Dollar Tree Pays $147M for Phoenix-Area Industrial Asset

October 3, 2025

Investment Featured Industrial News More Phoenix West

The building is part of Lincoln Property’s 210-acre logistics campus.

Dollar Tree has acquired a 1.3 million-square-foot Class A industrial building at Lincoln Property Co.’s Park303 logistics park near Glendale, Ariz., for $147.1 million. It will be the company’s first regional distribution facility in the Phoenix metro.

Lincoln Property Co.’s Park303 logistics park near Glendale, Ariz. — Dollar Tree acquired a 1.3 million-square-foot industrial building in the second phase of the 3.8 million-square-foot industrial campus from Lincoln Property Co. for $147.1 million. *Image courtesy of Lincon Property Co.*

Dollar Tree, one of North America’s largest value retailers with more than 9,000 stores, owns its distribution centers. It has 16 in the U.S. and two in Canada. The closest to Phoenix is San Bernardino, Calif., according to the Phoenix Business Journal. Dollar Tree, which expects to occupy the space early next year, plans to expand the site’s trailer parking capacity to meet its logistical needs.

Located at 7200 N. Sarival Ave. in Litchfield Park, Ariz., the building was completed in 2023. It is situated in Lincoln’s 210-acre, 3.8 million-square-foot logistics park and one of three buildings in the development’s 2.5 million-square-foot second phase. The 483,300-square-foot Building B is leased by Logisticus Group LLC, a third-party logistics leader. Building A, which has 629,835 square feet of space, is being marketed for sale or lease.

Lincoln sold the 1.3 million-square-foot building in Phase 1 to BentallGreenOak in 2021 for $186 million, marking the highest single-building industrial sale price in Arizona history. Walmart fully occupies the Phase 1 building under a long-term lease.

“The properties were originally built for sale and eventual lease. There has been increased demand for users in the market to actually be direct owners as opposed to a lease,” John Orsak, Lincoln executive vice president, told Commercial Property Executive. “In those circumstances, we were flexible to the user’s wants and began discussions for a sale.”

The sale came several months after a joint venture between Lincoln and Goldman Sachs Alternatives secured a refinancing loan for the Phase 2 buildings in March. Affinius Capital provided $133 million loan, according to Maricopa County public records. Previous debt included a $164 million construction loan originated by Allianz in 2022, Yardi Research Data shows.

Dollar Tree was represented by Reid Wilbraham and Cooper Fratt of CBRE. Lincoln serves as the property manager and leasing agent for Park303.

Building highlights

Orsak noted the Phoenix metro continues to be a leading U.S. industrial market. He called Park303 one of the standout developments within the company’s portfolio.

The property is located within a Foreign Trade Zone, about 27 miles northwest of downtown Phoenix. Northern Parkway, connecting to Loop 303 and U.S. Route 60, is less than a mile away. Park303 offers freeway signage and two Loop 303 freeway interchanges, which links the site to nearby Interstates 10 and 17. The logistics park is within a one-day truck haul of more than 33 million consumers.

All Park303 Phase 2 buildings are LEED-certified and feature 40-foot clear heights, 25-foot-tall glass entries, up to 12,000 amps of power, 7-inch slabs over 4 inches of crushed rock and steel moment frame shear bracing supporting automated racking and picking equipment. Building interiors are bordered with 5-foot by 10-foot clerestory windows, providing sky views and natural light. Building C, situated on nearly 72 acres, has 256 dock-high doors, four grade-level doors and 656 parking spaces. Phase 2 buildings have a total of 430 dock-high doors, 778 trailer stalls and more than 1,556 parking stalls.

Park303 includes high-end speculative office space, an outdoor pickleball and basketball courts, an outdoor entertainment area with barbecues, overhead fans and seating.

More Lincoln deals

In July, Lincoln expanded its Nevada portfolio of leased and managed space by nearly 13 million square feet with the acquisition of real estate services firm Gatski Commercial, which offers investment, brokerage, property management, landscaping and building maintenance services. The transaction brought Lincoln’s total Nevada footprint to more than 20 million square feet, including Central 7 Commerce Center, a 357,608-square-foot, multi-tenant asset and Harmon Warehouse Center, a 147,187-square-foot property, both in West Las Vegas.

During the spring, a joint venture of Lincoln and global alternative investment management firm One Investment Management, secured a $74.2 million loan from Affinius Capital to finance the construction and lease-up of Eastport Logistics, a four-building, 681,920-square-foot industrial project in Boise, Idaho.