Lincoln Property Company sold this Phoenix industrial project to leaser XPO Supply Chain for over $30 million (Photo courtesy of Lincoln Property Company)
After leasing out for three years, LPC sells $30M industrial property
After leasing a Class A Lincoln Property Company (LPC) distribution facility in the heart of Phoenix’s Southeast Valley industrial market for three years, global supply chain leader XPO Supply Chain Inc. has opted to purchase the building for more than $30 million.
A top-ten global provider of supply chain solutions, XPO (formerly Menlo Worldwide) originally occupied the LPC building 2013, bringing with it wide variety of internet fulfillment-related jobs. Last week, XPO executed its option to purchase the building, which is located at 7037 W. Van Buren St. in Phoenix, for $30,378,000.
“Build-to-suits have been hot in Phoenix for years, but big tenant demand for existing space was average. Now, big tenant activity is on the rise, which is tightening the availability of large blocks of space and making assets like 7037 very attractive for tenants and investors alike,” said Lincoln Property Company’s Executive Vice President David Krumwiede.
The 7037 building totals 552,330 square feet of Class A warehouse/distribution space. Amenities include 31.5 to 35.5-foot clear height, energy efficient lighting, evaporative cooling, skylights and sprinklers. The 31.8-acre lot includes the main building, a fenced truck court with guard shack and parking for 378 cars, 146 trailer stalls and 100 truck bays with cross dock and front load configurations. It is within a Foreign Trade Zone, providing state and local tax incentives and on-site job training programs. Corporate neighbors include Target, Amazon and HSN.
The project is one mile from Interstate 10, served by two full diamond interchanges at 67th Avenue and 75th Avenue. It is also 15 minutes from Sky Harbor International Airport.
Connecticut-based XPO specializes in supply chain management, truckload brokerage and transportation, high-value-add warehousing and distribution, global forwarding and last mile logistics. It employs more than 87,000 in 1,440 locations worldwide, serving more than 50,000 customers including Boeing, The Home Depot, IKEA and L’Oreal.