By AZRE
Full-service commercial real estate firm Lincoln Property Company (Lincoln) announced today it has acquired an infill office project in the heart of Tempe, Arizona, and will redevelop the site into Sky Harbor Logistics, a Class A industrial campus situated minutes from Interstate 10 and Sky Harbor International Airport.
Lincoln acquired the property, located on 16.25 acres at 1515 W. 14th St., for $18.3 million. Originally built in 1977 as industrial space and renovated in 2016 into office product, the site is currently home to a 218,268-square-foot, single-story office building and 1,044-space parking garage. The 1515 building is partially leased to CarMax under a near-term lease expiration.
Lincoln will demolish the existing buildings at the site to prepare the land for Sky Harbor Logistics, a 254,000-square-foot industrial campus featuring two identical, 127,000-square-foot Class A buildings with a shared truck court.
“Phoenix is known for its ability to successfully adapt, often in tandem with the nation’s top growth rates,” said Lincoln Senior Executive Vice President David Krumwiede. “Sky Harbor Logistics is a prime example of that adaptability, transforming an underutilized office asset into brand new infill logistics space that does not exist in this area. We are proud of the broad Lincoln expertise that we’ll bring to this project and very excited to usher in the next exceptional chapter for this site.”
