By Rose Law Group Reporter
In a joint venture partnership, LPC Desert West, the Southwest regional office of Lincoln Property Company (LPC), and Scottsdale-based Harvard Investments have purchased 585 acres in metro Phoenix’s West Valley submarket for a major new, Class A industrial development called Goodyear AirPark.
Situated next to the Phoenix-Goodyear Airport, it is one of the last large industrial-zoned land parcel remaining in the immensely popular Goodyear, Arizona industrial market. It also sits immediately adjacent to a Dark Fiber line, making it highly attractive for data center development – a market sector in which Phoenix ranks as a U.S. leader.
LPC and Harvard will break ground on Goodyear AirPark Phase I in Q1 2022, to include more than 1.6 million square feet of space in six buildings ranging from 81,000 square feet to 775,000 square feet. At completion, the park will have the capacity to deliver up to 7 million square feet of industrial space in as many as 20 buildings. It will also offer a retail component, providing approximately 10,000 square feet of in-line and retail pad opportunities.
Cerberus Capital Management is the equity partner for LPC and Harvard on the project. Greg Vogel of Land Advisors represented the land seller, Sun MP.
“Goodyear AirPark represents one of the all-time most well-located and amenitized, shovel-ready industrial sites in LPC’s Desert West portfolio, happening at a time when demand for modern industrial product has never been higher,” said Lincoln Property Company Senior Executive Vice President David Krumwiede. “It is also the fourth partnership with my brother, Craig Krumwiede, and Harvard Investments –a proven partner with whom LPC has delivered multiple landmark metro Phoenix developments.”
The Goodyear AirPark site is generally bounded by Estrella Parkway, Bullard Avenue and State Route MC 85, a high-volume east/west trucking route connecting Goodyear with Mexico. It is also directly south of Phoenix-Goodyear Airport and approximately three miles south of Interstate 10.
It sits at the entrance to Estrella Mountain Ranch, a 20,000-acre, award-winning master-planned community. It is also minutes from the Goodyear Ballpark, the spring training home for the Cincinnati Reds and Cleveland Indians, in a submarket becoming known for its rapidly growing retail, commercial, single-family and apartment homes supporting the steady expansion of data center, manufacturing, logistics and aerospace interests.
“Goodyear has become a live-work magnet, attracting residents and companies from across the region and nation,” said Harvard Investments President and CEO Craig Krumwiede. “Goodyear AirPark can respond quickly to that skyrocketing demand, with shovel-ready dirt that can be transformed quickly into a range of Class A industrial building sizes and features.”
Buildings within Goodyear AirPark will offer up to 40’ clear height, multiple points of ingress and egress, private truck courts and generous parking. The Goodyear AirPark site has a full utilities infrastructure and is zoned for industrial and commercial use.
Goodyear AirPark will sit just one-quarter mile away from a recently constructed Microsoft data center, part of the company’s Microsoft Azure initiative offering analytics, databased and AI at a scale targeting Fortune 500 companies. Other corporate neighbors include Amazon, UPS, Walmart, Boeing, SubZero, Daimler-Benz, XPO Logistics, Red Bull and Aldi.
The architect for Goodyear AirPark is Butler Design Group. The general contractor is yet to be selected. LPC Desert West will direct all leasing and property management.