Lincoln Property Company (LPC) has announced the completion of the $85 million Lincoln Logistics 40, a project spanning more than 20 acres of Class A industrial space under one roof and representing Phoenix’s first-ever 40’ clear height, fully speculative industrial development.
The 901,770-square foot building – which includes a move-in-ready spec suite – is now available in Phoenix’s West Valley.
“This is the only modern industrial project of its kind in Phoenix that is up, finished and available for immediate occupancy,” said Lincoln Property Company Executive Vice President David Krumwiede. “The timing for the delivery is terrific. Phoenix industrial vacancy rates are at their lowest in 12 years and the market is flush with large tenants looking to expand or set up entirely new operations in Phoenix. They just need the right space.”
According to LPC’s Q3 2018 Industrial Report, the overall metro Phoenix industrial vacancy dipped to 6.94 percent this fall. Average rental rates have remained steady at $0.59 but within that figure there is a notable power player – the big box industrial sector, which has seen an almost 6 percent year-over-year rent growth.
“This is the time to deliver industrial product in Phoenix, particularly in the large big box sector,” said Lincoln Property Company Director of Real Estate John Orsak. “With the completion of Lincoln Logistics 40, we’re able to offer a full 20 acres of prime space under one roof. That is a distinct opportunity for users ranging anywhere from e-commerce to distribution to light manufacturing.”
Lincoln Logistics 40 sits on 50 acres at Interstate 10 at Bullard Avenue, within The Airport Gateway at Goodyear business park in Goodyear, Arizona. Building, which measures one-quarter mile from end to end, includes 40’ clear heights, 161 dock and grade-level doors, 185 trailer storage stalls, 551 parking stalls (expandable to 1,340 parking stalls), fiber optic data and energy efficient clearstory windows in lieu of skylights.
The building also offers a move-in-ready spec suite with 3,202 square feet of fully built-out office space with high-end Class A finishes, 13-foot ceiling-to-floor glass, an outdoor amenity area and a functional interior layout with the ability to add office, conference room and related administrative uses.
Tenants at Lincoln Logistics 40 will benefit from a Foreign Trade Zone Magnet Site classification, offering approximately 72 percent personal property tax savings. They will also have direct access to the amenities of The Airport Gateway Center at Goodyear, which at build out will include more than 2.5 million square feet of upscale regional retail, hotel, office and medical uses, and 3 million square feet of work space including industrial and warehouse – all within one mile of two I-10 full diamond interchanges that provide quick connection to the Loop 101, Loop 303, Highway 85 and the Phoenix Goodyear Airport.
The general contractor for Lincoln Logistics 40 was Layton Construction. The architect is Butler Design Group. John Werstler, Rusty Kennedy and Cooper Fratt of CBRE serve as the Lincoln Logistics 40 exclusive leasing team.
To discuss leasing at Lincoln Logistics 40 or for more information on leasing, investment or property management opportunities with Lincoln Property Company in the Desert West region, call David Krumwiede or John Orsak at (602) 912-8888.