Goodyear – Tratt Properties LLC in Phoenix (Jonathan Tratt, principal) plans to develop a 1.2 million-square-foot distribution facility in Goodyear. Elwood Logistics Center LLC, a company formed by Tratt Properties, paid $2.581 million to acquire the 65.8-acre (net) site. The parcel is located at the southeast corner of Elwood Street and Sarival Avenue. The seller was SVVT LLC, a company formed by investor Larry Van Tuyl in Phoenix. The cash transaction was brokered by Mike Haenel, Andy Markham and Brad Ahrens of Cassidy Turley BRE Commercial in Phoenix, and George Haugen of Haugen Commercial Real Estate Inc. in Phoenix. Tratt says his company intends to develop the warehouse project in two phases, each about 600,000 sq. ft. Zoning approval still to come. The leasing assignment has been awarded to Tony Lydon and Marc Hertzberg of Jones Lang LaSalle in Phoenix. Phase one likely to start second quarter 2013. Architect and contractor still to be selected. Development cost (land and building both phases) estimated at $40+ million.
Tratt says he may take on a joint venture partner to develop the project, which will be located about three miles south of Interstate 10. Jordan Rose, Founder/President of Rose Law Group, says “Goodyear has a proven track record of not only entitling industrial property for future employment centers, but providing the necessary incentives to actually bring the projects out of the ground.” Over the years, BREW has reported Tratt developing and selling numerous industrial properties in the Valley. In May, BREW reported a venture formed by Tratt selling almost 1.584 million sq. ft. of warehouse space in two distribution buildings within the Riverside Industrial Center in west Phoenix. The buyers in that $131.662 million deal were companies formed by Industrial Income Trust in Denver, Colo. As reported, Tratt Properties developed those buildings in a venture with KTR Capital Partners of Conshohocken, Pa. Find out more from Tratt at (602) 468-3100. The contact for Van Tuyl is Mike Pacheco . . . (602) 230-1051. Reach the Cassidy Turley agents at (602) 954-9000. Haugen is at (480) 455-1150.
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