Trammel Crow JV to Build New Hampshire Industrial Project – What is a Ground Lease?

, Trammel Crow JV to Build New Hampshire Industrial Project – What is a Ground Lease?, Robert Khodadadian

50 Robert Milligan Parkway. Image courtesy of Trammell Crow Co.

A joint venture between Trammel Crow Co. (TCC) and Diamond Realty Investments has acquired 43 acres of land for the construction of a 323,750-square-foot industrial distribution facility in Merrimack, N.H. The site’s previous owner was Rykel Co. Inc., according to CommercialEdge data. The project is slated for completion in the fourth quarter of 2023.

Public records show that the joint venture took out a $32.6 million construction loan from Santander Bank. The development team includes Macgregor Associates as architect and Bohler as civil engineering consultant, while RC Anderson will serve as general contractor. In addition, CBRE has been tapped to market and lease the property.

The multi-tenant facility will come online at 50 Robert Milligan Parkway. Upon delivery, the warehouse will feature 36-foot clear heights, 48-foot by 52-foot column spacing, 53 dock doors and an ESFR sprinkler system, in addition to 2,000 square feet of office space.

Situated just east of Everett Turnpike, the development site is within 11 miles of the Manchester-Boston Regional Airport, in addition to having quick access to intermodal rail infrastructure. Downtown Boston is some 50 miles south.

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Elisha Long, senior vice president at TCC’s Boston office, detailed the facility’s location further, saying in prepared remarks that Southern New Hampshire offers a logical and compelling expansion path for end users looking to enter, expand, or maintain their logistics footprint in the Greater Boston industrial market, which is severely supply constrained right now.

Trammel Crow triumphs

With 73 million square feet under construction nationwide at the end of June, TCC was the nation’s largest developer of commercial space in 2022, according to a recent Commercial Property Executive ranking.

The firm’s current high-profile industrial development endeavors include a partnership with CBRE Investment Management for the construction of the Cochrane Technology Center, a five-building, 500,000-square-foot industrial project in Silicon Valley.

Also, in October, TCC broke ground on the 600,000-square-foot third phase of the Golden Triangle Logistics Center in Las Vegas. At full build-out, the industrial park will encompass nearly 2.9 million square feet.

The post Trammel Crow JV to Build New Hampshire Industrial Project appeared first on Commercial Property Executive.

 Boston, Development, Industrial, News, Northeast, Bohler, Diamond Realty Investments, Macgregor Associates, RC Anderson, Rykel Company, Trammel Crow Company 

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