First building totals up to 1.25 million s.f. fronting the new Loop 303 in Glendale, Arizona

GLENDALE, Arizona – NAIOP Arizona Owner/Developer of the Year Lincoln Property Company (LPC) joined with local dignitaries and guests today to break ground on the first building at Park303, a major industrial master-planned development that at build-out will accommodate up to 4.5 million square feet of ultra-modern, freeway-fronting Class A industrial space in Glendale, Arizona.

Phase I of Park303 will sit on 71.5 acres between the Loop 303 freeway and Sarival Road, north of Bethany Home Road and south of Glendale Avenue. The $115 million development will support two buildings totaling 705,531 square feet and 488,995 square feet, or can combine into a single building totaling more than 1.25 million square feet.

“Park303 rivals the most contemporary industrial space in the Western U.S. while also offering the greatest flexibility in one of the hottest industrial locations in the U.S.,” said Lincoln Property Company Executive Vice President David Krumwiede. “It gives industrial users space that can be customized quickly from two buildings into one, allowing it to support multiple tenants or quickly adjust to support a single, major tenant requirement. It is an exceptional product in an exceptional location.”

“We are honored to have NAIOP’s Developer of the Year investing in Glendale in such a significant way,” said Glendale Mayor Jerry Weiers. “Lincoln has a superb reputation in the community and we look forward to welcoming top-level tenants to these state-of-the-art facilities.”

Features of Park303 Phase I will include 40-foot clear height, steel moment frame shear bracing, efficient LED lighting and 142 large clerestory glass windows to maximize natural light. The gated site provides full concrete truck courts, ample truck parking, private drives and fully amenitized outdoor spaces with covered canopies, seating and barbeques.

Phase I is part of the larger Park303 master-planned industrial park that LPC is developing in conjunction with Roth Development Corporation and Scottsdale Investment Management LLC. Totaling 265 acres, the project will have freeway signage opportunities via one full mile of freeway frontage, easy ingress and egress via two full-diamond Loop 303 interchanges at Bethany Home Road and Glendale Avenue, and access via frontage on Sarival Road.

The park sits within Glendale’s New Frontier District, an area along the Loop 303 designated by the City of Glendale for significant economic development. It is also one mile from the Northern Parkway, a new 12.5 mile, high-capacity roadway providing rapid connection between the Loop 303 and US 60/Grand Avenue. With this connection, users at Park303 can avoid common rush hour traffic delays on Interstate 10, helping them to meet critical morning and evening delivery requirements.

Corporate neighbors to Park303 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.

Butler Design Group is the project architect for Park303 Phase I and Hunter Engineering is the civil engineer. Willmeng Construction is the general contractor. Completion of Park303 Phase I is scheduled for completion during the fourth quarter of 2020.

For lease or sale inquiries on Park303, contact David Krumwiede, John Orsak or Nick Nudo at Lincoln Property Company, 602.912.8888.

Four Women Earn Top 12 Ranking

Phoenix, Arizona – Colliers International in Arizona has announced its top producing agents for 2019. Four of the firm’s top 12 producers are women. The company’s brokerage professionals exceeded 2018 performance by 13%, creating Colliers’ second-best year since entering the Arizona market.

The top producing agents are listed below in order of performance.

• Todd Noel – Office Properties, Top
• Cindy Cooke – Multifamily Properties
• Ryan Timpani – Office Properties
• Payson MacWilliam – Industrial Properties
• Don MacWilliam – Industrial Properties
• Rob Martensen – Industrial Properties
• Mindy Korth – Capital Markets
• Brad Cooke – Multifamily Properties
• Jim P. Keeley – Scottsdale Office – Office Properties
• Phillip M. Breidenbach – Office Properties
• Kathleen Foster – Office Properties
• Philip A. Wurth – Scottsdale Office – Office Properties
• Paul A. Sieczkowski – Industrial Properties
• Jenn Thomas – Corporate Solutions
• Nick Ault – Retail Properties
• Daniel J. Ortega – Retail Properties
• Brian T. Woods – Retail Properties
• Matt Fitz-Gerald – Office Properties
• Rookie of the Year – Justin Sieczkowski – Industrial Properties

“The agents listed above led the Arizona Colliers team to one of our best years,” says Bob Mulhern, senior managing director of Colliers International in Arizona. “During 2019, our group completed more than 878 transactions, including some of the market’s most noteworthy deals.”

JLL brokered the sale of the retail property to North American Development Group

PHOENIX, Arizona– JLL Capital Markets  has closed the $84 million ($117 PSF) sale of Tucson Spectrum, a 716,704-square-foot, Class A, market-leading, grocery-anchored retail center situated in an infill location in Tucson, Arizona.

JLL represented the seller, Retail Value Inc. (RVI). North American Development Group, the Investor, was self-represented. RVI holds assets in the continental U.S. and Puerto Rico and is managed by subsidiaries of SITE Centers Corp. (formerly known as DDR Corp.). RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at retailvalueinc.com.

Tucson Spectrum was 88% leased at time of sale to a diverse slate of market-leading tenants, including Harkins Theatres, Food City, Bed Bath & Beyond, Ross, Marshall’s, Best Buy, Michael’s and Old Navy. Completed in 2001, the center is shadow anchored by Target and The Home Depot. The center is positioned at the intersection of West Irvington Road and Interstate 19, exposing the center to approximately 126,000 vehicles a day. As the only complex, large scale retail center with nationally recognized tenants for 15 miles on Interstate 19, Tucson Spectrum serves an expanded trade area that includes an estimated 541,000 residents within a 10-mile radius. The property is seven miles from the 45,000-student University of Arizona and is less than an hour from the most trafficked port of entry into Arizona.

The JLL Capital Markets team representing the seller was led by Managing Directors Bryan Ley and Patrick Dempsey, Senior Director Ryan Fitzpatrick and Associates Tony Ensbury and Jason Carlos.

“This successful transaction demonstrates the capital formation occurring for retail right now and that there is robust demand from buyers for best-in-class, large-scale retail power centers that offer investors attractive risk-adjusted returns,” Ley said. “Retail is very much alive and well located, high productivity shopping centers will always have demand, from tenants and Investors alike. Centers like this with more than 88 acres of land also give buyers multiple future exit strategies and is why we saw significant interest in the deal from institutional and private Investors.”

“Investors are attracted to retail properties in Arizona due to the state’s strong demographic trends and continued population and employment growth, which should support rising retail property values in the near term,” Dempsey added. “The investors were equally attracted to the upside potential of the vacant pads behind property.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

This is the first acquisition for North American Development Group (“NADG”), founded in 1977, it is a full-service real estate platform with over $5 billion of assets under management. NADG has been active in the acquisition, development, redevelopment and management of over 250 shopping centers, mixed-use developments and residential communities comprising well over 35 million square feet across Canada and the United States. NADG operates within five distinct platforms; NADG Retail, NADG NNN Reit, NADG Residential, NADG Land Development and in Canada, CentreCorp Management Services. NADG’s team of over 250 professionals are in 11 offices across North America, 6 in Canada and 5 in the United States. Additional Information about NADG can be found at nadg.com.

To learn more, see RED Comp #7620