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Lincoln Property Divests Tempe DoorDash-Leased Asset for $188M

Lincoln Property Company (LPC) sold Grand2, a 358,000-square-foot Class AA office building in Tempe to Apex Capital Investments Corporation for reportedly $187.5 million. The deal marks the largest office sale to close in Arizona in 2020 and one of the top five Southwestern U.S. office sales this year.

Grand2 was completed in late 2019 and ranked as one of Arizona’s largest-ever purely speculative office buildings. The entire building was almost immediately leased by San Francisco-based, on-demand food platform DoorDash.

Newmark’s CJ Osbrink represented LPC along with Kevin Shannon, Ken White, Brunson Howard, Paul Jones and Rick Stumm. Apex Capital was self-represented in its first-ever Arizona office purchase.

The nine-story building at 1033 W. Roosevelt Way features a 13,000-square-foot indoor/outdoor lobby and amenity lounge with a TV viewing area, collaborative spaces, conference facilities and an on-site fitness facility.

Grand2 is part of a 1.8-million-square-foot phase slated for development by LPC at The Grand at Papago Park Center, a master plan that ultimately will total 3.2 million square feet.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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