Phoenix, Arizona – CBRE announced the sale of a redeveloped industrial facility located at 2250 W. Peoria Ave. in Phoenix. The former home to the Bryman School of Arizona commanded a sale price of $5.05 million ($70 PSF).

Cooper Fratt and Ashley Brooks with CBRE Phoenix represented the seller, James Greaves of G2 Capital. Chris Keely with Phoenix Commercial Brokers represented the buyer, Candlewood Industrial Park.

“Working with Cooper and Ashley, we put together a plan to redevelop the property to meet the rising demand for industrial space,” said Greaves.

In July 2017, G2 Capital acquired the 72,072-square-foot former school building for $2.2 million ($30.53 PSF) and completed a six-month redevelopment of the nearly 4.28-acre site. The property now boasts 52,072 square feet of warehouse space along with nearly 20,000-square-feet of Class A office space. After G2 Capital completed the redevelopment, the property entered escrow in less than three months.

“With a tightening industrial market, we identified several prospects and chose a buyer quickly,” said CBRE’s Fratt.

PHOENIX, ARIZ. – Cooper Fratt of CBRE has been named 2018 Chairman for the NAIOP Arizona Developing Leaders. Fratt, a DL member since 2011, began his career at CBRE in 2008 as a researcher. He currently is an industrial property sales and leasing specialist.

“I’ve been fortunate enough to work under two great Developing Leader Chairmen in Jenna Borcherding and Chris Marchildon,” Fratt said. “We have a great year planned in 2018. My goal is to build upon the success and foundation put in place by Jenna and Chris. Our next event is the NAIOP DL’s spring training baseball game on March 2, which is always a favorite. Throughout the year we will continue to expand our philanthropic events as well, and those details should be finalized very soon.”

Other DL events scheduled for 2018 include the award-winning Mentor Program, a bowling outing, the signature Rookies & Rockstars evening, networking happy hours, holiday party, and the educational speaker series.

In addition to naming a new chairman, the group selected its Steering Committee: Jenna Borcherding, JLL; Patrick Boyle, Cushman & Wakefield; Mike  Strittmatter, CBRE; Billy Cundiff, Hines; Cullen Mahoney, Trammell Crow Company; Kyle Seeger, JLL; Jack Czerwinski, Majestic Realty Co.; Josh Tracy, Ryan Companies US, Inc.; Chelsea Porter, The Renaissance Companies; Thomas Maynard, GPEC; Phil Haenel, Cushman & Wakefield; Megan Druding, Cushman & Wakefield; Ashley Hoffman, Layton Construction; Clare Lydon, ViaWest Group; Matthew Krause, Krause Interior Architecture; Jenny Turner, Savills Studley; Jenna Harrison, ViaWest Group; Chad Schleicher, SmithGroupJJR; Elisabeh Tometich, Corporate Interior Systems; Liz Collins, Cushman & Wakefield; and Tim Colquhoun, National Bank of Arizona.

Construction on 901,700-square-foot Lincoln Logistics 40 begins this year

PHOENIX, Arizona – Lincoln Property Company (LPC) in December will break ground on Lincoln Logistics 40, metro Phoenix’s first ever speculative industrial project to offer a 40’ clear height ceiling, with more than 20 acres of space under one roof, designed to serve ultra-modern e-commerce and distribution tenants.

Located along Interstate 10 at Bullard Avenue inC, Lincoln Logistics 40 will total 901,700 square feet on approximately 50 acres within The Airport Gateway at Goodyear business park. In addition to 40’ clear heights, the project will feature 169 dock and grade-level doors, 185 trailer storage stalls, up to 660 parking stalls, fiber optic data and energy efficient clear story windows in lieu of skylights. Completion is slated for mid-2018.

“E-commerce and distribution interests have discovered Phoenix and they are here to stay – and grow,” said Lincoln Property Company Executive Vice President David Krumwiede. “Lincoln Logistics 40 gives them the height and amenities they need to function at peak efficiency, maximizing their ability to move and store goods, and to incorporate mezzanine space that builds flexibility into their operations.”

“The short list of Phoenix industrial buildings that do feature ceilings of this height were constructed as build-to-suits for a specific and specialized user,” added Lincoln Property Company Director of Real Estate John Orsak. “Ours will be the first 40’ clear height project to be built on a fully speculative basis, and we believe it will be met with significant interest long before completion.”

Lincoln Logistics 40 is a Foreign Trade Zone Magnet Site, offering up to 75 percent personal property tax savings. It sits one mile south of two I-10 full diamond interchanges and is minutes from Loop 101, Loop 303, Highway 85 and the Phoenix Goodyear Airport.

It is also located within the 350-acre The Airport Gateway Center at Goodyear, which at build out will include more than 2.5 million square feet of upscale regional retail, hotel, office and medical uses, and 3 million square feet of work space including industrial and warehouse. Corporate neighbors include Amazon, REI, UPS, Sub-Zero, Dick’s Sporting Goods, Chewy.com and Michael Lewis Foods.

The general contractor for Lincoln Logistics 40 is Layton Construction. The architect is Butler Design Group.

Pat Feeney, Dan Calihan and Rusty Kennedy of CBRE represented the land seller EJM Development Company in the Lincoln Logistics 40 land sale. John Werstler and Cooper Fratt of CBRE represented LPC in the land purchase. Werstler, Kennedy and Fratt serve as the Lincoln Logistics 40 exclusive leasing team.

“Goodyear is experiencing record absorption and historically low industrial vacancy rates, which is indicative of the type of demand happening across our region,” said Werstler. “Given that Lincoln Logistics 40 will be the largest building of its kind available right now in our market, we anticipate that it will be extremely attractive to e-commerce, warehouse and manufacturing users looking to satisfy their supply chain needs across not just the Southwest but the entire Western U.S.”

To discuss development, 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.