Highest priced single building industrial sale in Arizona history completed
PHOENIX — The highest priced single building industrial sale in Arizona history has been completed, the seller announced Thursday.
Developer LPC Desert West sold the 1.25 millon-square-foot Park 303 Phase I in Glendale to BentallGreenOak, a global real estate investment management advisor and real estate services provider, for $186 million, according to a press release.
Phase I is located on 71 acres near Loop 303 between Bethany Home Road and Glendale Avenue. The building is part of LPC’s larger planned industrial park that can support up to 4 million square feet of Class A industrial development.
“Park303 was one of the first industrial developments in the state to quickly convert two stand-alone buildings into one larger facility to meet the needs of a major single user,” LPC Desert West Senior Executive Vice President David Krumwiede said in the release. “That flexibility – along with a premier location and high-tech, high-velocity e-commerce fulfillment capabilities – is what cemented our full-building lease.
“Our buyer recognized these advantages and moved quickly to secure the building and its significant long-term value.”
Phase I was developed as a two-building development that merged into a single, larger building.
Amenities of the building include 25,000 square feet of office and training space, outdoor spaces with covered seating and a barbecue station.