Commercial real estate developers Trammell Crow and CBRE Investment Management have acquired a nearly 200-acre site in Mesa, Arizona, with plans to prime the site for rail-served industrial development.

The 192-acre site — the largest developable site in Maricopa County, according to developers — will be divided into “shovel-ready” lots that range from 12 acres up to the full site. Companies seeking large-scale sites for industrial development, such as those in the semiconductor industry, could be among those interested in the site.

Union Pacific (NYSE: UNP) serves the site, and the railroad is planning to complete an extension by the end of 2023 that would facilitate access between the property and the railroad. The site is also a quarter of a mile away from the extension of State Route 24.

Trammell Crow said when it typically acquires a site, it has a project in mind or an identified user already in place. But in this acquisition, Trammell Crow and CRBE are functioning like the Class I railroad companies that own rail-served properties primed for industrial development. 

CBRE was involved in the transaction on behalf of a separate account client.

“Users of that scale typically need specific build-outs and accommodations, making the concept of a shovel-ready development site more appealing than having to source, acquire and prepare land on their own for development,” Trammell Crow told FreightWaves.

“Despite the uncertainty about the overall economy and the industrial sector in the U.S., the market fundamentals for the Phoenix industrial sector remain strong, with historically low vacancy rates and continued demand for new space carrying through the end of Q4 2022,” Trammell Crow Principal Ryan Norris said in a news release. “The Southeast Valley was one of the most active submarkets at the tail end of last year, due in part to the area’s abundant labor pool, and we are still seeing strong activity as we enter the second quarter of 2023.”

At the site, the two real estate developers anticipate performing horizontal improvements such as extending utilities and building out roadways. 

“We’re excited to partner with Trammell Crow to provide this unique, flexible development solution that can serve a variety of industrial users in search of modern industrial space in this key, growing submarket. We believe that the continued high demand for logistics and industrial real estate, the location’s convenient proximity to major transportation nodes and Trammell Crow’s extensive experience in customizing and delivering top-of-the-line properties will offer long-term value for both future occupiers and our client,” said Mary Lang, head of Americas direct logistics strategies for CBRE Investment Management.

Subscribe to FreightWaves’ e-newsletters and get the latest insights on freight right in your inbox.

Click here for more FreightWaves articles by Joanna Marsh.

Related links:

Collaboration must be key for railroads to thrive, experts say

The DFW difference in logistics real estate

BNSF names 4 locations to site list primed for industrial development

CBRE Investment snaps up $4.9B global logistics real estate portfolio

The post Real estate developers acquire Arizona site for rail-served facilities appeared first on FreightWaves.

Similar Posts

Leave a Reply