Trammell Crow Company (TCC) Phoenix and its partner, a fund sponsored by CBRE Global Investors, have unveiled plans for a new industrial project in Phoenix, known as Park Aldea. Located just west of the intersection of 99th Avenue and Cardinals Way (Bethany Home Road), the 356,000-square-foot development will span 27 acres and include four buildings, ranging in size from 74,165 square feet to 118,240 square feet with divisibility down to 7,280 square feet. Construction began in September and will wrap by the second quarter of 2020.
“Park Aldea is a unique development for this area of Phoenix – it is the first Class A industrial project to be built in more than 10 years along this particular 10-mile stretch of the Loop 101 Freeway,” said Ryan Norris, Vice President at Trammell Crow Company. “The industrial market is booming right now in Phoenix – there’s been three straight years of over nine million square feet of net absorption, increasing demand for Class A industrial space. Park Aldea is ideally located within the expanding employment corridor of the Loop 101 freeway and adjacent to numerous retail and entertainment venues in and around Westgate.”