Posted September 30, 2014 by AZRE
Trammell Crow Company, in partnership with Artis REIT, broke ground on the first phase of the Park Lucero project in Gilbert, AZ.
The industrial park and buildings were designed by Butler Design Group and is being constructed by D.L. Withers Construction, both Phoenix-based companies. Phase I, at build-out, will feature three buildings totaling 210,000 square feet of warehouse/distribution space.
“We saw a need in this market. We brought our vision to the Town, and the Town said ‘absolutely, this is exactly what we need,’” stated Cathy Thuringer, Principal at Trammell Crow Company.
Earlier this year, Catherine Lorbeer, principal planner in Gilbert, noted that the Town did not have an abundance of inventory of flexible warehouse/distribution space. The Park Lucero project answers the market’s demand for this size and type of project and it is projected to generate more than 1,000 jobs.
“Gilbert is honored that Trammell Crow and Artis REIT have decided to invest in the Gilbert community,” said Gilbert Mayor John Lewis. “Their investment of state-of-the-art, LEED certified, Class A industrial space helps Gilbert achieve its goal of attracting, retaining and growing science and technology industries which are supported by our talented and highly-educated workforce.”
Phase I of Park Lucero is moving quickly on an aggressive schedule with anticipated completion in March 2015.
by DIVYA RAGHAVAN on AUGUST 21, 2014
We’re a hardworking nation, and many of us have two jobs: employee and parent. Of families with children, 88.2% have one parent who works, and 57.7% of families with children have two working parents, according to U.S. Census Bureau reports.
NerdWallet knows that when it comes to their children, parents want what’s best for their families. With this in mind, we partnered with Business Insider to find the best U.S. cities for working parents. Our analysis focused on affordability, child care costs, school quality and the community.
Our data-driven list examines these factors:
▪ Is the city affordable? Working parents want to live in cities where their hard-earned dollar goes far. We looked at median household incomes in each city and monthly housing costs, including mortgage payments, real estate taxes, insurance costs, utilities, fuel and other bills. Lower costs led to a higher overall score. We weighted affordability as 25% of the overall score.
▪ Is child care affordable? Working parents need affordable child care. We found wide variations in average day care costs for each state in the 2013 study by Child Care Aware of America and the Child Care Resource and Referral. We weighted child care affordability as 25% of the overall score.
▪ Are there high-quality schools in the city? We used ratings from GreatSchools to measure the academic performance of schools. The nonprofit compares standardized test scores from the nation’s public and private schools to the state average to obtain a rating, with a 10 representing the highest score. Higher ratings led to a higher overall score, and we weighted school quality as 25% of the overall score.
▪ Is the city family friendly? Will working parents have a community of other parents? We included the percentage of households with children in the city. This was weighted at 25% of the overall score.
For more information on these and other cities, check out NerdWallet Cities.Trends and takeaways:
▪ The Southwest takes eight out of the top 10 spots on our list largely because of the relatively low cost of living.
▪ Child care can be a huge cost for parents. For our top 10 cities, care for an infant costs an average of over $9,000 a year — that’s almost half of the average yearly homeowner costs for the top 10 cities ($21,380).
Best Cities for Working Parents
1. Gilbert, Arizona
Located near Phoenix, Gilbert has transformed itself from the “Hay Shipping Capital of the World” to a diverse suburban center. With moderate costs and a high median household income, Gilbert offers affordability and also high-quality schools. Almost 77% of households in Gilbert include children.
2. Plano, Texas
Plano, part of the Dallas-Fort Worth metroplex, is home to the corporate headquarters of Dell Services, Toyota Motors, J.C. Penney and Siemens PLM Software. Plano has a high median income, average child care costs and quality public schools.
3. Chandler, Arizona
The second Phoenix suburb to crack our top 10, Chandler’s strong economy is partly due to the presence of Intel, which is the city’s largest employer. Chandler has a low cost of living, which makes life easier for working parents. Incomes are high in the city as well.
4. Fremont, California
Fremont is an East Bay city in the San Francisco Bay Area. With its location close to San Jose, the heart of Silicon Valley, Fremont benefits from high salaries in the tech sector to offset the high housing costs. Families here can enjoy easy access to nature at Fremont’s Central Park and the Don Edwards San Francisco Bay National Wildlife Refuge. Children live in about 4 out of every 5 households.
5. Irvine, California
In Irvine, families have access to top-notch public schools and many parks. Irvine’s high incomes and great public schools earn it a place on our list—the city received a perfect score from GreatSchools.
6. Garland, Texas
This city, also part of the Dallas-Fort Worth metroplex, offers families access to over 2,880 acres of parkland. Garland residents enjoy a low cost of living in a place where 77.1% of households include children.
7. El Paso, Texas
El Paso has a strong military presence as the home of Fort Bliss and the William Beaumont Army Medical Center. El Paso’s low costs allow military and other working parents to live comfortably.
8. Lexington, Kentucky
The “Horse Capital of the World” offers more than the Kentucky Horse Park, the site of major equestrian events. Lexington’s economy is strong in manufacturing and technology as well, and companies such as Xerox, IBM and Lockheed Martin are major employers in the city. In Lexington, working parents enjoy the lowest child care costs in our top 10 as well as quality schools.
9. Chesapeake, Virginia
Parents in Chesapeake benefit from the low cost of living and high salaries for workers. Chesapeake is home to two Navy bases as well as protected wetlands.
10. Mesa, Arizona
Many residents in this Phoenix suburb work in health care, a large local employer. Mesa’s low cost of living and quality schools earned it a spot in our top 10.
The overall score was derived from the following measures:
Park Lucero, the light-industrial park proposed for Gilbert and Germann roads in Gilbert, is poised to move forward.
Recently, Gilbert's Design Review Board gave its approval to Trammell Crow Company, which is constructing the 50-acre complex east of Crossroads Towne Center retail complex. The national developer is preparing to submit construction drawings to the town, according to Bo Larsen, development manager.
Groundbreaking is planned in early August and the complex is slated for completion early next year, he said.
The project could generate more than 1,000 jobs, Larsen said.
Park Lucero targets technology, research and development, manufacturing, distribution and commercial/residential services.
The project, developed in partnership with Artis REIT, is being planned in two phases. The first three buildings, near Germann Road, total 210,000 square feet. The second phase, near the Santan Freeway, will total 421,000 square feet.
Catherine Lorbeer, principal planner in Gilbert, said the town does not have an abundance of inventory of the flexible warehouse/distribution type compared with its neighbors.
"It's certainly a pretty desirable land-use for us to have," she said. "From what we understand from the property owners and the real-estate community, there's a demand for this type of land use. We try to offer a balance."
Larsen said Trammell Crow is motivated to move on the project, its first in Gilbert.
"We have already received initial inquiries by potential tenants who would love to be located in Gilbert," he said. "Market information indicates there is a significant demand in the Southeast Valley for the size, type and quality of buildings planned for Park Lucero."
Town planners have identified Gilbert's Santan Freeway corridor as a central business district. Other office and industrial complexes that have sprouted in the past years include the Reserve at San Tan, 202 Business Park and the five-story Rome Towers.
Future projects include Nationwide Realty Investors' four-story office building in the Rivulon mixed-use complex along the Santan Freeway between Gilbert and Lindsay roads.
Click here for the Arizona Republic story.
National developer Trammell Crow recently submitted plans for the Park Lucero complex at 270 E. Germann Road.
A 50-acre industrial park proposed near Gilbert and Germann roads could bring more office and warehouse space and new employment opportunities to Gilbert's developing central business corridor.
National developer Trammell Crow recently submitted plans for the Park Lucero complex at 270 E. Germann Road, and preliminary designs went before the Gilbert Design Review Board during a study session May 15.
The company wants to construct six buildings in light industrial zoning directly east of Crossroads Towne Center, a sprawling retail complex that straddles the Gilbert-Chandler line.
The project would roll out in two phases, beginning with three smaller buildings closest to the north side of Germann Road. Three larger buildings near the Santan Freeway would come next, according to development plans.
Planners have identified Gilbert's Santan Freeway corridor as a central business district for the fast-growing town, which is seeking to emerge from a long-held reputation as a bedroom community.
Major office and industrial complexes have sprouted in the area over the past several years, including the Reserve at San Tan, 202 Business Park and the five-story Rome Towers. There's now roughly 1.2 million square feet of office space in 94 buildings in the corridor stretching from Gilbert to Ray roads along Loop 202, according to a town report.
Commercial construction came to a screeching halt during the Great Recession but is now picking up.
Gilbert issued 224 commercial-construction permits in fiscal 2013, 42 more than the previous year and the highest number since 2008, according to a town financial report. Those permits represented about $102 million in new construction, about four times as much as the previous year.
The momentum shift continued last year when the Reserve at San Tan office park submitted expansion plans, marking the first major commercial office proposal in about 18 months.
Nationwide Realty Investors followed with plans for a four-story office building in its massive Rivulon mixed-use complex along the Santan Freeway between Gilbert and Lindsay roads.
Park Lucero will still require formal approval from the Design Review Board before Trammell Crow can move forward on construction. Town officials appear largely supportive of the project, and a town memo says there are no significant issues with the building design.
Click here for the Arizona Republic story.
GILBERT, AZ – April 9, 2014 Trammell Crow Company (TCC), one of the nation’s leading developers and investors in commercial real estate, and partner, Artis REIT, a real estate investment trust investing in office, industrial and retail properties, will develop a Class A, multi-phase industrial park featuring six buildings totaling 618,000 square feet in Gilbert, AZ.
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.