![\"\"](\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/05\/MOD-38443_LincolnCommercePark2_PHOTO2.jpg\" "\\"MOD-38443_LincolnCommercePark2_PHOTO\\"")
<\/a><\/p>\nThe 336,665-square-foot, four-building complex is part of Lincoln Commerce Park, which features 550,000 square feet of office, showroom and warehouse space.<\/p>\n
Completed in 2007, Lincoln Commerce Park is located at Interstate 17 and 7th<\/sup> Avenue and is 83% occupied. Current tenants include Criterion Brook, Lochinvar, Standard Renewable Energy, United Hospital Service and Southeast Aluminum. Chris Toci of Cushman & Wakefield Inc. and Jeff Conrad and Allen Lowe of Lee & Associates represented Lincoln Property in the transaction.<\/p>\nLincoln Commerce Park 2 is outperforming the market in terms of occupancy. As of the first quarter, Phoenix\u2019s office vacancy rate stood at 26.1 percent, an improvement of only 0.2 percent year-over-year, according to CBRE Group Inc. \u00a0On the plus side, Phoenix\u2019s net absorption of 1.9 million square feet ranked fifth in the nation last year, trailing only San Francisco, San Jose, Houston and Dallas.<\/p>\n
Phoenix\u2019s miniscule office development pipeline\u2014a single 90,000-square-foot project offers the sole new product in the works\u2014will have little impact on vacancy in the near term. A trend of rethinking strategies for using space has added 320,000 square feet of positive absorption in the Class A and Class C categories and a comparable amount of negative absorption in Class B properties, CBRE noted.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Alex Girda, Associate Editor In a $26.1 million deal, a joint venture of Lincoln Property Co. and Invesco Realty Advisors sold Lincoln Commerce Park 2, a 336,665-square-foot complex in Phoenix, to an affiliate of Cornerstone Realty Advisers L.L.C., Business Real Estate Weekly of Arizona reported. The 336,665-square-foot, four-building complex is part of Lincoln Commerce […]<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1601],"tags":[39459],"class_list":["post-1004053349","post","type-post","status-publish","format-standard","hentry","category-latest","category-phoenix","tag-phoenix"],"acf":[],"yoast_head":"\n
Cornerstone Realty Pays $26.1M for Lincoln Commerce Park 2 - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cornerstone-realty-pays-26-1m-for-lincoln-commerce-park-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cornerstone Realty Pays $26.1M for Lincoln Commerce Park 2\" \/>\n<meta property=\"og:description\" content=\"By Alex Girda, Associate Editor In a $26.1 million deal, a joint venture of Lincoln Property Co. and Invesco Realty Advisors sold Lincoln Commerce Park 2, a 336,665-square-foot complex in Phoenix, to an affiliate of Cornerstone Realty Advisers L.L.C., Business Real Estate Weekly of Arizona reported. 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