High-quality infill project balances regional portfolio
PHOENIX, AZ – Lincoln Property Company (LPC), an international full service real estate firm based in Phoenix, has acquired the two-building, 219,240-square-foot Freeport Distribution Center industrial project in southwest Phoenix for $12.17 million ($55.50 PSF). Freeport Distribution Center is located at the northwest corner of Buckeye Road and 51st Avenue, just minutes from the Phoenix Sky Harbor International Airport.
Located on approximately 11 acres at 5240 and 5302 W. Buckeye Road in Phoenix, Freeport Distribution Center includes one 135,114-square-foot industrial building and one 84,126-square-foot industrial building. The project features 25–28-foot clear heights, ESFR sprinkler system, front-load configuration and 240 – 260-foot shared truck court.
The project is a close-in infill site offering immediate connectivity to the I-10, I-17 and Loop 303 freeways. It boasts a strong tenant roster that includes Nestle North America and two Canadian-based, construction industry credit tenants: Moulding & Millwork (a subsidiary of Metrie) and Hardwoods Specialty (a subsidiary of Hardwoods Distribution, Inc.)
LPC purchased Freeport Distribution Center from Atlanta-based IDI Gazeley Brookfield Logistics Properties and California-based BlackRidge Real Estate Group. Brett Tremaine, Anthony Brent, Ryan Martin and Tom Simmons from HFF represented the seller. LPC will provide exclusive property management services for the new acquisition.
“Phoenix’s southwest Valley is an extremely sought-after industrial real estate submarket,” said Lincoln Property Company’s Executive Vice President David Krumwiede. “Freeport Distribution Center is a great example of the submarket’s strength and its potential to become even stronger as its key assets continue to stabilize.”
Krumwiede quickly engaged LPC’s property management team to capitalize on the project’s potential, and is looking for additional opportunities across the Southwest to do the same. “As a medium-size bay project, Freeport provides a nice balance to our regional portfolio. It is a welcome part of our company’s continued growth.”
“Freeport Distribution Center allows LPC to do what we do best, which is to bring a good asset up to its maximum value,” added Lincoln Property Company’s Director of Management Services Alisa Timm, who oversees a more than 6.5 million-square-foot management portfolio for the company’s Desert West Region. “We do this by providing the services that today’s owners need most: financial savvy, positive relationships and creative ideas that keep tenants and buildings at the top of their game.”
Founded in 1965, LPC employs approximately 6,800 people in 200 municipalities in the United States as well as 10 countries in Europe. The company has developed more than 128-million-square-feet of office, industrial and retail projects, and 182,000 multi-family units. Property management assignments currently include more than 178-million-square-feet of commercial space and 148-million-square feet of residential property. Acquisition activities exceed $4.0 billion in commercial properties and $3.5 billion in residential properties. LPC's Desert West Region, which includes Arizona, Nevada, Utah and New Mexico, is based in Phoenix and has been operating since 2001. It is consistently ranked among Phoenix’s top commercial real estate firms for both development and property management. For more information, visit www.lpc.com or www.lpcphx.com.
Lincoln Property Company is actively seeking additional development and acquisition opportunities.
To learn more contact David Krumwiede, Executive Vice President, or Amr Ceran, Vice President, with Lincoln Property Company at (602) 912-8888.