Phoenix – 43rd Avenue Logistics Center LLC, a company formed by Tratt Properties LLC in Phoenix (Jonathan Tratt, principal), plans to develop a 389,000-square-foot, rail-served industrial project at 1635 S. 43rd Avenue in Phoenix. 43rd Avenue Logistics Center LLC (Tratt’s company) paid $5 million to purchase a roughly 245,000-square-foot industrial building that now occupies that site. The seller was Western Alliance Bancorporation in San Diego, Calif. The sale was brokered by Pat Feeney and Dan Calihan of CBRE in Phoenix.
Tratt says the company will scrape the existing building and develop a new distribution structure on the roughly 20-acre site. Tratt says the new structure will be able to accommodate two or three tenants, but the preference is for a single user. The CBRE agents have the leasing assignment. Butler Design Group in Phoenix is designing the project, being called 43rd Avenue Logistics Center. The contractor has yet to be selected. Construction slated to begin fourth quarter 2012. Completion expected third quarter 2013. The rail-served, cross dock building is expected to cost $20 million to develop (land and building). Financing still to be arranged.
The site for the project is about one-quarter-mile south of Buckeye Road. Over the years, BREW has reported Tratt developing and selling numerous industrial properties in the Valley. Last month, BREW reported Tratt planning 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. 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.
Find out more from Tratt at (602) 468-3100. Learn more from the CBRE agents at (602) 735-5555.
