Trammell Crow Company (TCC), one of the nation’s largest commercial real estate developers and investors, and joint venture partner Clarion Partners, a leading U.S. real estate investment manager, announced Tuesday that construction has begun on Coldwater Depot Logistics Center, Phase 3, a 187KSF, class-A speculative industrial building in Avondale, Ariz. Construction is scheduled to be complete 2Q 2015. This is the third and final phase of the venture’s 66 acre master-planned Coldwater Depot Logistics Center industrial park.
Coldwater Depot Phase 3 will be the first distribution building developed in Southwest Phoenix in 7 years that is specifically designed for 100,000-150,000 square foot warehousing requirements. This historically important user size range has been largely underserved as new developments in recent years have focused on much larger buildings. Much of the existing inventory of smaller distribution buildings are now 20-30 years old and do not have desirable attributes such as 30’ clear height, 52’ x 60’ column spacing, ample truck maneuverability, trailer parking and the ability to secure truck courts.
“The Coldwater Depot Logistics Center project has been a tremendous success for the TCC/Clarion venture given the quality of buildings, location along the Interstate 10 freeway and growth and demand within the submarket,” said Cathy Thuringer, Principal with Trammell Crow Company’s Business Unit. “This third phase will target the smaller industrial user, a segment of the market that has become increasingly active as the economy continues its recovery.”
Coldwater Depot Phase 3 sits on 11.7 acres along Interstate 10 at 127th Avenue in the heart of the Southwest Phoenix industrial market. The site is minutes from Loop 101, Loop 303 and I-17, with close proximity to Sky Harbor International Airport and downtown Phoenix. The facility has access to local, regional and national markets via an integrated network of interstate and intrastate freeways. Local amenities include Avondale City Center, Gateway Pavilions, Shops at Alameda Crossing, Gateway Crossing, Hilton Garden Inn, Homewood Suites, The Estrella Falls Regional Mall and Wigwam Golf Resort & Spa.
“We’re excited about kicking off this project with the Trammell Crow Company and growing our portfolio in the Southwest Phoenix submarket,” said Ryan Collins, Vice President with Clarion Partners.
Rusty Kennedy, Dan Calihan and Pat Feeney with CBRE’s Phoenix office have been appointed the leasing agents for the building. Butler Design Group is the architect and Renaissance Companies will serve as the general contractor.