In a joint venture partnership, LPC Desert West, the Southwest regional office of Lincoln Property Company (LPC), and Scottsdale-based Harvard Investments have purchased 585 acres in metro Phoenix’s West Valley submarket for a major new, Class A industrial development called Goodyear AirPark.
Situated next to the Phoenix-Goodyear Airport, it is one of the last large industrial-zoned land parcel remaining in the immensely popular Goodyear, Arizona industrial market. It also sits immediately adjacent to a Dark Fiber line, making it highly attractive for data center development – a market sector in which Phoenix ranks as a U.S. leader.
LPC and Harvard will break ground on Goodyear AirPark Phase I in Q1 2022, to include more than 1.6 million square feet of space in six buildings ranging from 81,000 square feet to 775,000 square feet. At completion, the park will have the capacity to deliver up to 7 million square feet of industrial space in as many as 20 buildings. It will also offer a retail component, providing approximately 10,000 square feet of in-line and retail pad opportunities.
Cerberus Capital Management is the equity partner for LPC and Harvard on the project. Greg Vogel of Land Advisors represented the land seller, Sun MP.
“Goodyear AirPark represents one of the all-time most well-located and amenitized, shovel-ready industrial sites in LPC’s Desert West portfolio, happening at a time when demand for modern industrial product has never been higher,” said Lincoln Property Company Senior Executive Vice President David Krumwiede. “It is also the fourth partnership with my brother, Craig Krumwiede, and Harvard Investments –a proven partner with whom LPC has delivered multiple landmark metro Phoenix developments.”
The Goodyear AirPark site is generally bounded by Estrella Parkway, Bullard Avenue and State Route MC 85, a high-volume east/west trucking route connecting Goodyear with Mexico. It is also directly south of Phoenix-Goodyear Airport and approximately three miles south of Interstate 10.
It sits at the entrance to Estrella Mountain Ranch, a 20,000-acre, award-winning master-planned community. It is also minutes from the Goodyear Ballpark, the spring training home for the Cincinnati Reds and Cleveland Indians, in a submarket becoming known for its rapidly growing retail, commercial, single-family and apartment homes supporting the steady expansion of data center, manufacturing, logistics and aerospace interests.
“Goodyear has become a live-work magnet, attracting residents and companies from across the region and nation,” said Harvard Investments President and CEO Craig Krumwiede. “Goodyear AirPark can respond quickly to that skyrocketing demand, with shovel-ready dirt that can be transformed quickly into a range of Class A industrial building sizes and features.”
Buildings within Goodyear AirPark will offer up to 40’ clear height, multiple points of ingress and egress, private truck courts and generous parking. The Goodyear AirPark site has a full utilities infrastructure and is zoned for industrial and commercial use.
Goodyear AirPark will sit just one-quarter mile away from a recently constructed Microsoft data center, part of the company’s Microsoft Azure initiative offering analytics, databased and AI at a scale targeting Fortune 500 companies. Other corporate neighbors include Amazon, UPS, Walmart, Boeing, SubZero, Daimler-Benz, XPO Logistics, Red Bull and Aldi.
The architect for Goodyear AirPark is Butler Design Group. The general contractor is yet to be selected. LPC Desert West will direct all leasing and property management.
To discuss leasing, investment or property management opportunities with Lincoln Property Company in the Desert West region, please call David Krumwiede or John Orsak at (602) 912-8888.
About Lincoln Property Company
Lincoln Property Company (LPC) is an international full service real estate firm offering real estate investment, development, design/construction management, leasing and property management/ receivership/asset management services. LPC has approximately 8,500 employees with an international footprint that includes offices in 45 cities across the U.S. and six cities in Europe and South America. Since 1965, LPC has developed more than 128 million square feet of office, industrial and retail projects known for their design, quality and superior locations. It currently has more than 403 million square feet of commercial space under leasing and/or management. Lincoln is also one of the nation’s largest apartment developers, having developed more than 209,000 multifamily units and currently managing more than 165,000 multifamily units.
Celebrating its 20th anniversary this year, LPC’s Desert West Region is based in Phoenix and includes Arizona, Nevada, Utah and New Mexico. Since its start in 2001, the regional office has developed over 10 million square feet, acquired more than 6 million square feet and manages almost 15 million square feet of commercial space, including major, award-winning and LEED Certified developments and investments. Since 2019, the company has completed two of the highest-priced metro Phoenix office and industrial transactions and launched the Union office campus in Mesa, new buildings at The Grand at Papago Park Center in Tempe and the Park303 industrial/e-commerce park in Glendale, among other developments. LPC Desert West is consistently ranked among Phoenix’s top commercial real estate firms for both development and property management, earning consecutive 2018, 2019 and 2020 NAIOP Arizona Owner/Developer of the Year awards and designation as an Arizona Republic Top Companies to Work for in Arizona. In 2020, the firm kicked off a regional expansion plan, entering the Nevada and Utah markets with Class A industrial acquisitions. To learn more about Lincoln Property Company, please visit www.lpc.com or www.lpcdesertwest.com.
About Harvard Investments
Harvard Investments, Inc. is a real estate investment and development company with real estate holdings throughout the western United States. Harvard combines experience, integrity, and financial stability to create high quality, environmentally sensitive, profitable communities. Harvard’s Canadian parent, the Hill Companies, is a privately held diversified company involved in real estate development including construction and leasing of commercial office buildings and retail properties, oil and gas production and distribution, broadcasting, surety bonding, and insurance. The Hill Companies have been under continuous family ownership and operation since 1903. To learn more visit http://www.harvardinvestments.com/.