Trammell Crow’s Industrial Portfolio Given Huge Boost
By DANNY KING
Where others saw discarded land, Trammell Crow Co. saw opportunity.
The Dallas-based company held its lead in the industrial development market by either completing or nearly completing work on three business parks totaling about 2.5 million square feet in Los Angeles County last year.
In all, the company had 3.6 million square feet of space among nine industrial and office projects under construction in Los Angeles County last year.
Santa Fe Springs’ 550,000-square-foot Heritage Springs Business Park, previously the site of an abandoned oil field, was finished mid-year, with two-thirds of its space spoken for upon completion. And the 500,000-square-foot Van Nuys Airport Industrial Center, for which Trammell Crow demolished a group of older industrial buildings, signed its first tenant last year and is nearing completion.
Last year’s biggest source of activity for Trammell Crow, however, was the Irwindale Business Centert at the site of a rock quarry. It accounted for about 20 percent of last year’s new industrial space in the San Gabriel Valley.
The first phase, a $65 million, 1.2 million-square-foot first project, was 50 percent leased upon its completion in the third quarter and is now about 85 percent leased. The project’s second phase, consisting of 210,000 square feet of industrial space originally scheduled to be completed this year, was purchased in a $20 million build-to-suit office space deal by Charter Communications Inc. and was finished in December. Phase three, which encompasses 600,000 square feet, will break ground by this summer.”We had a lot of demand we wanted to satisfy, so that put us ahead of schedule,” said Phil Lombardo, principal at Trammell Crow.
Most Active Industrial Developer
Players: Trammell Crow Co.’s Tom Bak, Steve Hollis, Phil Lombardo and Dave Nazaryk.
Projects: Irwindale Business Center, Heritage Springs Business Park and Van Nuys Airport Industrial Center.
The Deals: Trammell Crow finished work on the 1.2 million-square-foot first phase of Irwindale Business Center in the third quarter, and had it 85 percent leased by the end of the year. The 550,000-square-foot Heritage Springs Business Park was also completed and nearly completely leased up, while the 500,000-square-foot Van Nuys Airport Industrial Center was nearly completed.