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October 27, 2021
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BentallGreenOak Buys 1.25 msf AZ Industrial Facility in Record Deal


In a transaction we’re told represents the highest single-building industrial sale price in Arizona history, BentallGreenOak has purchased the 1.25 msf, Park 303 Phase I in Glendale for $186 mil, or $149/sf. The facility, which has been fully leased to a Fortune 1 retailer, was just completed within the month by LPC West.

The property sits on 71 acres fronting the Loop 303 Fwy, between Bethany Home Rd and Glendale Ave. It is part of LPC’s larger Park303 master planned industrial park, spanning 210 acres and with the capacity to support nearly 4 msf of Class A industrial development. LPC developed Phase I as a two-building speculative development, with the ability to rapidly combine into a single, larger building as market demand required.

Park 303 Phase I directly fronts the Loop 303 freeway, offering easy ingress and egress via two full-diamond freeway interchanges, and convenient access to a deep and skilled West Valley labor pool.
Building amenities include 40’ clear height and steel moment frame shear bracing that allows for highly modern, automated racking and picking equipment. Other amenities include 25k sf of Class A office and training space, large breakrooms and upgraded, fully amenitized outdoor spaces with covered seating, a barbeque station and grass area for games and events.

Employees also benefit from efficient LED lighting and more than 140 large clerestory glass windows, which provide access to sky views and shifting natural light, shown to increase productivity and mental focus.

Park 303 Phase I was originally developed as a 705.5k sf Building A and 489k sf Building B. To accommodate a major global user, LPC quickly combined the buildings into a single facility. The gated, supply-chain-centric site has full concrete truck courts, ample truck parking and private drives.

The project sits within Glendale’s New Frontier District and is one mile from the Northern Pkwy, a 12.5-mile, high-capacity roadway providing rapid connection between the Loop 303 and US 60/Grand Avenue. The connection offers expedited distribution routes and allows employees to avoid common rush hour traffic delays on Interstate 10.

Corporate neighbors to Park303 include Boeing, Microsoft, White Claw, XPO Logistics, UPS, REI, SubZero, Daimler-Benz, Red Bull, Ball Corporation and Aldi, as well as hundreds of new residential homes.

“Park303 was one of the first industrial developments in the state to quickly convert two stand-alone buildings into one larger facility to meet the needs of a major single user,” said LPC Desert West Senior Executive Vice President David Krumwiede. “That flexibility – along with a premier location and high-tech, high-velocity e-commerce fulfillment capabilities – is what cemented our full-building lease. Our buyer recognized these advantages and moved quickly to secure the building and its significant long-term value.”

Ed Lampitt, Mike Haenel, Andy Markham and Phil Haenel of Cushman and Wakefield represented Park 303’s Phase I tenant. Will Strong of Cushman and Wakefield represented LPC on the investment sale. LPC will continue to provide the building’s property management services.

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