Global developer and investor in commercial real estate provider Trammell Crow Company has acquired three properties in Spain, marking the start of its first logistics projects in the country.
TCC Spain’s first acquisition comprises a 148,402 sq. ft. brownfield site in Granollers, Barcelona, a prime area in the Catalonia region for industrial and logistics development. The site, acquired in an off-market transaction, will be converted into a 92,505 sq ft warehouse with construction scheduled to begin this summer and estimated completion by Q2 2023. The opportunity was presented to TCC by Capital Dynamic.
The second acquisition includes a 578,312 sq ft brownfield site in Cabanillas, Guadalajara, on which a 366,403 sq ft lot will be developed warehouse. The Cabanillas area lies within the so-called national logistics ring around Madrid and is the most important industrial and logistics area in Guadalajara (Castilla la Mancha). The site is 30 miles north-east of Madrid and faces the A-2 motorway, which provides access from Madrid to Zaragoza. Construction is scheduled to start in Q3 2022 and be completed by Q4 2023. This deal was presented by Madrid brokers Soluciones M2.
TCC’s third acquisition is a 1,168,045 sq ft greenfield site in Alovera, Guadalajara where a 529,035 sq ft Class A warehouse will be developed. The development, which sits adjacent to TCC’s Cabanillas acquisition, will create two prime developments totaling 893,404 square feet in an important first-class logistics center. Construction of the site is scheduled to start in Q2 2024 after completing 18 months of urban planning and the warehouse is scheduled for delivery in Q2 2025.