By AZRE
Following its record-breaking sale of Park303 Phase I, LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Co., has kicked off construction of Park303 Phase 2. The new phase will bring nearly 2.5 million square feet in three new state-of-the-art industrial buildings fronting the Loop 303 in Glendale, Arizona.
Park303 Phase I was sold in September, 2021 to BentallGreenOak for $186 million, marking the highest single-building industrial sale price in Arizona history. The project was originally developed as two Class A industrial buildings, but was later combined to create a 1.25 million-square-foot facility supporting a full-building, long-term lease by Walmart.
Phase 2 brings LPC Desert West to a record high of almost 7 million square feet under development or construction in its region of Arizona, Nevada, Utah and New Mexico.
