LPC buys 2 buildings at AZ 202 Commerce Park for $32.5M
In its first major metro Phoenix industrial acquisition of the year, leading commercial real estate firm Lincoln Property Company (LPC) has closed on two buildings at AZ 202 Commerce Park in Chandler, Arizona for $32.5 million.
Located at 1600 S. Hamilton St. in Chandler, the newly acquired project totals 7.74 acres and 140,372 square feet in two fully leased buildings – a 65,892-square-foot Building A and a 74,480-square-foot Building B. The property sits adjacent to AZ 202 Commerce Park Phase I, a 106,000-square-foot build-to-suit completed in 2018 and fully occupied by PODS Moving and Storage.
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All three buildings were developed by ViaWest Group. Buildings A and B were delivered in 2020, ranking them among the newest industrial construction in the submarket.
“Phoenix has become a destination for the best and brightest industrial tenants, and as a result has attracted the attention of world-class institutional investors,” said LPC Desert West Senior Executive Vice President David Krumwiede. “It is great to see – and be a part of – core institutional capital being directed here as part of long-term, buy-and-hold investment strategies.”
AZ 202 Commerce Park is located in the heart of one of the nation’s best-performing industrial markets, minutes from a full-diamond interchange at the Loop 202 freeway and Arizona Avenue.
It is supported by a highly qualified labor pool, an attractive cost of living and cost of doing business, and a high-barrier-to-entry submarket where, according to CBRE, record tenant demand is expected to drive rental rates up by more than 30 percent in the next five years.
Building amenities at Buildings A and B include 28’ clear height, 60’ speed bays, gated and secured concrete truck courts and 38 rear-load doors offering dock-high and grade-level loading. Additional amenities include an ESFR sprinkler system, LED lighting, 2000amps of power per building and generous car and trailer parking.
The property seller, Via West, was represented by Will Strong, Mike Haenel, Andy Markham, Phil Haenel and Greer Oliver of Cushman and Wakefield.
Current LPC industrial developments in Arizona include the 210-acre Park303 industrial park, 322,000-square-foot Buckeye85 and 475-acre Goodyear Airpark.
For more information on LPC development, investment and property management services in the Desert West region, contact Krumwiede or LPC Desert West Vice President John Orsak at 602.912.8888.