Trammell Crow and Principal Financial team-up to develop another industrial park

Trammell Crow

ByTrammell Crow Business Real Estate Weekly

In its second speculative industrial project planned in the Deer Valley area in the past eight months, Trammell Crow Co. in Phoenix (Jim Mahoney, Cathy Thuringer, principals) and Principal Financial Group in Des Moines, Iowa are teaming up to develop another 220,000 sq. ft. of space.

The venture partners have not even completed 220,470 sq. ft. they are developing in a project called Park Ladera in the north Phoenix sub-market, and they have acquired land to build another industrial park of a similar size. For the newly-planned project, Trammell Crow/Principal Financial has acquired a 16.19-acre parcel located within The Corridors business park.

That 80-acre development is at the southeast corner of Interstate 17 and Pinnacle Peak Road. Maricopa County records show Corridors Industrial LLC (TCC/Principal entity) paid $3.345 + million ($206,609 per acre) to buy the land, which is at the southeast corner of 23rd Avenue and Alter Way. The seller was TAG Land Pinnacle LLC, a company formed by The Alter Group in Skokie, Ill. (Michael Alter, pres.). The cash transaction was negotiated by Ashley Brooks of CBRE in Phoenix.

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