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| The Grand at Papago Park Center in Tempe, AZ |
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| Dave Krumwiede |
With the sale of Grand 1, LPC has completed three of the top five
commercial real estate sales in Arizona in 2019, totaling $270 million between
Grand 1, the Waypoint office campus and Lincoln Logistics 40 in Goodyear, which
was sold to Nike.
The Grand 1 acquisition also represents the Phoenix market entry
for property buyer Susquehanna Holdings Ltd., a Florida-based holding company
whose current portfolio includes office and industrial assets primarily
concentrated in the Southeastern U.S.
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| Doug Klocke |
“Our mission is to create iconic real estate projects for
market-leading companies and strategic investors,” said Lincoln Property Company
Executive Vice President David Krumwiede.
“We feel confident
that we’ve done that at The Grand, and across the Valley, and we look forward
to repeating that success with many buildings to come.”
Located along the Loop 202 freeway at 1101 W. Washington St.,
Grand 1 totals 219,212 square feet and four stories of Class A office space,
along with an adjacent four-story parking garage.
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| Kevin Shannon |
Together, these tenants enjoy a modern office environment with
flexible floorplates, high-end contemporary interiors, indoor and outdoor
collaboration areas, a first-floor quick-serve deli and an on-site property
management office.
Earlier this month, DoorDash also signed a full-building,
354,435-square-foot lease for LPC’s newly completed and adjacent Grand 2
building. This brings both office buildings at The Grand at Papago Park
Center to 100 percent leased.
“The fundamentals of the Tempe market meet all of the criteria we
look for. Combined with the premier building quality of the Grand 1, its strong
credit tenants, its multi-modal access and Lincoln’s vision makes this a
particularly attractive purchase,” said Susquehanna Holdings Managing Partner Matthew
Wideman.
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| Ken White |
According to Wideman, Susquehanna Holdings tends to look long term
and sees Phoenix positioned to economically outperform most major Western U.S.
markets in the coming years and decades.
“It has been gratifying to guide the Grand 1 from pre-construction and lease-up through to its sale to such a high-quality buyer,” said Lincoln Property Company Vice President of Development Doug Klocke.
“Susquehanna Holdings is an experienced owner that will maintain the quality of this premier building.”
“It has been gratifying to guide the Grand 1 from pre-construction and lease-up through to its sale to such a high-quality buyer,” said Lincoln Property Company Vice President of Development Doug Klocke.
“Susquehanna Holdings is an experienced owner that will maintain the quality of this premier building.”
The Grand at Papago Park Center offers approximately one-half
mile of Loop 202 frontage, two freeway off-ramps and is bookended by two Light
Rail stops, making it the first stop by light rail or by car coming out of
Phoenix Sky Harbor International Airport and within minutes of Arizona State
University.
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| CJ Osbrink |
The project was named after the adjacent Grand Canal,
developed in the 1870s to bring water from the Salt and Verde rivers to
Metropolitan Phoenix.
The canal was
relocated to run through The Grand project, creating a stunning central water
feature surrounded by multi-use walking and biking paths.
Kevin Shannon, Ken White and CJ Osbrink from Newmark represented LPC in the sale of Grand 1. LPC serves as the developer, leasing agent and property manager for all office space at The Grand.
Kevin Shannon, Ken White and CJ Osbrink from Newmark represented LPC in the sale of Grand 1. LPC serves as the developer, leasing agent and property manager for all office space at The Grand.
More about The Grand
at Papago Park Center is available at www.thegrandtempeaz.com.
To discuss leasing, investment or property management
opportunities with Lincoln Property Company in the Desert West region, please
call David Krumwiede or John Orsak at (602) 912-8888.
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| John Orsak |
CONTACT:
Stacey Hershauer
480.600.0195
