Glendale industrial buildings sold for record-breaking $170M

Lincoln Property Co. announced the sale of the final two Class A industrial buildings at its Park303 logistics park earlier this week.

Purchased by a leading global investment manager, the transaction achieved the highest two-building industrial sale price in Arizona history, a total of $170 million, according to Vizzle.

The final Park303 acquisitions include Park303 Phase 2 - Building A, totaling 629,835 square feet and fully leased to DHL, and Park 303 Phase 2 - Building B, totaling 483,000 square feet and fully leased to Logisticus Group LLC.

It also represents the last of four buildings sold at Park303, a 210-acre, 3.75 million-square-foot, LEED-certified logistics campus developed by Lincoln along the Loop 303 freeway and Glendale Avenue in Glendale.

“Park303 has been a resounding success by every measure,” Lincoln Senior Executive Vice President David Krumwiede stated in a press release. “We launched the project during the uncertainty of the pandemic, but its strategic location, best-in-class amenities and flexible mix of leasing and ownership opportunities quickly distinguished the development.”

Completed in 2025, Park303 Phase 2 encompasses three buildings totaling 2.5 million square feet. The project’s Building C sold in October 2025 to Dollar Tree for $147 million, establishing the company’s first regional distribution facility in metro Phoenix.

Completed in late 2020, Park303 Phase 1 totals 1.25 million square feet and is fully occupied under a long-term lease by Walmart. That building was purchased by BentallGreenOak in 2021 for $186 million, marking the highest single-building industrial sale price in state history at the time.

“All of the buildings at Park303 have been acquired by sophisticated, disciplined investors and operators with a deep understanding of the industrial market and its standards of quality,” Lincoln executive vice president John Orsak stated.

Following Lincoln’s “creative industrial” approach to Class A industrial development, Park303 also incorporates elevated amenities including speculative office space, an outdoor pickleball and basketball court, and an outdoor entertainment area with overhead fans and seating.

Park303 is near two full-diamond Loop 303 freeway interchanges, Interstates 10 and 17, and Northern Parkway. The project is also foreign trade zone-capable and can reach more than 33 million consumers within a one-day truck haul.

Will Strong and Molly Miller of Cushman and Wakefield represented Lincoln in the final Park303 Phase 2 building sales.