First building totals up to 1.25 million s.f. fronting the new Loop 303 in Glendale, Arizona
NAIOP Arizona Owner/Developer of the Year Lincoln Property Company (LPC) joined with local dignitaries and guests today to break ground on the first building at Park303, a major industrial master-planned development that at build-out will accommodate up to 4.5 million square feet of ultra-modern, freeway-fronting Class A industrial space in Glendale, Arizona.
Phase I of Park303 will sit on 71.5 acres between the Loop 303 freeway and Sarival Road, north of Bethany Home Road and south of Glendale Avenue. The $115 million development will support two buildings totaling 705,531 square feet and 488,995 square feet, or can combine into a single building totaling more than 1.25 million square feet.
“Park303 rivals the most contemporary industrial space in the Western U.S. while also offering the greatest flexibility in one of the hottest industrial locations in the U.S.,” said Lincoln Property Company Executive Vice President David Krumwiede. “It gives industrial users space that can be customized quickly from two buildings into one, allowing it to support multiple tenants or quickly adjust to support a single, major tenant requirement. It is an exceptional product in an exceptional location.”
“We are honored to have NAIOP’s Developer of the Year investing in Glendale in such a significant way,” said Glendale Mayor Jerry Weiers. “Lincoln has a superb reputation in the community and we look forward to welcoming top-level tenants to these state-of-the-art facilities.”
Features of Park303 Phase I will include 40-foot clear height, steel moment frame shear bracing, efficient LED lighting and 142 large clerestory glass windows to maximize natural light. The gated site provides full concrete truck courts, ample truck parking, private drives and fully amenitized outdoor spaces with covered canopies, seating and barbeques.
Phase I is part of the larger Park303 master-planned industrial park that LPC is developing in conjunction with Roth Development Corporation and Scottsdale Investment Management LLC. Totaling 265 acres, the project will have freeway signage opportunities via one full mile of freeway frontage, easy ingress and egress via two full-diamond Loop 303 interchanges at Bethany Home Road and Glendale Avenue, and access via frontage on Sarival Road.
The park sits within Glendale’s New Frontier District, an area along the Loop 303 designated by the City of Glendale for significant economic development. It is also one mile from the Northern Parkway, a new 12.5 mile, high-capacity roadway providing rapid connection between the Loop 303 and US 60/Grand Avenue. With this connection, users at Park303 can avoid common rush hour traffic delays on Interstate 10, helping them to meet critical morning and evening delivery requirements.
Corporate neighbors to Park303 include Boeing, Microsoft, White Claw, XPO Logistics, UPS, REI, SubZero, Daimler-Benz, Red Bull, Ball Corporation and Aldi, as well as hundreds of new residential homes.
Butler Design Group is the project architect for Park303 Phase I and Hunter Engineering is the civil engineer. Willmeng Construction is the general contractor. Completion of Park303 Phase I is scheduled for completion during the fourth quarter of 2020.
For lease or sale inquiries on Park303, contact David Krumwiede, John Orsak or Nick Nudo at Lincoln Property Company, 602.912.8888.
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. 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.
LPC’s Desert West Region, which includes Arizona, Nevada, Utah and New Mexico, is based in Phoenix and has been operating since 2001. In that time, the regional office has developed almost 6 million square feet, acquired more than 10 million square feet and manages approximately 10 million square feet of commercial space, including major, award-winning and LEED Certified developments and investments. In 2019, the company reached new benchmarks, completing two of the highest-priced metro Phoenix office and industrial transactions with the sale of the Waypoint office campus and the sale of Lincoln Logistics 40 to Nike, as well as launching the Union office campus in Mesa, new buildings at The Grand at Papago Park Center in Tempe and the Park303 industrial/e-commerce park in Glendale. It is consistently ranked among Phoenix’s top commercial real estate firms for both development and property management, including its latest recognition as the NAIOP Arizona 2018 Owner/Developer of the Year and recent designation as an Arizona Republic Top Companies to Work for in Arizona. To learn more about Lincoln Property Company, please visit www.lpc.com or www.lpcphx.com.