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TEXAS/SOUTHWEST NEWS
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Industrial Property Trust Buys 340k sf Phoenix Portfolio from Lincoln Property Company

1/07/16

Industrial Property Trust Inc, a CO-based REIT, acquired a five-building Northwest Phoenix industrial portfolio from Lincoln Property Company (LPC) in a $37.98 mil transaction. The deal includes Lincoln Deer Valley and Lincoln Pinnacle Park assets, which contain a total of 340.6k sf ($112/sf) of state-of-the-art, Class A single and multi-tenant industrial space.

LPC serves as property manager for both projects, and will continue do to so for the new owner. This continues a long-standing relationship between the companies that was established in 2013, when LPC sold Broadway 101 to a former entity of Industrial Property Trust for more than $77 mil. LPC continues to manage the 11 building, 808k sf Broadway 101 industrial park as part of LPC’s 8 msf local property management portfolio.

“This is a perfect example of the success happening in Phoenix’s small- to mid-size industrial space,” said Lincoln Property Company’s Vice President Amr Ceran. “These buildings are 97 percent NNN leased with staggered expirations, and below-market rents that deliver a long runway of upside potential for the new owner. It is a great position to be in for both a buyer and a seller.”

The Lincoln Deer Valley project is located at 21420 and 21430 N. 15th Lane in Phoenix, while Lincoln Pinnacle Park is located at 23040 N. 11th Ave. in Phoenix – on sites to the direct north and south of Phoenix Deer Valley Municipal Airport. The buildings provide a range of suite sizes to meet the needs of a wide variety of users – a combination that has attracted 19 unique tenants including Petsmart, Alstom, Reynaer’s, US Air Conditioning Distribution and California Closets. Industrial neighbors include Honeywell and FedEx.

Constructed between 2005 and 2006, Lincoln Deer Valley and Lincoln Pinnacle Park offer 24- to 30-foot minimum clear heights, ample trailer storage and car parking. They are located approximately 2.5 miles from one another with direct access to I-17 and the Loop 101 Fwy, and are minutes from the Phoenix Deer Valley Municipal Airport, one of the nation’s busiest general aviation airports. Tenants also benefit from Foreign Trade Zone status, providing state and local tax incentives and on-site job training programs.

Darla Longo, Barbara Emmons, Dan Calihan and Pat Feeney of CBRE represented LPC in the sale.

“Phoenix’s industrial market is flush with active, growth-minded companies who have pushed industrial vacancy rates to near single-digit status,” said LPC Director of Management Services Alisa Timm, who directs the company’s property management strategy. “Much of this activity is happening in the 5k sf to 50k sf range – the precise type of tenants who occupy projects like Lincoln Deer Valley and Lincoln Pinnacle Park. This requires a broad understanding of property management, but it also creates very diverse opportunities for our team to shine.”

LPC purchased the five-building portfolio in 2011 from Cornerstone Real Estate Funds as part of a strategy to purchase and stabilize core, institutional-grade industrial space. Through an aggressive leasing plan, LPC – in partnership with Steve Sayre, Pat Harlan and Kyle Westfall of JLL – improved the project from 70 percent to nearly 100 percent occupied.

The sale of Lincoln Deer Valley and Lincoln Pinnacle Park caps off a record-breaking year for the Phoenix office of Lincoln Property Company, who since January 2015 has generated more than $271 mil in metro Phoenix investment and development activity. This includes the company’s very recent, $44 mil purchase of the historic Luhrs City Center in downtown Phoenix, the $58 mil LPC-Oaktree Capital Management purchase of Biltmore Commerce Center in Phoenix, the $42.3 mil disposition of Camelback Square in Scottsdale and the $65 mil LPC-Goldman Sachs purchase of Promenade Corporate Center in Scottsdale. It also includes the development and delivery of the $24 mil Waypoint Building One office property in Mesa.





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