Lincoln Property Company announced the sale of Lincoln Sky Harbor to LTJ Skyline/Grand Stable and Carriage. Lincoln Sky Harbor is situated on 7.57 acres and consists of three buildings totaling approximately 130,000 SF. The property is located at the northwest corner of 16th Street and Interstate 17, in Phoenix, and neighbors Phoenix Sky Harbor International Airport.
Phoenix Sky Harbor International Airport is ranked as one of the nation’s top 10 busiest airports for passenger traffic with a $79M daily economic impact. “Being adjacent to one of the nation’s top ten busiest airports has been a key factor to the success of the development,” said David Krumwiede, Executive Vice President, Lincoln Property Company.
Noted as a successful in-fill project, the industrial project was developed by Lincoln Property Company in partnership with INVESCO, a leading independent global investment management firm operating in more than 20 countries.
“Lincoln Sky Harbor is an attractive investment for many reasons, including the stable tenant base, the freeway exposure and proximity to Phoenix Sky Harbor International Airport,” continued Krumwiede. “This infill project is one of many Lincoln projects that have capitalized on under-utilized properties.”
Lincoln Property Company was awarded the “Spec Industrial Development of the Year – 100,000 to 250,000 SF” for the Lincoln Sky Harbor project by the Arizona Chapter of the National Association of Industrial and Office Properties (NAIOP).
The property is 93.4% occupied with tenants such as GardaWorld, one of the top 10, fastest-growing security companies globally. GardaWorld is headquartered in Montreal, Canada, and provides business solutions and security services around the world. Other tenants include Premier Lighting, 1-800-Flowers and The Synthetic Grass Store. Lincoln Property Company will continue to manage the property under the new ownership.
“LPC is pleased to continue serving as the property manager,” said Alisa Timm, CPM, Director of Management Services, Lincoln Property Company. “Lincoln is known for managing properties with the philosophy of making decisions as if the asset was our own. LPC will continue to provide the highest level of management service to the new ownership.”
Lincoln Property Company was represented by Daniel P. Calihan, Pat Feeney, Joe Porter III, and Rusty Kennedy of CBRE. LTJ Skyline/Grand Stable and Carriage negotiated on their own behalf.