Following its record-breaking sale of Park303 Phase I, LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Co., has kicked off construction of Park303 Phase 2. The new phase will bring nearly 2.5 million square feet in three new state-of-the-art industrial buildings fronting the Loop 303 in Glendale.
Park303 Phase I was sold in September 2021 to BentallGreenOak for $186 million, marking the highest single-building industrial sale price in Arizona history. The project was originally developed as two Class A industrial buildings, but was later combined to create a 1.25 million-square-foot facility supporting a full-building, long-term lease by Walmart.
Phase 2 brings LPC Desert West to a record high of almost 7 million square feet under development or construction in its region of Arizona, Nevada, Utah and New Mexico.
“This is a very exciting time to develop industrial space in metro Phoenix, with demand high in all sectors,” Lincoln Property Company Senior Executive Vice President David Krumwiede shared in a news release. “Owners and tenants want cutting-edge product, and we are building at Park303 and across our portfolio to exceed those expectations.”
The three-building Park303 Phase 2 includes a “Building A” totaling 629,835 square feet on almost 38 acres, a “Building B” totaling 483,300 square feet on just over 30 acres, and a “Building C” totaling almost 1.26 million square feet on approximately 72 acres. Like Park303 Phase I, Buildings A and B are designed to quickly convert from two stand-alone buildings into one larger, 1.2 million-square-foot facility (with 104,052 square feet of infill space) to meet the needs of a major single user.
Phase 2 building amenities include 40’ clear height, touchless technology throughout, 25’ tall glass entries, 3,000 amps of power (expandable), 7’ slabs over 4'' of crushed rock, and steel moment frame shear bracing that allows for highly modern, automated racking and picking equipment. Phase 2 buildings will also include generous 5’ x 10’ clerestory windows on all elevations, which provide access to sky views and shifting natural light, shown to increase productivity and mental focus.
Indoor/outdoor amenities at Park 303 Phase 2 include a basketball/pickleball court, barbecue station, shaded outdoor eating area and employee collaboration spaces.
Collectively, the Phase 2 buildings will provide 430 dock doors, 778 trailer stalls and more than 1,556 parking stalls (all expandable). Both buildings are also Foreign Trade Zone capable.
At build out, the Park303 master planned industrial park will span 210 acres with the capacity to support nearly 4 million square feet of Class A industrial development.
Park303 directly fronts the Loop 303 freeway, offering freeway signage opportunities and convenient ingress and egress via two full-diamond freeway interchanges – placing it within a single-day truck haul to more than 33 million consumers. It also sits within Glendale’s New Frontier District and is one mile from the Northern Parkway, a 12.5 mile, high-capacity roadway providing rapid connection between the Loop 303 and US 60/Grand Avenue. The connection offers expedited distribution routes and allows employees to avoid common rush hour traffic delays on Interstate 10.
Corporate neighbors to Park303 include Boeing, Microsoft, White Claw, XPO Logistics, UPS, REI, SubZero, Daimler-Benz, Red Bull, Ball Corporation, Aldi and Williams Sonoma, as well as hundreds of new residential homes.
To discuss leasing, investment or property management opportunities with Lincoln Property Company in the Desert West region, call David Krumwiede or John Orsak at 602-912-8888.
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