2 West Valley industrial buildings sold in record-breaking deal

Two buildings recently set the highest two-building industrial sale price in Arizona history, a real estate firm announced Wednesday.

Lincoln Property Company completed the sale of the final two Class A industrial buildings at its Park303 logistics park in Glendale, capping off a record-breaking purchase along the West Valley’s Loop 303 corridor. The buyer was a leading global investment manager.

The deal marks the final chapter for the 210-acre, 3.75- million-square-foot campus located along the Loop 303 freeway at Glendale Avenue.

“Park303 has been a resounding success by every measure,” Lincoln Senior Executive Vice President David Krumwiede said in a release.

“We launched the project during the uncertainty of the pandemic, but its strategic location, best-in-class amenities and flexible mix of leasing and ownership opportunities quickly distinguished the development, attracting leading tenants and ultimately making the buildings highly desirable institutional investments.”

The final transaction includes Phase 2 – Building A (629,835 square feet), fully leased to DHL, and Phase 2 – Building B (483,000 square feet), fully leased to Logisticus Group LLC.

Phase 2 encompassed three buildings totaling 2.5 million square feet completed in 2025. The campus’s Phase 2 – Building C was purchased in October 2025 by Dollar Tree for $147 million to serve as the retailer’s first regional distribution center in metro Phoenix.

The campus originally kicked off in late 2020 with Phase 1, a 1.25 million-square-foot building fully leased to Walmart. BentallGreenOak purchased that property in 2021 for $186 million, setting the record for the highest single-building industrial sale price in state history.

“All of the buildings at Park303 have been acquired by sophisticated, disciplined investors and operators with a deep understanding of the industrial market and its standards of quality,” Lincoln Executive Vice President John Orsak said in a release. “Their decision to add Park303 to their portfolios is a meaningful endorsement of this project and a tremendous compliment to what we have created here.”

Designed with modern industrial demand in mind, Park303 features 40-foot clear heights, 25-foot glass entries, 5-by-10-foot interior clerestory windows and structural steel moment frames capable of supporting automated distribution equipment.

The LEED-certified campus also embraces a “creative industrial” design model, outfitted with high-end speculative office suites, outdoor basketball and pickleball courts and outdoor entertainment spaces featuring shade, fans and grills.

Its location gives distributors access to major regional thoroughfares, including Interstates 10 and 17 as well as Northern Parkway, allowing companies to reach upwards of 33 million consumers within a single day’s drive.

Will Strong and Molly Miller of Cushman & Wakefield represented Lincoln in the final Phase 2 sales.

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