Lincoln Sells 2 Phoenix-area Assets for $170M

Nuveen Real Estate has acquired two Class A industrial buildings at the 210-acre Park303 logistics campus in Glendale, Ariz., for $170.3 million. Developer Lincoln Property Co. sold the assets.

The deal marks the largest two-building sale figure in Arizona history, according to Lincoln.

The transaction represents the final building sales at the four-building, 3.8 million-square-foot campus that was completed in two phases between 2020 and 2025. The second phase, which comprises three buildings, spans 2.5 million square feet.

The two cross-dock buildings sold by Lincoln are both in Phase 2 at the LEED-certified logistics park. They are Building A, totaling 629,835 square feet, and Building B, totaling 483,000 square feet.

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Building A, which came online in 2023 at 16500 NW Glendale Ave., is fully leased to DHL. The global 3PL provider signed a lease in March. Building B, located at 16400 NW Glendale Ave., was completed in 2023 and is fully leased to Logisticus Group LLC.

Park303’s buildings feature 40-foot clear heights, 25-foot-tall glass entries, up to 12,000 amps of power and 7-inch slabs over 4 inches of crushed rock. Located on nearly 37 acres, Building A has 429 parking spaces, 102 dock-high doors and four grade-level doors. Building B, situated on 30 acres, has 471 parking stalls, 72 dock-high doors and four grade-level doors.

Park303 also has amenities including speculative office space, an outdoor pickleball and basketball court, and outdoor entertainment area with barbecues, overhead fans and seating.

Dave Krumwiede, Lincoln senior executive vice president, told Commercial Property Executive that Lincoln builds its properties to a standard that anticipates demand, rather than delivering a generic product.

“The owners and investors who have acquired our Park303 buildings, and buildings in our many other local projects, recognize this quality and long-term value and are willing to pay a premium to own it,” Krumwiede said.

More campus highlights

The third building in Phase 2, a 1.3 million-square-foot asset at 7200 N. Sarival Ave., was sold to Dollar Tree in October 2025 for $147 million. It was the company’s first regional distribution facility in the Phoenix metro.

The single-building, 1.3 million-square-foot Phase 1 was completed in late 2020. The building is fully occupied by Walmart under a long-term lease. It was purchased by BentallGreenOak in September 2021 for $186 million, marking the highest single-building industrial sale price in Arizona history.

Park303 is situated along Loop 303 at Glendale Avenue, between two full-diamond interchanges, providing quick access to interstates 10 and 17 and Northern Parkway. The property is within a Foreign Trade Zone and is roughly 27 miles from downtown Phoenix. The logistics park is within a one-day truck haul of more than 33 million consumers.

Cushman & Wakefield Executive Vice Chair Will Strong and Director Molly Miller represented Lincoln in the final Park303 Phase 2 building sales.

Top-tier industrial market

“Metro Phoenix has established itself as a Tier 1industrial market with staying power,” Krumwiede told CPE. “Population growth, a deep labor pool, an exceptional transportation infrastructure—including a growing reputation as a strategic inland port—and proximity to Southern California and Mexico are all fundamentals driving this evolution and attracting national and global distribution and manufacturing users.”

Industrial net absorption across the Phoenix market totaled 6.1 million square feet in the second quarter of 2026 and 9.4 million square feet for the first half of the year, up 114 percent from the first six months of 2025, according to Cushman & Wakefield’s Q2 2026 Phoenix Industrial Marketbeat report. Leasing activity in the second quarter totaled 7.7 million square feet, up 2.1 percent from the first quarter and 9.1 percent year-over-year.

Vacancy in the second quarter declined by 240 basis points year-over-year to a nine-quarter low of 10.8 percent due to fewer new completions, Cushman & Wakefield reported. The market saw just 8.4 million square feet of new space added in the past 12 months, down 71 percent from the rolling 2022-2024 annual average of 29.1 million square feet.