At $186M, Park 303 Phase I is the Highest Single-Building Industrial Sale in AZ History

Within one month of its completion, developer LPC Desert West completed the sale of the 1.25 million-square-foot Park 303 Phase I in Glendale, AZ to BentallGreenOak. At $186 million, the transaction represents the highest single-building industrial sale price in Arizona history.

Phase I, which has been fully leased to a Fortune 1 retailer, is located on 71 acres fronting the Loop 303 freeway, between Bethany Home Road and Glendale Avenue. It is part of LPC’s larger Park303 master planned industrial park, spanning 210 acres and has the capacity to support 4 million square feet of class-A industrial development.

LPC developed Phase I as a two-building speculative development with the ability to rapidly combine into a single larger building as market demand requires.

“Park303 was one of the first industrial developments in the state to quickly convert two stand-alone buildings into one larger facility to meet the needs of a major single user,” said David Krumwiede, senior executive vice president with LPC Desert West. “That flexibility – along with a premier location and high-tech high-velocity e-commerce fulfillment capabilities – is what cemented our full-building lease.”

Ed Lampitt, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield represented Park 303’s Phase I tenant. Will Strong of Cushman & Wakefield represented LPC on the investment sale. LPC will continue to provide the building’s property management services.