Ranks as highest single-building industrial sale price in Arizona history
GLENDALE, Arizona – Within one month of its completion, leading developer LPC Desert West has completed the sale of the 1.25 million-square-foot Park 303 Phase I in Glendale, Arizona to BentallGreenOak, a leading global real estate investment management advisor and real estate services provider. At $186 million, the transaction represents the highest single-building industrial sale price in Arizona history.
Phase I, which has been fully leased to a Fortune 1 retailer, is located on 71 acres fronting the Loop 303 freeway, between Bethany Home Road and Glendale Avenue. It is part of LPC’s larger Park303 master planned industrial park, 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 rapidly combine a into a single, larger building as market demand required.
“Park303 was one of the first industrial developments in the state to quickly convert two stand-alone buildings into one larger facility to meet the needs of a major single user,” said LPC Desert West Senior Executive Vice President David Krumwiede. “That flexibility – along with a premier location and high-tech, high-velocity e-commerce fulfillment capabilities – is what cemented our full-building lease. Our buyer recognized these advantages and moved 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 Park 303’s Phase I tenant. Will Strong of Cushman and Wakefield represented LPC on the investment sale. LPC will continue to provide the building’s property management services
“This sale is a true joint effort between Cushman and Wakefield and LPC,” said LPC Desert West Vice President John Orsak. “Ed Lampitt and his team coordinated an extremely successful lease process for our Phase I building. When the time came to list the property for sale, keeping that Cushman collaboration going and selecting Will Strong to represent us was a natural choice.”
Park 303 Phase I directly fronts the Loop 303 freeway, offering easy ingress and egress via two full-diamond freeway interchanges, and convenient access to a deep and skilled West Valley labor pool.
Building amenities include 40’ clear height and steel moment frame shear bracing that allows for highly modern, automated racking and picking equipment. Other amenities include 25,000 square feet of Class A office and training space, large breakrooms and upgraded, fully amenitized outdoor spaces with covered seating, a barbeque station and grass area for games and events.
Employees also benefit from efficient LED lighting and more than 140 large clerestory glass windows, which provide access to sky views and shifting natural light, shown to increase productivity and mental focus.
The gated, supply-chain-centric site has full concrete truck courts, ample truck parking and private drives.
Park 303 Phase I was originally developed as a 705,531-square-foot Building A and 488,995-square-foot Building B. To accommodate a major global user, LPC quickly combined the buildings into a single facility.
The project sits within Glendale’s New Frontier District and is one mile from the Northern Parkway, a 12.5 mile, high-capacity roadway providing rapid connection between the Loop 303 and US 60/Grand Avenue. The connection offers expedited distribution routes and allows employees to avoid common rush hour traffic delays on Interstate 10.
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.
To discuss leasing, investment or property management opportunities with Lincoln Property Company in the Desert West region, please call David Krumwiede or John Orsak at (602) 912-8888.
Lincoln Property Company (LPC) is an international full service real estate firm offering real estate investment, development, design/construction management, leasing and property management/ receivership/asset management services. LPC has approximately 8,500 employees with an international footprint that includes offices in 45 cities across the U.S. and six cities in Europe and South America. Since 1965, LPC has developed more than 128 million square feet of office, industrial and retail projects known for their design, quality and superior locations. It currently has more than 403 million square feet of commercial space under leasing and/or management. Lincoln is also one of the nation’s largest apartment developers, having developed more than 209,000 multifamily units and currently managing more than 165,000 multifamily 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 start in 2001, the regional office has developed over 10 million square feet, acquired more than 6 million square feet and manages almost 15 million square feet of commercial space, including major, award-winning and LEED Certified developments and investments. Since 2019, the company has completed two of the highest-priced metro Phoenix office and industrial transactions and launched the Union office campus in Mesa, new buildings at The Grand at Papago Park Center in Tempe and the Park303 industrial/e-commerce park in Glendale, among other developments. LPC Desert West is consistently ranked among Phoenix’s top commercial real estate firms for both development and property management, earning consecutive 2018, 2019 and 2020 NAIOP Arizona Owner/Developer of the Year awards and designation as an Arizona Republic Top Companies to Work for in Arizona. In 2020, the firm kicked off a regional expansion plan, entering the Nevada and Utah markets with Class A industrial acquisitions. To learn more about Lincoln Property Company, please visit www.lpc.com or www.lpcdesertwest.com.