.19 acre land parcel in Deer Valley to develop Corridors Industrial Park. The acquisition price of the parcel located at SEC 23rd Ave and Alter Way in the Corridors master-planned business park was not disclosed, but construction is scheduled to begin in 2Q 2015 and complete by the end of the year. The JV will be developing four Class A spec industrial buildings on the property, with Butler Design Group serving as the architect and planner. Mitchell Stravitz, John Werstler and Cooper Fratt with CBRE Phoenix have been appointed the leasing agents for the building.
"We are thrilled to be delivering our second industrial project to the Deer Valley submarket with our long standing partner, Principal Real Estate Investors," said Paul Tuchin, Vice President of Trammell Crow Company's Phoenix Business Unit. "There has been strong tenant demand for functional, general industrial warehouse and distribution space. Corridors Industrial Park will provide a variety of bay sizes and building heights to suite those user requirements."
The four industrial buildings, which will be constructed simultaneously, will target tenants seeking spaces of 6,000 to 80,000 square feet. The Park will feature a combination of ramp-up and dock-high loading with clear heights ranging from 24' to 30'. The project is a quarter mile east of the Interstate 17 full diamond interchange at Pinnacle Peak Road and less than one mile south of 1.1 million square feet of retail amenities.
For more news and information visit Blumberg Capital Partners.
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