PHOENIX—Trammell Crow Company and joint venture partner Principal Real Estate Investors announce the acquisition of a 16.19 acre land parcel located at 23rd Ave and Alter Way in the Corridors master-planned business park in Deer Valley. The venture plans to develop Corridors Industrial Park, which will consist of four, Class A speculative industrial buildings. Construction is scheduled to begin in the second quarter of 2015 and completed by the end of the year.
Paul Tuchin, vice president of Trammell Crow Company's Phoenix Business Unit, tells GlobeSt.com he began this project due to the large success of his other west side project, Park Ladera at Spectrum Ridge, a 220,470-square-foot industrial park.
"We are thrilled to be delivering our second industrial project to the Deer Valley submarket with our long standing partner, Principal Real Estate Investors,” says Tuchin. “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 feet to 30 feet. 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. The project has access to local, regional and national markets via an integrated network of interstate and intrastate freeways.
Mitchell Stravitz, John Werstler and Cooper Fratt with CBRE Phoenix have been appointed the leasing agents for the building. Butler Design Group will serve as the architect and planner.
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