Park303 to deliver almost 1.2 million s.f. of Class A space along new freeway corridor
Glendale, Ariz. – NAIOP Arizona 2018 Owner and Developer of the Year Lincoln Property Company has closed on 71.5 acres in Glendale, Arizona for $11.7 million, initiating development of Park303. The new $115 million speculative Class A industrial project will have the flexibility to include two buildings totaling 705,531 square feet and 488,995 square feet, or combine into one single building totaling almost 1.26 million square feet.
Park303 is located between Bethany Home Road and Glendale Avenue, with one-quarter mile of freeway exposure along the new Loop 303 and featuring 40’ clear height and more than 540 parking spaces.
“The Park303 development is the newest in a string of projects to emerge along Glendale’s recently annexed 303 corridor,” said City of Glendale Mayor Jerry Weiers. “We are excited to welcome Lincoln Property and this state-of-the-art facility with modern amenities, and know it will continue to increase the momentum created by Red Bull, Ball and Rauch. The project is one of many developments in the area which will positively impact our residents and our economy.”
“We’ve designed Park303 with the flexibility to serve multiple users or combine into a single-building, single-user campus supporting one major employer looking for more than 1 million square feet of space,” said Lincoln Property Company Vice President of Development Doug Klocke. “That meets the space, amenities and parking demands that we’ve seen from today’s very modern industrial tenants, including those in the rapidly-growing e-commerce market.”
In August, LPC sold Lincoln Logistics 40 – a project the company completed in Goodyear in late 2018 with similarly modern amenities – to Nike Inc. The transaction ranks as the year’s highest-priced and largest-sized industrial sale. Nike will use the building for its third U.S. manufacturing facility, where it will employ more than 500 and build soles for Nike Air sneakers.
Park303 will have many common amenities to Lincoln Logistics 40, including 40’ clear height, efficient LED lighting, clerestory class for abundant natural light, ample truck parking and a fully amenitized outdoor space with covered canopies, seating and barbeques. The project will also provide freeway-fronting signage along the Loop 303 and provide employees and visitors easy ingress and egress to the project via two full-diamond freeway interchanges at Bethany Home Road and Glendale Avenue.
Park303 is bounded by the Loop 303, Bethany Home Road, Glendale Avenue and Sarival Road, adjacent to Luke Air Force Base. It sits within the rapidly developing Loop 303 corridor, in an area identified by the City of Glendale as the “New Frontier District” and targeted for economic development. Corporate neighbors to Park303 include Boeing, Mercedes, Microsoft, Red Bull, REI, SubZero and UPS, as well as hundreds of new residential homes.
Park303 will break ground in January 2020 and complete in the third quarter of the same year.
Barry Glabman of Scottsdale Investment Management represented the land seller, Roth Development Corp. Butler Design Group is the project architect. Hunter Engineering is the civil engineer. Selection of the project’s general contractor is underway.
To discuss development, leasing, project management or property management opportunities with Lincoln Property Company in the Desert West region, please call David Krumwiede or John Orsak at (602) 912-8888.
About Lincoln Property Company
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 8,000 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 406 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.
LPC’s Desert West Region, which includes Arizona, Nevada, Utah and New Mexico, is based in Phoenix and has been operating since 2001. In that time, the regional office has developed more than 3 million square feet, acquired 4 million square feet and manages approximately 10 million square feet of commercial space, including major, award-winning and LEED Certified developments and investments. In 2016, the Phoenix office generated a record-breaking year with more than $233 million in investment and development activity. It is consistently ranked among Phoenix’s top commercial real estate firms for both development and property management, including its latest recognition as the NAIOP Arizona 2018 Owner/Developer of the Year and recent designation as an Arizona Republic Top Companies to Work for in Arizona. To learn more about Lincoln Property Company, please visit www.lpc.com or www.lpcphx.com.