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July 16, 2024
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Trammell Crow Company and CBRE Investment Management Acquires 192 Acres in Mesa, AZ


Trammell Crow Company (TCC) and CBRE Investment Management have acquired a 192-acre development site in Mesa, AZ. The master site will be divided into ‘shovel-ready’ lots that will range from 12 acres, up to the full 192-acre site.

These sub-sites will be available for sale to a wide array of interested users. Alternatively, TCC will be able to provide build-to-suit solutions for interested corporate users.

Located in the Southeast Valley submarket, in the center of Mesa’s Advanced Manufacturing Corridor, the site is the largest one in Maricopa County that can accommodate Union Pacific Rail users. TCC will perform horizontal improvements on each sub-site, including the extension of utilities and roadway build out, beginning in summer 2023. The sub-sites, which are located within an Opportunity Zone, are available for purchase or for build-to-suit development.

The master site is located only a quarter mile away from a full diamond intersection along the recently completed SR-24 Freeway Extension, a location that will further stimulate demand from large industrial users who require large, accessible pad sites in an increasingly land-constrained market. Notably, the Union Pacific Pecos Industrial Rail Access and Train Extension (PIRATE) line, planned to be complete by the end of 2023, is set to run directly through the master site; rail accessible sub-sites will be available.

“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. 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,” said Ryan Norris, Principal with TCC.

According to CBRE’s Q4 2022 Phoenix Industrial Market Report, during Q4 2022 alone, 67 tenants were in the market for 8.1 msf of space, specifically in the Southeast Valley, where the vacancy rate was three percent. The submarket kept a healthy pace of net absorption and welcomed local and out-of-state business looking for quality industrial space.

Jackie Orcutt of CBRE and her team represented the land seller, and her team will represent the TCC and CBRE IM JV on the land sale transaction(s).

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