Lincoln Property Company (LPC) has acquired the two-building, 219,240-square-foot Freeport Distribution Center industrial project in southwest Phoenix. Freeport Distribution Center is located at the northwest corner of Buckeye Road and 51st Avenue, just minutes from the Phoenix Sky Harbor International Airport.
The project is a close-in infill site offering immediate connectivity to the I-10, I-17 and Loop 303 freeway. It boasts a strong tenant roster that includes Nestle North America and two Canadian-based, construction industry credit tenants: Moulding & Millwork (a subsidiary of Metrie) and Hardwoods Specialty (a subsidiary of Hardwoods Distribution, Inc.)
LPC purchased Freeport Distribution Center from Atlanta-based IDI Gazeley Brookfield Logistics Properties and California-based BlackRidge Real Estate Group. Brett Tremaine, Anthony Brent, Ryan Martin and Tom Simmons from HFF represented the seller. LPC will provide exclusive property management services for the new acquisition.
“Phoenix’s southwest Valley is an extremely sought-after industrial real estate submarket,” said Lincoln Property Company’s Executive Vice President David Krumwiede. “Freeport Distribution Center is a great example of the submarket’s strength and its potential to become even stronger as its key assets continue to stabilize.”
Krumwiede quickly engaged LPC’s property management team to capitalize on the project’s potential, and is looking for additional opportunities across the Southwest to do the same. “As a medium-size bay project, Freeport provides a nice balance to our regional portfolio. It is a welcome part of our company’s continued growth.”
“Freeport Distribution Center allows LPC to do what we do best, which is to bring a good asset up to its maximum value,” added Lincoln Property Company’s Director of Management Services Alisa Timm, who oversees a more than 6.5 million-square-foot management portfolio for the company’s Desert West Region. “We do this by providing the services that today’s owners need most: financial savvy, positive relationships and creative ideas that keep tenants and buildings at the top of their game.”
Located on approximately 11 acres at 5240 and 5302 W. Buckeye Road in Phoenix, Freeport Distribution Center includes one 135,114-square-foot industrial building and one 84,126-square-foot industrial building. The project features 25 – 28-foot clear heights, ESFR sprinkler system, front-load configuration and 240 – 260-foot shared truck court.