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| Alisa Timm |
PHOENIX, AZ – Lincoln Property Company (LPC) has acquired
the two-building, 219,240-square-foot Freeport Distribution Center
industrial project in southwest Phoenix.
Freeport Distribution Center is located at the northwest
corner of Buckeye Road and 51st Avenue, just minutes from the Phoenix Sky
Harbor International Airport.
The project is a
close-in infill site offering immediate connectivity to the I-10, I-17 and Loop
303 freeway. 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.
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| Ryan Martin |
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.
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| David Krumwiede |
“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.”
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.
Lincoln Property
Company is actively seeking development and acquisition opportunities
throughout the Valley.
For more information, contact David Krumwiede, Executive
Vice President, or Amr Ceran, Vice President, with Lincoln Property Company at
(602) 912-8888.
For a complete
copy of the company’s news release, please contact:
Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195
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