Following its record sale of Park303 Phase I, LPC Desert West, the southwest branch of Dallas-based Lincoln Property Co., has begun construction of Park303 Phase 2. The new phase will bring nearly 2.5 million sq. squares in three new state-of-the-art industrial buildings overlooking Loop 303 in Glendale, Arizona.
Park303 Phase I was sold in September 2021 to BentallGreenOak for $186 million, marking the highest industrial sale price for a single building in Arizona history. The project was originally developed as two Class A industrial buildings, but was later combined to create a 1.25 million square foot facility supporting a full-build long-term lease by Walmart.
Phase 2 brings LPC Desert West to an all-time high of nearly 7 million square feet under development or under construction in its region of Arizona, Nevada, Utah and New Mexico.
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“This is a very exciting time to develop industrial space in the Phoenix metro area, with strong demand across all sectors,” said David Krumwiede, senior executive vice president of Lincoln Property Company. “Landlords and tenants want cutting-edge products, and we’re building at Park303 and across our portfolio to exceed those expectations. We push the boundaries of technology and convenience to meet not only current, but future logistics needs. »
Phase 2 of Park303, consisting of three buildings, includes “Building A” totaling 629,835 square feet on nearly 38 acres, “Building B” totaling 483,300 square feet on just over 30 acres, and “Building C totaling nearly 1.26 million square feet on approximately 72 acres. Like Park303 Phase I, Buildings A and B are designed to quickly convert from two stand-alone buildings to a larger 1.2 million square foot facility (with 104,052 square feet of infill space) to accommodate the needs of a single major user.
Phase 2 construction equipment includes 40 foot clear height, touchless technology throughout, 25 foot high glass entrances, 3,000 amps of power (expandable), 7 foot by 4 inch slabs crushed rock and a steel framed shear bracing that allows for a very modern facility, automated shelving and picking equipment. Phase 2 buildings will also feature generous 5′ x 10′ clerestory windows at all elevations, which provide access to sky views and changing natural light, increasing productivity and concentration. mental.
“One of the most unique elements of our Park303 buildings is their amenities – living spaces designed specifically for employees, with features typically only found in Class A office projects,” said John Orsak, Vice President of Lincoln Property Company. “Supply chain and logistics talent is extremely in demand in the Phoenix metro area and these spaces stand out for their ability to attract, welcome and retain top talent. They allow companies to show their appreciation for their teams by making the working day more comfortable and enjoyable.
Indoor/outdoor facilities at Park 303 Phase 2 include a basketball/pickleball court, barbecue station, shaded outdoor food court, and employee collaboration spaces.
Collectively, the Phase 2 buildings will provide 430 dock doors, 778 trailer spaces and over 1,556 parking spaces (all expandable). Both buildings are also capable of foreign trade area.
Upon construction, the planned Park303 industrial park will span 210 acres with the capacity to support nearly 4 million square feet of Class A industrial development.
Park303 directly faces the Loop 303 freeway, providing freeway signage opportunities and convenient entry and exit via two full-diamond freeway interchanges, putting it within a one-day truck ride to more than 33 million consumers. It is also in the New Frontier District of Glendale and is one mile from the Northern Parkway, a 20.5 mile high-capacity road providing a fast connection between Loop 303 and US 60/Grand Avenue . The connection provides expedited delivery routes and allows employees to avoid common rush-hour traffic delays on Interstate 10.
Businesses surrounding Park303 include Boeing, Microsoft, White Claw, XPO Logistics, UPS, REI, SubZero, Daimler-Benz, Red Bull, Ball Corporation, Aldi and Williams Sonoma, as well as hundreds of new residences.
To discuss rental, investment or property management opportunities with Lincoln Property Company in the Desert West area, please call David Krumwiede or John Orsak at (602) 912-8888.