Commercial real estate firm Lincoln Property Co. announced on Oct. 1 the sale of a 1.25 million-square-foot, Class A industrial building in its Park303 logistics park in Glendale to Dollar Tree, Inc., one of North America’s largest value retailers.

Park303 totals 210-acres and 3.75 million square feet of industrial space along the Loop 303 at Glendale Avenue. Built in two phases, it includes a 1.25 million-square-foot, single building Phase 1 and a 2.5 million-square-foot, three-building Phase 2.

Dollar Tree purchased Park303 Phase 2 Building C. It will establish a regional distribution center, marking the company’s first regional distribution facility in  metro Phoenix.

Dollar Tree operates more than 9,000 stores and 18 distribution centers, and employs approximately 150,000 associates, across the U.S. and Canada.

At Park303, Dollar Tree joins existing Phase 2 tenant Logisticus Group LLC, a third party logistics leader leasing the 483,300-square-foot Building B.

Park303 Phase 1 is also fully occupied under a long-term lease by Walmart. The Phase 1 building was sold in 2021 to BentallGreenOak for $186 million, marking the highest single-building industrial sale price in Arizona history.

“We’re proud of the vision and execution behind this delivery, and its ability to attract high-caliber tenants like Dollar Tree. We welcome them to the project.” Lincoln Property Company Executive Vice President John Orsak stated in a press release. 

All Park303 Phase 2 buildings are LEED-certified and Foreign Trade Zone-capable. Together, the buildings offer 430 dock doors, 778 trailer stalls and more than 1,556 parking stalls.

The building includes high-end speculative office space, an outdoor pickleball and basketball court, and an outdoor entertainment area with gourmet barbecues, overhead fans and seating.

“Dollar Tree’s site selection process prioritized a modern workplace and a facility that was both operationally efficient and able to remain flexible in a fast-changing market,” Lincoln Property Company Senior Executive Vice President David Krumwiede stated.

Lincoln serves as the property manager and leasing agent for Park303. Dollar Tree was represented by Reid Wilbraham and Cooper Fratt of CBRE.

Lincoln is fielding lease and acquisition interest for Park303’s remaining building, the 629,835-square-foot Phase 2 Building A.