Nike Inc. paid $69.8 million to a joint venture consisting of Lincoln Property Co. and Goldman Sachs Group Inc., for ownership rights to a 901,700-square-foot industrial facility in Goodyear. The sportswear manufacturing giant will use the facility, known as Lincoln Logistics 40, to produce the mid-sole cushioning portion of its athletic shoes.
”This is the culmination of a multi-year, multi-state search for a facility that could meet the specific manufacturing and logistics needs of this user,” said Lincoln Property Company Executive Vice President David Krumwiede. “Lincoln Logistics was built to serve just this type of large-scale, sophisticated tenant, so we were very excited to make the match.”
John Werstler, Cooper Fratt and Rusty Kennedy with CBRE represented the seller; John Grady and Jackie Orcutt also with CBRE, negotiated on behalf of Nike. LPC and Goldman Sachs developed the speculative property, situated on close to 50 acres at 575 S. 143rd Ave., which was completed in late 2018.
The city of Goodyear, west of Phoenix, agreed to provide Nike with roughly $2 million in incentives, in the form of job-creation funding and waiving of review and permit fees for phase one. Nike intends to invest a minimum of $184.5 million in tenant improvements and capital equipment.