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11/01/24
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Lincoln Property Company has acquired an infill office project in the heart of Tempe, Arizona in an $18.3 mil deal. Lincoln plans to redevelop the site into Sky Harbor Logistics, a Class A industrial campus situated minutes from Interstate 10 and Sky Harbor International Airport.
Constructed in 1977, the property covers 16.25 acres at 1515 W. 14th St. Originally built as industrial space and renovated in 2016 into office product, the site is currently home to a 218.3k sf, single-story office building and 1,044-space parking garage. The 1515 building is partially leased to CarMax under a near-term lease expiration.
Lincoln will demolish the existing buildings at the site to prepare the land for Sky Harbor Logistics, a 254k sf industrial campus featuring two identical, 127k sf, Class A buildings with a shared truck court.
Features of Sky Harbor Logistics will include 32’ clear height, 46 dock-high and 28 drive-in doors, 3,600 amps of power per building, ESFR sprinklers, and clerestory windows around the perimeter of each building for enhanced aesthetics and to maximize natural interior lighting.
Designed for speed-to-market and with flexibility for single- or multi-tenant use, both buildings at Sky Harbor Logistics will offer multiple architectural entrances and two spec suites per building. Both buildings will also be delivered with LED lighting and HVAC installed. The project will be served by 535 parking spaces.
Sky Harbor Logistics is minutes from Sky Harbor International Airport and Interstate 10, offering connectivity to the entire Valley and region. It is also proximate to the main campus of Arizona State University and the extensive shopping and dining amenities of downtown Tempe.
“This is a true infill location, surrounded by labor, robust transportation networks and renowned hubs of innovation and connection, from Arizona State University to Sky Harbor International Airport,” said Lincoln Senior Vice President John Orsak. “By embracing this type of redevelopment at Sky Harbor Logistics, we’re creating a path for new businesses, new jobs and all types of new collaborations.”
Will Strong and Molly Hunt with Cushman and Wakefield represented the 1515 W. 14th St. property sellers, Wentworth Property Company and Northwood Investors, with property leasing support from Jeff Wentworth, Mike Beall and Chris Walker, also of Cushman and Wakefield.
Redevelopment activity at Sky Harbor Logistics is expected to begin second quarter 2025. Butler Design Group is the architect for Sky Harbor Logistics. A general contractor has not yet been selected. Lincoln will manage all building leasing and property management.
As a part of the future development at Sky Harbor Logistics, Lincoln will also contribute to the City of Tempe’s Art in Private Development program, bringing public art to the city.
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