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Lincoln Ready to Roll on $35-Mil Flagship Project

PHOENIX-The right land and pent-up demand create a sure-fire cushion for Lincoln Property Co. to break ground next week on a 224,116-sf spec project in the Sky Harbor Airport submarket. Build-to-suit prospects are lining up for the balance of the 523,122-sf Lincoln Commerce Park.

By Connie Gore | Updated on November 06, 2001

PHOENIX-Dallas-based Lincoln Property Co.’s Phoenix team is coming out strong as it preps for a ground-breaking next week on a $35-million flagship project that will deliver 523,122 sf of industrial space in the Sky Harbor Airport submarket. The start will fall within two weeks of closing on a 33.3-acre hotspot that had four bidders vying for a farmer’s land.

Lincoln Commerce Park’s initial phase of 224,116 sf will come out of the ground as a four-building spec project amid talks with several interested parties for four build-to-suits on the 19-acre balance, David Krumwiede, Lincoln’s executive vice president and regional partner of the Southwest operations, tells GlobeSt.com. Lincoln presently is awaiting a sign-off on grading permits from the city for the 14-acre launch.

Lincoln, which opened its Phoenix office about six months ago, considers itself “lucky” to have gained control of acreage that was never before available. It’s a hotspot in a submarket where land is tight, vacancy is low and demand is plentiful, says Krumwiede. He isn’t saying how much Lincoln paid for the acreage at the intersection of Interstate 17 and 7th Avenue. But, he does say the land and developed buildings are carrying a bundled price tag of $35 million.

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