Gilbert – In a deal first reported by BREW one month ago. Trammell Crow in Scottsdale (Jim Mahoney, Cathy Thuringer, principals) plans to develop a 618,000-square-foot Gilbert industrial park. The 48-acre site is located along the south side of the San Tan Freeway (202 Loop) and east of Gilbert Road in Gilbert. The property has now been assembled in two cash sales totaling a combined $10.479 million ($5 per foot). Here is the deal breakdown:. Park Lucero I LP (Trammell Crow entity) paid just under $5.434 to purchase slightly more than half of the 48 acres. The seller was Carlson Real Estate Ventures LLC, a company formed by Carlson Real Estate Co. in Minneapolis, Mn. (Matt Van Slooten, pres.). In the other parcel transaction, Park Lucero I LP paid $5.045+ million to acquire the other half of the site. The seller was Carlson Real Estate Co. LLLP. The deal was brokered by Pat Harlan, Steve Sayre and Kyle Westfall of Jones Lang LaSalle in Phoenix. A fee is also being paid to Stein Koss of Lee & Associates Arizona Inc. in Phoenix and Mike McQuaid and Mike Garlick, both formerly of Lee & Associates and now with Newmark Grubb Knight Frank in Phoenix. Trammell Crow may take on a joint venture partner to develop the industrial project, which is being called Park Lucero. Continue reading
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