Full-service commercial real estate firm Lincoln Property Company (Lincoln) today announced the sale of a 1.25 million-square-foot, Class A industrial building within its award-winning Park303 logistics park to Dollar Tree, Inc. (NASDAQ: DLTR), one of North America’s largest value retailers. The building sold for $147,066,005, according to public records.
Park303 totals 210-acres and 3.75 million square feet of industrial space along the Loop 303 at Glendale Avenue in Glendale, Arizona. Built in two phases, it includes a 1.25 million-square-foot, single building Phase 1 and a 2.5 million-square-foot, three-building Phase 2.
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Dollar Tree purchased Park303 Phase 2 Building C. It will establish a regional distribution center at the site, marking the company’s first regional distribution facility in the metro Phoenix market.
Dollar Tree currently operates over 9,000 stores and 18 distribution centers, and employs approximately 150,000 associates, across the U.S. and Canada.
At Park303, Dollar Tree joins existing Phase 2 tenant Logisticus Group LLC, a third party logistics leader leasing the 483,300-square-foot Building B.
Park303 Phase 1 is also fully occupied under a long-term lease by Walmart. The Phase 1 building was sold in 2021 to BentallGreenOak for $186 million, marking the highest single-building industrial sale price in Arizona history.
“Metro Phoenix continues to distinguish itself as a leading U.S. industrial market, and Park303 is a standout development within our top-tier inventory,” said Lincoln Property Company Executive Vice President John Orsak. “We’re proud of the vision and execution behind this delivery, and its ability to attract high-caliber tenants like Dollar Tree. We welcome them to the project!”
All Park303 Phase 2 buildings are LEED-certified and Foreign Trade Zone-capable, featuring 40’ clear height, 25’ tall glass entries, up to 12,000 amps of power, 7” slabs over 4” of crushed rock, and steel moment frame shear bracing supporting highly modern, automated racking and picking equipment. Together, the buildings offer 430 dock doors, 778 trailer stalls and more than 1,556 parking stalls.
Building interiors are bordered with 5’ x 10’ clerestory windows, providing employees with access to sky views and natural light. The buildings also reflect Lincoln’s “creative industrial” approach to Class A industrial development, incorporating elements often only found in office buildings.
At Park303, this includes high-end speculative office space, an outdoor pickleball and basketball court, and an outdoor entertainment area with gourmet barbecues, overhead fans and seating designed for employee comfort.
“Dollar Tree’s site selection process prioritized a modern workplace and a facility that was both operationally efficient and able to remain flexible in a fast-changing market,” said Lincoln Property Company Senior Executive Vice President David Krumwiede. “Park303 gives them all of this, from its immediate amenity advantages to its ability to support modification – including Dollar Tree’s plans to further expand the site’s trailer parking capacity to meet the company’s unique logistical needs.”
Locationally, Park303 offers freeway signage and two full-diamond Loop 303 freeway interchanges – quickly linking the site to nearby Interstates 10 and 17, and Northern Parkway, and positioning it within a one-day truck haul to more than 33 million consumers.
Corporate neighbors include Boeing, Microsoft, White Claw, XPO Logistics, UPS, REI, SubZero, Daimler-Benz, Red Bull, Ball Corporation, Aldi and Williams Sonoma, as well as hundreds of new residential homes.
Lincoln serves as the property manager and leasing agent for Park303. Dollar Tree was represented by Reid Wilbraham and Cooper Fratt of Cushman and Wakefield.
The tenant is represented by CBRE’s Reid Wilbraham and Cooper Fratt.
Lincoln is actively fielding lease and acquisition interest for Park303’s remaining building, the 629,835-square-foot Phase 2 Building A.
To discuss Park303 availability or for general leasing and development opportunities with Lincoln, call Krumwiede or Orsak at (602) 912-8888.
