Blockbuster land deal expands Park303 to 4.5 million square feet

Real Estate | 23 Oct |

A 196-acre land purchase made by a joint venture between Lincoln Property Company (LPC), Ken Roth/Roth Development Corporation and Scottsdale Investment Management LLC has expanded LPC’s just-announced Park303 industrial project into a major new master-planned, Loop 303-fronting industrial park in Glendale, Arizona.

With the additional land, the joint venture industrial park will span approximately 265 acres along the Loop 303 between Bethany Home Road and Glendale Avenue, with the ability to support almost 4.5 million square feet of new industrial construction.

“The Loop 303 has become one of the bright new opportunities for the Southwestern U.S. industrial market,” said Lincoln Property Company Executive Vice President David Krumwiede. “Our plans for Park303 have always been to bring the highest-quality, most innovative and efficient industrial space to the area. This expansion allows us to grow that vision into an even more significant destination, which is a proven formula for this location based on the success of other nearby projects.”

“Park303 is the result of an outstanding working relationship between our team and the City of Glendale, specifically its City Manager’s office and Economic Development group,” said Roth Development Corporation President Ken Roth. “We look forward to a strong and continued relationship as we execute our vision for Park303 and establish its place in the market.”

Just last month, LPC announced its purchase of 71.5 acres in Glendale for construction of Park303, a $115 million, Class A industrial development able to support two buildings at 705,531 square feet and 488,995 square feet, or combine into one single building totaling more than 1.25 million square feet.

Identified as Park303 Phase I, both buildings are scheduled to break ground in January 2020 and deliver in September. Features will include 40’ clear height, efficient LED lighting, clerestory class for abundant natural light, ample truck parking and fully amenitized outdoor spaces with covered canopies, seating and barbeques.

The new land acquisition adds 196 acres to that site, supporting almost 4.5 million square feet of construction.

“Our company is continually looking for great sites to acquire. The Loop 303 corridor rises to that level of excellence as one of the best investment opportunities in the region and an exceptional place for forward-looking businesses to locate and grow their brands,” said Tim Grant, Partner with Scottsdale Investment Management. “Park303 will serve as a best-in-class business environment within that space. We look forward to working with Lincoln Property Company and Roth Development in developing this property to its highest and best use.”

Park303 will have freeway signage opportunities via one full mile of freeway frontage, easy ingress and egress to the project via two full-diamond Loop 303 interchanges at Bethany Home Road and Glendale Avenue, and access via frontage on Sarival Road.

The park sits within Glendale’s New Frontier District, an area along the Loop 303 designated by the City of Glendale for significant economic development. It is also one mile from the Northern Parkway, a new 12.5 mile, high-capacity roadway providing rapid connection between the Loop 303 and US 60/Grand Avenue. With this connection, users at Park303 can avoid common rush hour traffic delays on Interstate 10, helping them to meet critical morning and evening delivery requirements.

Corporate neighbors to Park303 include Aldi, Boeing, Daimler-Benz, Dick’s Sporting Goods, Microsoft, Red Bull, REI, SubZero, UPS and XPO Logistics, as well as hundreds of new residential homes.

Michael Schwab with Land Advisors Organization represented the property land seller, Virgin Farms. Barry Glabman of San Salvador Management represented the land buyers.

Butler Design Group is the project architect for the first two buildings at Park303 Industrial Park and Hunter Engineering is the civil engineer. Selection of the project’s general contractor is underway.

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