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| Darla Longo |
PHOENIX, AZ, April 5, 2021 – Leading commercial real estate firm Lincoln Property Company (LPC) has announced the $68 million sale of a five-building industrial portfolio, representing 540,039 square feet of multi-tenant, fully leased infill space in key locations across the metro Phoenix, Arizona market.
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| David Krumwiede |
The buildings are located at 4441 W. Polk St., 120 E. Watkins St., 4720 W. Van Buren St. and 5240 and 5302 W. Buckeye Rd. (Freeport Distribution Center). The portfolio buyer is KKR.
“These were the first building acquisitions I completed when
we established the LPC Desert West office in Phoenix in 2001,” said LPC Senior
Executive Vice President David Krumwiede.
“They are a perfect
example of our investment model, which is to purchase and build quality assets
in excellent locations, and maintain them at the highest institutional level.
"We have owned and managed these buildings for decades,
and timed their sale to maximize gains for our investment clients.”
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| Dan Calihan |
According to LPC data, year-over-year industrial absorption has nearly doubled in Phoenix, rising from 6.43 million in 2019 to 12.7 million in 2020.
More than 14.45 million square feet of industrial product
was delivered in Phoenix in 2020, with construction activity expected to
continue in order to keep pace with a growing demand.
Buildings within the LPC portfolio sale were constructed
between 1980 and 1990, with 24- to 28-foot clear height, dock high and grade
level doors, and generous parking ratios.
 |
| Patrick (Pat) Feeney Jr. |
All are multi-tenant industrial warehouses designed for small- to mid-size users.
The buildings are strategically located in the highly desirable Southwest and Airport submarkets, minutes from Interstates 10 and 17, State Route 60 and the Loop 202.
CBRE’s National Partners Team, led by Darla Longo, represented
LPC in the portfolio sale.
The portfolio was leased by local market experts Dan
Calihan, Pat Feeney and Rusty Kennedy from CBRE, and Steve Sayre
from JLL.
 |
| Rusty Kennedy |
For more information on LPC Desert West development,
investment and property management services, please contact Krumwiede or LPC
Vice President John Orsak at 602.912.8888.
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| Steve Sayre |
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 403 million square feet of
commercial space under leasing and/or management.
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| SOLD: five-building industrial portfolio, representing 540,039 SFof multi-tenant, fully leased infill space in key locations across the metro Phoenix, Arizona market. |
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.
CONTACT:
Stacey Hershauer
480.600.0195
www.lpc.com or
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