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Lincoln Property Trades Phoenix Warehouse for $147M
Dollar Tree paid $147 million for one phase of the 3.75 million square foot Park303 Logistics Park in Glendale, Arizona. Lincoln Property Company was the developer and seller.
Park303 totals 210 acres along 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. Dollar Tree purchased Park303 Phase 2 Building C. The company will establish a regional distribution center at the site, marking its first regional distribution facility in the Phoenix metropolitan area.
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.
At Park303, amenities include 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.
Reid Wilbraham and Cooper Fratt of CBRE represented Dollar Tree.
- ◦Sale/Acquisition
