GLENDALE, Ariz., September 16, 2021 – Less than a month after its completion, lead developer LPC Desert West has completed the sale of Phase I of 1.25 million square foot 303 Park in Glendale, Ariz., To BentallGreenOak, a major global real estate investment. management consultant and real estate service provider. At $ 186 million, the deal represents the highest industrial sale price of a single building in Arizona history.
Phase I, which was fully leased to a Fortune 1 retailer, is located on 71 acres across from Loop 303, between Bethany Home Road and Glendale Avenue. It is part of LPC’s largest planned industrial park Park303, spanning 210 acres and with the capacity to support nearly 4 million square feet of Class A industrial development.
LPC developed Phase I as a two-building speculative development, with the ability to quickly combine one building into one larger building depending on market demand.
âPark303 was one of the first industrial developments in the state to quickly convert two stand-alone buildings into a single larger facility to meet the needs of a single major user,â said David Krumwiede, senior executive vice president of LPC Desert West. âThis flexibility, coupled with a top-notch location and high-speed, high-tech e-commerce execution capabilities, is what cemented our entire lease. Our buyer recognized these advantages and acted quickly to secure the building and its significant long-term value.
Ed Lampitt, Mike Haenel, Andy Markham and Phil Haenel of Cushman and Wakefield represented the Phase I tenant of Park 303. Will Strong of Cushman and Wakefield represented LPC in the investment sale. LPC will continue to provide property management services for the building.
âThis sale is a true joint effort between Cushman and Wakefield and LPC,â said John Orsak, vice president of LPC Desert West. âEd Lampitt and his team coordinated a hugely successful rental process for our Phase I building. When the time came to put the property up for sale, continuing this collaboration with Cushman and selecting Will Strong to represent us was a natural fit. .
Park 303 Phase I directly faces Loop 303 Freeway, providing easy entry and exit via two all-diamond freeway interchanges, and convenient access to a rich and skilled pool of West Valley labor.
The building amenities include a 40 ‘headroom and steel moment frame bracing that allows for highly modern and automated storage and picking equipment. Other amenities include 25,000 square feet of Class A office and training space, large break rooms and upgraded and fully landscaped outdoor areas with covered seating, barbecue station, and turf area for games. and events.
Employees also benefit from efficient LED lighting and over 140 large skylight windows, which provide access to sky views and changing natural light, increasing productivity and mental focus.
The fenced, supply chain-centric site has concrete truck yards, ample truck parking, and private roads.
Park 303 Phase I was originally developed as Building A of 705,531 square feet and Building B of 488,995 square feet. To accommodate a major global user, LPC quickly combined the buildings into one installation.
The project is located in the New Frontier District of Glendale and is one mile from the Northern Parkway, a 12.5 km high-capacity road providing a quick connection between Loop 303 and US 60 / Grand Avenue. The connection provides expedited distribution routes and helps employees avoid common rush hour traffic delays on Interstate 10.
Park303’s neighboring businesses include Boeing, Microsoft, White Claw, XPO Logistics, UPS, REI, SubZero, Daimler-Benz, Red Bull, Ball Corporation and Aldi, as well as hundreds of new residential homes.
To discuss rental, investment or property management opportunities with Lincoln Property Company in the Western Desert region, please call David Krumwiede or John Orsak at (602) 912-8888.
About Lincoln Property Company
Lincoln Property Company (LPC) is a full-service international real estate company providing real estate investment, development, design / construction management, leasing and property management / trustee / asset management services. LPC has approximately 8,500 employees with an international presence that includes offices in 45 cities across the United States and six cities in Europe and South America. Since 1965, LPC has developed over 128 million square feet of office, industrial and commercial projects recognized for their design, quality and superior locations. It currently has over 403 million square feet of commercial space under lease and / or management. Lincoln is also one of the largest apartment developers in the country, having developed more than 209,000 multi-family units and currently managing more than 165,000 multi-family units.
Celebrating its 20th anniversary this year, LPC’s Desert West region is based in Phoenix and includes Arizona, Nevada, Utah, and New Mexico. Since its inception in 2001, the regional office has developed over 10 million square feet, acquired over 6 million square feet and manages nearly 15 million square feet of commercial space, including major developments and investments, award-winning and LEED certified. Since 2019, the company has completed two of the most expensive industrial and office transactions in the Phoenix metro and launched the Union office campus in Mesa, new buildings at the Grand at Papago Park Center in Tempe and the park. industrial / e-commerce Park303 in Glendale. , among other developments. LPC Desert West is consistently ranked as one of Phoenix’s Top Commercial Real Estate Companies for Property Development and Management, winning back-to-back 2018, 2019 and 2020 NAIOP Arizona Owner / Developer of the Year awards and designation as Top Companies in the Republic of Arizona for which to work in Arizona. In 2020, the company embarked on a regional expansion plan, entering the Nevada and Utah markets with Class A industrial acquisitions. Learn more about the Lincoln property