Ranks as highest single-building industrial sale price in Arizona history
By LPC Desert West | Rose Law Group Reporter
Within one month of its completion, leading developer LPC Desert West has completed the sale of the 1.25 million-square-foot Park 303 Phase I in Glendale, Arizona to BentallGreenOak, a leading global real estate investment management advisor and real estate services provider. At $186 million, the transaction represents the highest single-building industrial sale price in Arizona history.
Phase I, which has been fully leased to a Fortune 1 retailer, is located on 71 acres fronting the Loop 303 freeway, between Bethany Home Road and Glendale Avenue. It is part of LPC’s larger Park303 master planned industrial park, spanning 210 acres and with the capacity to support nearly 4 million square feet of Class A industrial development.
LPC developed Phase I as a two-building speculative development, with the ability to rapidly combine a into a single, larger building as market demand required.
“Park303 was one of the first industrial developments in the state to quickly convert two stand-alone buildings into one larger facility to meet the needs of a major single user,” said LPC Desert West Senior Executive Vice President David Krumwiede. “That flexibility – along with a premier location and high-tech, high-velocity e-commerce fulfillment capabilities – is what cemented our full-building lease. Our buyer recognized these advantages and moved quickly to secure the building and its significant long-term value.”
Ed Lampitt, Mike Haenel, Andy Markham and Phil Haenel of Cushman and Wakefield represented Park 303’s Phase I tenant. Will Strong of Cushman and Wakefield represented LPC on the investment sale. LPC will continue to provide the building’s property management services
“This sale is a true joint effort between Cushman and Wakefield and LPC,” said LPC Desert West Vice President John Orsak. “Ed Lampitt and his team coordinated an extremely successful lease process for our Phase I building. When the time came to list the property for sale, keeping that Cushman collaboration going and selecting Will Strong to represent us was a natural choice.”
Park 303 Phase I directly fronts the Loop 303 freeway, offering easy ingress and egress via two full-diamond freeway interchanges, and convenient access to a deep and skilled West Valley labor pool.
Building amenities include 40’ clear height and steel moment frame shear bracing that allows for highly modern, automated racking and picking equipment. Other amenities include 25,000 square feet of Class A office and training space, large breakrooms and upgraded, fully amenitized outdoor spaces with covered seating, a barbeque station and grass area for games and events.
Employees also benefit from efficient LED lighting and more than 140 large clerestory glass windows, which provide access to sky views and shifting natural light, shown to increase productivity and mental focus.
The gated, supply-chain-centric site has full concrete truck courts, ample truck parking and private drives.
Park 303 Phase I was originally developed as a 705,531-square-foot Building A and 488,995-square-foot Building B. To accommodate a major global user, LPC quickly combined the buildings into a single facility.
The project 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 and Aldi, as well as hundreds of new residential homes.