Lincoln Lands Full-Building Tenant Near Phoenix
The 3.8 million-square-foot campus is now fully leased.
Lincoln Property Co. has signed a global 3PL provider to a full-building, 629,835-square-foot lease at Park303 in Glendale, Ariz. The deal means that the 3.8 million-square-foot, LEED-certified industrial campus is now fully leased.
The tenant will occupy Building A, a facility that came online in 2023 at 16500 NW Glendale Ave., according to Yardi Matrix information. JLL’s Marc Hertzberg, Kelly Royle, Charlotte Elstob and Dan McGillicuddy represented the 3PL firm.
LPC developed Park303 between 2021 and 2023 on a 210-acre site. The logistics campus consists of a 1.3 million-square-foot, single-building Phase 1 and a 2.5 million-square-foot, three-building Phase 2.
READ ALSO: Industrial Real Estate Trends
Park303’s buildings 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. In all, the park’s buildings total 430 dock doors, 778 trailer stalls and more than 1,556 parking stalls.
The park also incorporates amenities typically found only in office buildings. They include high-end speculative office space, an outdoor pickleball and basketball court, as well as an outdoor entertainment area with gourmet barbeques, overhead fans and seating.
Brought to full occupancy
Walmart fully occupies Phase 1 under a long-term lease. BentallGreenOak purchased the facility in 2021 for $186 million, back then the highest single-building industrial sale price in Arizona history.
With this latest lease, Phase 2 is now also fully occupied. Logisticus Group LLC previously leased the entire 483,300-square-foot Building B, and Building C sold in October 2025 to Dollar Tree for $147 million. Dollar Tree uses it as its first regional distribution facility in metro Phoenix.
The property is situated along the Loop 303 at Glendale Avenue, between two full-diamond interchanges, creating quick access to interstates 10 and 17 and Northern Parkway.
Phoenix industrial market running smoothly
The Phoenix industrial space market hummed along smoothly as 2025 ended, with quarterly net absorption increasing to 7.5 million square feet from 4.1 million in the third quarter, and well ahead of the 1.9 million square feet 12 months prior, according to a fourth-quarter report from JLL.
Overall vacancy slid to 12.7 percent, though the metro has nearly 12 million square feet of industrial space under development, not quite half of it preleased, JLL reported.
In December, LPC and Goldman Sachs sold the nearly 1.3 million-square-foot Building C at Luke Field in Glendale, Ariz., to Walmart for $152.2 million. At the time, the deal was Arizona’s largest industrial building sale of the year. JLL represented Walmart.
You must be logged in to post a comment.