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| Doug Klocke |
GLENDALE, AZ – 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.”
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| Glendale Mayor Jerry Weiers |
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.
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| Aerial view of planned Park303, Glendale, AZ |
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.
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| Rendering of planned Park303, Glendale, AZ |
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.
MEDIA CONTACT:
Stacey Hershauer
480.600.0195
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