PHOENIX, AZ – Full-service commercial
real estate firm Lincoln Property
Company (Lincoln) and partner Goldman Sachs announced the sale of Buckeye 85, a Class A industrial building located
in the heart of metro Phoenix’s Interstate 10 Corridor. The buyer is LaSalle.
The price was not disclosed.
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| David Krumwiede |
“We are very
pleased to announce this sale and appreciate what it has to say about the
continued strength of the metro Phoenix industrial market,” said Lincoln
Property Company Senior Executive Vice President David Krumwiede.
“LaSalle is a highly respected and
strategic buyer. Their selection of Buckeye85 is a compliment to the quality
and stability of the project, and to Phoenix’s ongoing ability to attract prime
institutional capital to its industrial sector.”
Will Strong and Molly Hunt of Cushman & Wakefield represented Lincoln as the investment sales brokers for Buckeye85. Marc Hertzberg and Riley Gilbert served as the investment sales team’s property leasing experts. Gilbert also represented Tempur-Pedic in its lease agreement, bringing Tempur-Pedic’s metro Phoenix industrial footprint to nearly 1.5 million square feet.
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Marc Hertzberg
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Totaling 321,892
square feet, Buckeye85 is
fully leased to leading mattress and pillow maker Tempur-Pedic, part of Tempur
Sealy International, Inc. (NYSE: TPX). The lease represents an expansion
of the company’s long-standing, multi-building metro Phoenix logistics
presence. Tempur-Pedic uses the Buckeye85 facility to distribute to the Western
U.S., from Colorado to the Pacific Coast.
“Buckeye85 was
designed to give a modern user efficiencies and amenities that support
long-term success strategies,” said Lincoln Property Company Vice President John
Orsak. “That generated quick interest from multiple tenants, and ultimately
a pre-lease to Temur-Pedic signed prior to completion of construction.”
Buckeye85 sits on
20 acres at 10333 W. Buckeye Rd., at the southwest corner of 103rd Avenue and
Buckeye Road/MC-85 Highway in Phoenix, Arizona. The building features 36’ clear
height, full concrete truck courts, a 95-door cross-dock configuration and a
speculative office suite.
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| Will Strong |
It also reflects
Lincoln’s trademark “creative industrial” approach, incorporating amenities
like smart technology, generous clerestory windows and an employee-centric
outdoor amenity space with shaded and landscaped areas, built-in barbeque
equipment and seating for relaxing, outdoor dining and games.
Buckeye85 is two
miles from a full-diamond interchange at I-10 and 107th Avenue, within a
world-class e-commerce market that is home to companies like Amazon, McKesson,
Pepsico, Kroger and Home Depot.
For more
information on leasing and development opportunities with Lincoln, call David
Krumwiede or John Orsak at (602) 912-8888.
About Lincoln Property Company
Lincoln
Property Company (“Lincoln”) is one of the largest private real estate firms in
the United States.
Offering a fully integrated platform of real estate services
and innovative solutions to owners, investors, lenders and occupiers, Lincoln
supports the entire real estate lifecycle across asset types, including office,
life science, retail, industrial, data center, production studio, healthcare,
government, universities, and mixed-used properties, throughout the United States,
United Kingdom, and Europe.
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Buckeye 85, a Class A industrial building located
in the heart of metro Phoenix’s Interstate 10 Corridor
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Lincoln’s combined management and leasing portfolio
on behalf of institutional clients includes more than 557 million square feet
of commercial space. In addition to providing third-party real estate services,
Lincoln has completed over 150 million square feet of development since its
inception in 1965 and has another $20 billion currently under construction or
in the pipeline.CONTACT:
STACEY HERSHAUER
T 480.600.0195
stacey@focusaz.com
www.lpc.com.
