The project, known as “Park Lucero”, is located on 48.1 acres at the northwest corner of Mustang Drive and Germann Road near the Chandler/Gilbert border. The site has frontage along the Loop 202 freeway and Germann Road and is directly adjacent to more than one million square feet of retail amenities. Construction will begin summer 2014.
“We are very excited to be partnering with Artis REIT to deliver this project,” said Cathy Thuringer, Principal with TCC’s Phoenix Business Unit. “Park Lucero offers a great location, best-in-class design and an abundance of amenities. This new industrial park will provide tenants with the environment to grow and seek new business opportunities in Arizona.”
Park Lucero is planned as a Class A industrial park featuring a combination of buildings with dock-high, truckwell and grade-level loading, 24-foot to 32-foot clear ceiling height and an overall 2.1:1,000 parking ratio. When complete, Park Lucero can accommodate tenants from 12,000 to 164,000 square feet.
“Continuing our relationship with TCC in a region experiencing solid growth strengthens our development pipeline in the US,” said Philip Martens, VP of Asset Management for Artis REIT’s US operations. “We are proud to work alongside such a reputable developer in a state we are familiar with and are confident this industrial park meets and exceeds the market’s expectations.
Butler Design Group of Phoenix, AZ will serve as lead architect for the project and D.L. Withers Construction will serve as general contractor. The team of Pat Harlan, Steve Sayre and Kyle Westfall of JLL has the project leasing assignment.
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of December 31, 2013, Trammell Crow Company had over $4.9 billion of projects in process and $1.5 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company offers large strategic joint ventures, opportunity funds, and other targeted investment options.
Trammell Crow Company is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). For more information visit www.TrammellCrow.com.
About Artis REIT
Artis has achieved a leading market position in the commercial REIT sector, with its well diversified portfolio of retail, office and industrial assets in Canada and the U.S. As of December 31, 2013, Artis’ commercial real estate portfolio consists of 24.8 million square feet of leasable area in 232 properties in five Canadian provinces and five U.S. states.
Artis was among the first Canadian REIT’s to enter the U.S. commercial real estate market after the 2008/2009 financial crisis. As the REIT looked to the U.S., they found that unlevered yields were more accretive, tenant credit and lease expiry profiles were more conservative, and asset quality was superior compared to available acquisition opportunity in Canada. This first mover strategy has proven to be timely. In addition to benefiting from historically low interest rates, the U.S. real estate market has rebounded significantly over the last 4 years. As a result, between January 1, 2011 and December 31, 2013, Artis recorded $49.8 million in fair value gains on our U.S. property portfolio.
Artis REIT (TSX:AX.UN) is an unincorporated closed-ended real estate investment trust primarily focused on creating value for Unitholders through the investment in and ownership of quality commercial properties in select markets.