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| David Krumwiede |
PHOENIX, AZ – Final
year-end data has confirmed a record-breaking year for the Phoenix office of
Lincoln Property Company (LPC), who in 2015 generated more than $233 million in
investment and development activity, and substantially advanced its local
property management portfolio and development pipeline.
The momentum has continued
into 2016 as well. Since the first of the year, LPC has already closed on
$69.59 million in new building investments (Gainey Center II in Scottsdale and
Riverview Point in Mesa).
It has also officially broken ground on the first
phase of a planned 1.8 million square feet of new office space at The Grand at
Papago Park Center, and on Waypoint Two, its final building at the Mesa,
Arizona Waypoint office campus.
“Our team’s history in
Phoenix runs deep and wide,” said Lincoln Property Company’s Executive Vice
President David Krumwiede. “Every
project we’re involved with has its own unique value that moves the commercial
real estate market forward in a positive and strategic way, and reflects our
commitment to the communities that we serve.”
“We take a very personal
approach to property management assignments as well, creating tailored plans
that bring assets to new levels of success,” said Lincoln Property Company’s
Director of Management Services Alisa
Timm. “Our growth is a result of these individual stories and the trust
that clients place in Lincoln. We are grateful for both.”
Highlights of LPC’s record 2015 include:
•
Biltmore Commerce Center, a 259,000-square-foot, Class A office building
located on the Camelback Corridor – purchased in April for $58 million by LPC
and Oaktree Capital Management.
• Promenade Corporate Center, a
256,175-square-foot, two building office campus in the North
Scottsdale/Kierland market – purchased in March for $65 million by LPC and
Goldman Sachs.
• Luhrs City Center, two historic
Downtown Phoenix towers with 140,500 square feet of creative office space,
18,500 square feet of ground-floor retail and a 6-story parking garage –
purchased in December for $44 million by LPC and Invesco Ltd.
• Camelback Square, a
174,917-square-foot, Class A office building purchased by LPC and Oaktree
Capital Management in 2011 and sold by the partnership in February 2015 for
$42.3 million, after an aggressive lease-up and management program.
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| Alissa Timm |
• Waypoint One, a $24 million,
108,000-square-foot modern office project developed and delivered by LPC and
Harvard Investments in November. Waypoint One is adjacent to the 1.3
million-square-foot, mixed-use Mesa Riverview and is fully pre-leased to
American Traffic Solutions.
• Approximately one million square feet of
new property management assignments, including El Dorado Tech Center, Biltmore
Commerce Center, Promenade Corporate Center and Luhrs City Center. During 2015,
LPC also retained multiple properties through ownership transitions. This
brings the company’s Phoenix property management portfolio to more than 8
million square feet.
• The Grand at Papago Park Center, a
60-acre, urban mixed-use project on the last developable site within Papago
Park Center. In March, LPC was was selected to develop the first phase of a
planned 1.8 million square feet of Class A mixed-use office space.
To discuss investment
opportunities or leasing at LPC’s Phoenix projects, contact David Krumwiede at
(602) 912-8888. For property management services, call Alisa Timm at (602)
912-8864.
For more information,
visit www.lpc.com or www.lpcphx.com.
For a complete copy of the company’s news release,
please contact:
Stacey Hershauer
focusAZ
Marketing & Public
Relations
(480) 600-0195
