Lincoln Property Co., in partnership with Harvard Investments, has damaged floor on the primary section of Goodyear AirPark, an enormous industrial campus in Goodyear, Ariz. At full build-out, the property will embody a complete of seven million sq. ft and as much as 20 buildings.
Goodyear AirPark represents the fourth improvement of this three way partnership, having Cerberus Capital Administration as fairness accomplice. CommercialEdge knowledge exhibits that, final 12 months, the partnership took out a $127.5 million mortgage for the development of Section One, with a maturity date set in 2025.
The event staff contains Butler Design Group as architect, whereas Stevens-Leinweber Development will function basic contractor. LPC’s Desert West subsidiary will oversee leasing and property administration.
Venture particulars
The partnership had acquired the 585-acre website in 2021, one of many final remaining giant industrial-zoned land parcels within the space. In response to the Phoenix Enterprise Journal, Solar MP bought the land for $72.5 million.
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The primary section of the challenge is ready to incorporate greater than 1.6 million sq. ft throughout six buildings, starting from 81,000 to 775,000 sq. ft. The property will function as much as 40-foot clear heights, personal truck courts, a number of factors of ingress and egress and ample parking.
Section One is coming on-line as speculative, with built-to-suit alternatives because the challenge develops. Potential customers embrace manufacturing, expertise, e-commerce and logistics firms but in addition knowledge facilities, because the property is straight away adjoining to a darkish fiber line.
The event website is simply south of Phoenix Goodyear Airport, typically bounded by Estrella Parkway, Bullard Avenue and State Route MC 85. The placement can be 3 miles south of Interstate 10, with downtown Phoenix simply 19 miles away. Notable firms within the space embrace Microsoft, Amazon, UPS, Boeing, Walmart and XPO Logistics, amongst others.
LPC’s industrial tasks in Arizona
All through 2022, Lincoln Property’s subsidiary LPC Desert West introduced a number of industrial developments in Arizona, largely within the Phoenix space.
In March, the corporate started work on the second section of Park303 in Glenadale, Ariz., which is ready to embody almost 2.5 million sq. ft throughout three industrial buildings. The challenge’s first section was bought in September 2021 to BentallGreenOak for $186 million.
One other Glendale challenge emerged in Might, when LPC Desert West acquired 140 acres for the event of a mega industrial challenge encompassing 2.3 million sq. ft. Supply is anticipated in early 2024.
And, one month later, LPC Desert West introduced its plans for a $260 million, 1 million-square-foot industrial park in Tucson, Ariz. The agency bought the 77-acre improvement website from Diamond Ventures.
CommercialEdge knowledge exhibits that Lincoln Property owns 607 industrial properties all through the U.S., totaling roughly 121 million sq. ft.