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1/08/24
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Lincoln Property Company (LPC) has completed work on Park303 Phase 2, a Class A, 2.5 msf industrial development in Glendale, AZ. The project boasts many creative industrial amenities, including: a high-end speculative office suite; leading-edge features for modern manufacturing and distribution; and a premier outdoor area with a pickleball and basketball court, barbeques and entertainment area with shaded outdoor seating designed for employee comfort.
“Park303 represents the future of industrial, which in Phoenix involves some of the sector’s most forward-thinking users, from semiconductors and energy to manufacturing and e-commerce,” said Lincoln Property Company Senior Executive Vice President David Krumwiede. “Buildings that function at the forefront of modernity and empower companies to exceed employee needs in the same way a highly amenitized Class A office building might, will be the ones to succeed in our increasingly sophisticated landscape. We’ve considered all of these factors in the design of Park303 and the results have been exceedingly well received.”
Developed by LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Company, Park303 is located at the intersection of the Loop 303 and Glendale Ave. The project’s Phase 2 contains three state-of-the-art industrial buildings: Building A totaling 629.8k sf, Building B totaling 483.8k sf and Building C totaling 1.25 msf. At a tenant’s request, Buildings A and B can also be combined into a single building totaling 1.21 msf.
Park303 Phase 2 sits on 71.5 acres fronting the Loop 303 freeway, one of the nation’s hottest new industrial corridors. It completes LPC’s Park303 development, which now at completion spans 210 acres able to accommodate more than 3.7 msf of Class A industrial development.
Buildings at Park303 Phase 2 feature 40’ clear height, 25’ tall glass entries, 3 to 12,000 amps of power with conduit in place for expansion, 7” slabs over 4” of crushed rock, and steel moment frame shear bracing that allows for highly modern, automated racking and picking equipment. Interiors are bordered with 5’ x 10’ clerestory windows, providing employees with access to sky views and natural light, shown to increase productivity and mental focus.
Park303 Phase 2 sits directly north of LPC’s Park303 Phase One, a 1.25 msf building that is fully occupied under a long-term lease by Walmart. The Phase 1 building was sold in 2021 to BentallGreenOak for $186 mil, marking the highest single-building industrial sale price in Arizona history.
Fronting the Loop 303, Park303 Phase 2 offers freeway signage opportunities and convenient ingress and egress via two full-diamond freeway interchanges. It sits within a one-day truck haul to more than 33 million consumers. It is also one mile from the Northern Parkway, a high-capacity roadway providing rapid connection between the Loop 303 and US 60/Grand Avenue. For tenants, this provides expedited routes for distribution operations 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, Aldi and Williams Sonoma, as well as hundreds of new residential homes.
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