Lincoln Property, Goldman Sachs Ink Full-Building Industrial Prelease
The deal brings the tenant's Phoenix industrial footprint to nearly 1.5 million square feet.
LPC Desert West, Lincoln Property Co.’s Southwest division, together with partner Goldman Sachs, has inked a full-building prelease at Buckeye85, its 321,892-square-foot Class A industrial development in Tolleson, Ariz. Tempur-Pedic, a mattress and pillow making company, will use the location for a new distribution center.
JLL’s Managing Director Riley Gilbert negotiated on behalf of the tenant, which now has a Phoenix industrial footprint of almost 1.5 million square feet.
Located at 10333 W. Buckeye Road, the $60 million project broke ground in 2021. The cross-dock industrial development features a 36-foot clear height, 91 dock-high doors and concrete truck courts. When complete, the property’s amenities will include smart technology, as well as an outdoor common area with built-in barbeque capabilities and outdoor dining spaces.
Sitting on 20 acres within a Foreign Trade Zone, Buckeye85 is close to Interstate 10 and U.S. Highway 101, 14 miles from downtown Phoenix and 18 miles from Phoenix Sky Harbor International Airport. Companies in the area include Amazon, PepsiCo, Home Depot and Kroger, among others.
Phoenix’s recent industrial projects
Phoenix led the Western markets for industrial development, with 54.5 million square feet under construction as of March, a recent CommercialEdge report shows. The value accounted for 15.7 percent of the existing stock.
The metro’s new developments include Rehrig Pacific’s injection molding manufacturing plant in Buckeye, Ariz. Expected to open in early 2024, the 260,000-square-foot facility could be expanded by as much as 500,000 square feet.
In April, two companies received significant incentives for the development of some 2.5 million square feet of industrial space near Loop 202. IDM Cos. plans to build a 1.2 million-square-foot industrial park, while Leon Capital Group’s future campus will comprise four buildings across 82 acres.