PHOENIX—Trammell Crow Company and venture partner Principal Real Estate Investors announce they will develop a 219,000-square-foot industrial park in Deer Valley. The complex will be situated on a 14-acre parcel at the northeast corner of 7th Street and Covey Lane in the Spectrum Ridge master-planned park in Deer Valley. Preliminary site plans show three buildings ranging from 65,000 to 84,000 square feet. Construction is slated to begin later this summer with all three buildings expected to be completed in early 2015.
“We are pleased to be delivering high-functional warehouse and distribution space in the Deer Valley submarket, where we believe there is a high demand,” says Cathy Thuringer, principal with Trammell Crow Company’s Phoenix business unit. “We have flexibility on building sizes and build outs that will fit a variety of industrial and warehouse space users.”
The venture purchased the property from Newport Beach, Calif.-based TOF DV Bixby, LLC. The site is located a half-mile north of the full diamond interchange at 7th street and Loop 101, with frontage along 7th street and multiple points of ingress/egress around the perimeter of the site. The buildings will provide a combination of grade-level, truck well and dock-high loading with clear heights ranging from 24 to 30 feet.
“We believe now is the right time to be developing small bay light industrial in Phoenix,” says Kevin Anderegg, investment director with Principal Real Estate Investors. “Both tenants and capital markets show a strong demand for this type of industrial product, as opposed to the large bay product in southwest Phoenix.”
Mitchell Stravitz, John Werstler and Cooper Fratt with CBRE‘s Phoenix office will lease and market the project and Butler Design Group has been selected as the architect and planner. “The amount of functional, general-industrial space is limited,” says CBRE’s Stravitz. “Users looking to locate in the market are struggling to find functional space to fit their needs and we believe this new project will help remedy that.”