A Lincoln Property Co. joint venture has broken ground on Park303, a master-planned industrial development in Glendale, Ariz. The first phase of the project includes a 705,531-square-foot facility and a 488,995-square-foot building, which can combine into a single structure. The two facilities will be built on a 71.5-acre parcel which Lincoln acquired in September 2019 for $11.5 million, according to AZ Big Media. At full build-out, Park303 is set to encompass 4.5 million square feet of Class A industrial space.
Located within Glendale’s New Frontier District, between the Loop 303 freeway and Sarival Road, the $115 million first phase of the development is slated to include 40-foot clear heights, steel moment frame shear bracing, LED lighting and 142 glass windows. Plans also call for concrete truck courts and parking as well as outdoor spaces with covered canopies, seating and barbecues.
Lincoln Property Co. is developing the master-planned industrial park in partnership with Roth Development Corp. and Scottsdale Investment Management. The project totals 265 acres and features freeway signage and easy ingress and egress via two Loop 303 interchanges nearby. Boeing, Microsoft, White Claw, XPO Logistics, UPS, REI, SubZero, Daimler-Benz, Red Bull, Ball Corp. and Aldi are among the project’s corporate neighbors.
Butler Design Group serves as project architect for the first phase of the development, Hunter Engineering is the civil engineer and Willmeng Construction is the general contractor. Completion of phase I is expected during the last quarter of 2020.
Lincoln Property Co. continued to be an active player in other U.S. markets as well. In October, the company started work on two speculative distribution centers in Atlanta’s Interstate 85 South industrial corridor. The project totals 600,000 square feet.
More recently, Lincoln landed a contract to oversee Stonemont Financial Group’s Georgia International Trade Center, a new Savannah, Ga., logistics park that is expected to ultimately encompass 7.2 million square feet.
According to a recent Cushman & Wakefield report, the industrial outlook for the next two years remains strong. The firm’s forecast for industrial absorption for 2020-2021 is nearly 460 million square feet.