Walmart Buys Phoenix Facility for $152M
This is Arizona’s largest single-building industrial sale so far this year.
Lincoln Property Co. and Goldman Sachs have sold the nearly 1.3 million-square-foot Building C at Luke Field in Glendale, Ariz. Walmart paid $152.2 million for the property, as reported by Phoenix Business Journal.
This deal marked the largest industrial building sale of the year across the state, according to Lincoln. The company represented itself, while JLL led the acquisition negotiations on behalf of Walmart.
Lincoln broke ground on the project using funds from a $74.2 million construction loan issued by Bank OZK in 2023, Yardi Matrix data shows.
The same year, the company started work on the facility that is part of the 2.4 million-square-foot Luke Field. The industrial park came online last year, and outside of the 1.3 million-square-foot warehouse, it features two other facilities measuring 695,197 and 454,761 square feet.
READ ALSO: Phoenix’s Industrial Pipeline Expands but Deliveries Slow
Each building has 40-foot clear heights, 25-foot-tall glass entries, automated dock doors, as well as industrial amenities such as barbecue stations, shaded outdoor eating areas and collaboration spaces. Notably, the campus received LEED Gold certification.
Located on 140 acres at 13803 Northern Ave., the park is about 24 miles northwest of downtown Phoenix. Loop 303 runs about 4 miles away, connecting to Interstate 10 and U.S. Route 60 within approximately 13 miles. It also borders a U.S. Air Force base.
JLL Vice Chairman Marc Hertzberg and Senior Managing Director John Lydon represented Walmart in the acquisition.
Notably, Lincoln held the previous record for Arizona’s largest single industrial building deal of 2025, Phoenix Business Journal reported. It sold another 1.3 million-square-foot asset to Dollar Tree for $147 million in September. That warehouse is part of Park303, a 3.8 million-square-foot campus in Litchfield Park, Ariz.
Phoenix’s industrial investment surges
The Valley of the Sun witnessed an industrial investment volume of more than $2.6 billion during the first 10 months of 2025, the latest Yardi Matrix report shows. Industrial assets changed hands on average for $169 per square foot.
One other significant deal closed in September, when BKM Capital Partners and Kayne Anderson Real Estate acquired a portfolio of eight shallow-bay warehouses across Phoenix. Equus Capital Partners sold the collection for a combined $167.9 million.
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