Global developer and investor in commercial real estate provider Trammell Crow Company, has acquired three land sites in Spain, marking the start of its first logistics projects in the country.
TCC Spain’s first acquisition includes a 148,402ft2 brownfield site in Granollers, Barcelona, a prime area in the Catalonia region for industrial and logistics assets. Purchased in an off-market transaction, the site will be transformed into a 92,505ft2 warehouse, with construction scheduled to begin this summer and estimated completion by Q2 2023. The opportunity was introduced to TCC by Capital Dynamic.
The second acquisition includes a 578,312ft2 brownfield site in Cabanillas, Guadalajara, on which it will develop a 366,403ft2 warehouse. The Cabanillas area is within what is known as the national ring of logistics around Madrid and is the prime industrial and logistics area in Guadalajara (Castilla la Mancha). The site is located 30 miles northeast of Madrid and faces highway A-2 which gives access from Madrid to Zaragoza. Construction is scheduled to begin in Q3 2022 and completed by Q4 2023. This deal was presented by Madrid brokers, Soluciones M2.
TCC’s third acquisition is a 1,168,045ft2 greenfield site in Alovera, Guadalajara, where a 529,035ft2 Class A warehouse will be developed. Located adjacent to TCC’s Cabanillas acquisition, the development will create two prime developments totalling 893,404ft2 in a major prime logistics hub. Construction of the site is due to start in Q2 2024 upon completion of 18 months of urban planning, and the warehouse is expected to be delivered by Q2 2025.