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Lincoln Parts With Four-Building Park; Plans More Industrial Space

PHOENIX-In a dual-pronged play, Lincoln Property Co. sells the 224,308-sf Lincoln Commerce Park for $20.3 million in an off-market deal and makes plans to build another 307,804 sf, with a $21-million development cost, on 19 acres right across the street.

By Jennifer D. Duell | Updated on April 20, 2005

PHOENIX-In back-to-back deals, Dallas-based Lincoln Property Co. has picked up $20.3 million for the 224,308-sf Lincoln Commerce Park and plans to spend $21 million to develop another 307,804 sf of class A industrial space on 19 acres right across the street.

The park’s four warehouses were fully leased at sale time. “We had planned to take Lincoln Commerce Park to market once it reached 80% occupancy, but we received an offer when we had a lot of leases about to be signed,” Cooper Sutherland, a development associate with Lincoln Property, tells GlobeSt.com. “We did an analysis of historical sales and decided the offer was beneficial.” He adds the $90.39 per sf price is a “high-water market for these type of buildings.” Joe Porter, Pat Feeney and Dan Calihan with CB Richard Ellis Inc.’s local office represented the buyer, Seventh Avenue LLC of Seattle.

The four-year-old Lincoln Commerce Park takes up 14 acres at the southwest corner of 7th Avenue and Interstate 17. The warehouses, all in the 2100 block of South Seventh Avenue, range from 46,814 sf to 67,600 sf.

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