Who says sequels aren’t as grand as the original? With its record-breaking sale of Park303: Phase 1, LPC Desert West has started construction of Park303: Phase 2. The new phase (sequel?) will bring nearly 2.5 million square feet of state-of-the-art industrial buildings that will front Loop 303 in Glendale, Ariz.
Park303 Phase 1 was sold in September, 2021, to BentallGreenOak for $186 million, marking the highest single-building industrial sale price in Arizona history. The original plan was later melded with a long-term, full-building lease with Wal-Mart.
LPC Desert West is the southwest portion of Dallas-based Lincoln Property Co. And LPC-DW’s Phase 2 will bring a record high of almost 7 million square feet under development or construction in its region of Arizona, Nevada, Utah and New Mexico.
Fun project point: indoor/outdoor amenities at Park 303 Phase 2 include a basketball/pickleball court, barbeque station, shaded outdoor eating area and employee collaboration spaces.