Phoenix – Trammell Crow Co in Scottsdale (Jim Mahoney and Cathy Thuringer, principals) plans to develop 219,521-square-feet of general industrial space within the Spectrum Ridge at Deer Valley commerce park in north Phoenix. Trammell Crow will develop the spec project in a joint venture with Principal Financial Group in Des Moines, Iowa.
The 14.37-acre site is located just south of Deer Valley Road at the northeast corner of 7th Street and Covey Lane. Spectrum Ridge Industrial LLC (Trammell Crow venture) paid $3.852 million to acquire the land. The Trammell Crow/Principal Financial venture plans to complete construction, lease the space and hold the property for investment
The seller was TOF DV Bixby LLC, a company formed by Turner Real Estate Investments in Newport Beach, Calif. (Rusty Turner, president).
The cash sale was brokered by Darren Tappen, Mike Ciosek and Eric Bell of Voit Real Estate Services in Phoenix. Plans from Butler Design Group in Phoenix show three buildings of 66,507-square-feet, 83,400-square-feet and 69,614-square-feet. Construction expected to start late third quarter of this year, with completion of all three structures anticipated second quarter 2015. The concrete tilt-up buildings will have grade level and dock-high truck wells for loading.
Contractor has yet to be named. Development cost (land and buildings) are estimated at $15 to $20 million. Construction financing still to be arranged.
The leasing will be handled by Mitch Stravitz, John Werstler and Cooper Fratt of CBRE in Phoenix. The CBRE agents are looking for tenants needing from 6,000-square-feet and up.
Trammell Crow Co., which is a subsidiary of CBRE Group Inc. (NYSE:CBG), is interested in more development opportunities. Learn more from Thuringer at (602) 285-3104. Sean Sheward is the contact at Turner (949) 757-5407. Reach Stravitz, Werstler and Fratt at (602) 735-5555. The Voit agents, Tappen, Ciosek and Bell are at (602) 952-8648.