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| Amr Ceran |
PHOENIX, AZ – In a $37.98
million deal, Lincoln Property Company (LPC) has completed the sale of a
five-building Northwest Phoenix industrial portfolio to Colorado-based REIT
Industrial Property Trust, Inc.
The deal, which includes
Lincoln Deer Valley and Lincoln Pinnacle Park assets, represents the powerful
driving force of Phoenix’s mid-size industrial user.
“This is a perfect example
of the success happening in Phoenix’s small- to mid-size industrial space,”
said Lincoln Property Company’s Vice President Amr Ceran. “These buildings are 97 percent NNN leased with
staggered expirations, and below-market rents that deliver a long runway of
upside potential for the new owner. It is a great position to be in for both a
buyer and a seller.”
LPC serves as property
manager for both projects, and will continue do to so for the new owner. This
continues a long-standing relationship between the companies that was
established in 2013, when LPC sold Broadway 101 to a former entity of
Industrial Property Trust for more than $77 million.
LPC continues to manage the 11 building,
808,000-square-foot Broadway 101 industrial park as part of LPC’s 8
million-square-foot local property management portfolio.
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| Darla Longo |
The Lincoln Deer Valley
project is located at 21420 and 21430 N. 15th Ln. in Phoenix, and Lincoln
Pinnacle Park is located at 23040 N. 11th Ave. in Phoenix – on sites to the
direct north and south of Phoenix Deer Valley Municipal Airport.
Together, the buildings
total 340,646 square feet of state-of-the-art, Class A single and multi-tenant
industrial space.
They provide a range of suite sizes to meet the needs of a
wide variety of users – a combination that has attracted 19 unique tenants
including Petsmart, Alstom, Reynaer’s, US Air Conditioning Distribution and
California Closets. Industrial neighbors include Honeywell and FedEx.
Constructed between 2005
and 2006, Lincoln Deer Valley and Lincoln Pinnacle Park offer 24- to 30-foot
minimum clear heights, ample trailer storage and car parking. They are located
approximately 2.5 miles from one another with direct access to I-17 and the
Loop 101 freeway, and are minutes from the Phoenix Deer Valley Municipal Airport,
one of the nation’s busiest general aviation airports.
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| Barbara Emmons |
Tenants also benefit from
Foreign Trade Zone status, providing state and local tax incentives and on-site
job training programs.
Darla Longo, Barbara Emmons, Dan Calihan and Pat
Feeney of CBRE represented LPC in the
sale.
“Phoenix’s industrial
market is flush with active, growth-minded companies who have pushed industrial
vacancy rates to near single-digit status,” said LPC Director of Management
Services Alisa Timm, who directs the
company’s property management strategy.
“Much of this activity is happening in the
5,000-square-foot to 50,000-suare-foot range – the precise type of tenants who
occupy projects like Lincoln Deer Valley and Lincoln Pinnacle Park. This
requires a broad understanding of property management, but it also creates very
diverse opportunities for our team to shine.”
LPC purchased the
five-building portfolio in 2011 from Cornerstone Real Estate Funds as part of a
strategy to purchase and stabilize core, institutional-grade industrial space.
Through an aggressive leasing plan, LPC – in partnership with Steve Sayre, Pat Harlan and Kyle Westfall of
JLL – improved the project from 70 percent to nearly 100 percent occupied.
The sale of Lincoln Deer
Valley and Lincoln Pinnacle Park caps off a record-breaking year for the
Phoenix office of Lincoln Property Company, who since January 2015 has
generated more than $271 million in metro Phoenix investment and development
activity.
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| Alisa Timm |
This includes the company’s very recent, $44
million purchase of the historic Luhrs City Center in downtown Phoenix, the $58
million LPC-Oaktree Capital Management purchase of Biltmore Commerce Center in
Phoenix, the $42.3 million disposition of Camelback Square in Scottsdale and
the $65 million LPC-Goldman Sachs purchase of Promenade Corporate Center in
Scottsdale.
It also includes the development and delivery of the $24 million
Waypoint Building One office property in Mesa.
LPC is actively marketing
pre-lease and/or design-build opportunities for Waypoint Building Two, and in
March was selected to develop the first phase of Class A and mixed-use office
space for The Grand, a 60-acre, urban mixed-use property within Papago Park
Center.
To discuss additional
investment opportunities with Lincoln Property Company in the Desert West
Region, please contact David Krumwiede
or Amr Ceran 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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