Full-service commercial real estate firm Lincoln Property Company (Lincoln) has completed its first lease at the award-winning Park303 logistics park, signing third party logistics leader Logisticus Group LLC to a 483,300-square-foot commitment that fully leases one of the project’s three state-of-the-art buildings.
A privately owned company specializing in transportation, logistics, civil engineering, project management and technology, Logisticus Group will use its space at Park303 to provide 3PL services to a large, publicly traded alternative energy company.
Located on 71.5 acres along the Loop 303 at Glendale Avenue in Glendale, Arizona, Park303 Phase 2 is a Class A industrial development totaling nearly 2.5 million square feet in three state-of-the-art industrial buildings. Phase 2 buildings feature 40’ clear height, 25’ tall glass entries, up to 12,000 amps of power (expandable), 7” slabs over 4” of crushed rock, and steel moment frame shear bracing that allows for highly modern, automated racking and picking equipment. Collectively, Phase 2 offers 430 dock doors, 778 trailer stalls and more than 1,556 parking stalls (all expandable). Both buildings are also Foreign Trade Zone capable.
Representing the future of industrial development, Park303 leads the market in creative industrial amenities with features such as high-end speculative office suites and a premier outdoor area with a pickleball and basketball court, barbeques and entertainment area with shaded outdoor seating designed for employee comfort. Building interiors are bordered with 5’ x 10’ clerestory windows, providing employees with access to sky views and natural light, shown to increase productivity and mental focus.
“Metro Phoenix’s sunny climate and lack of natural disasters make it a strong site selection option for alternative energy companies like solar and battery storage, and the companies that support this industry,” said Lincoln Property Company Vice President Nick Nudo. “Without a doubt, we are rising in popularity among alternative energy operations. It is a trend we’re seeing in our building tours and now in a signed lease at our newest, award-winning project.”
Josh Wyss and Kyle Berdugo of Cushman and Wakefield represented Logisticus Group in its lease negotiations. Lincoln Property Company was self-represented as the property manager and leasing agent for Park303.
Park303 Phase 2 completes Lincoln’s Park303 development, which spans 210 acres and includes Park303 Phase 1, a 1.25 million-square-foot building that is fully occupied under a long-term lease by Walmart. Park303 Phase 1 was sold in 2021 to BentallGreenOak for $186 million, marking the highest single-building industrial sale price in Arizona history.
Park303 Phase 2 offers freeway signage and convenient ingress and egress via two full-diamond freeway interchanges. It sits within a one-day truck haul to more than 33 million consumers. It is also one mile from the Northern Parkway, a high-capacity roadway providing rapid connection between the Loop 303 and US 60/Grand Avenue. For tenants, this provides expedited routes for distribution operations and allows employees to avoid common rush hour traffic delays on Interstate 10.
Corporate neighbors to Park303 include Boeing, Microsoft, White Claw, XPO Logistics, UPS, REI, SubZero, Daimler-Benz, Red Bull, Ball Corporation, Aldi and Williams Sonoma, as well as hundreds of new residential homes.
Logisticus Group will fully lease Building B at Park303 Phase 2. The project offers two available buildings, a 629,835-square-foot Building A and 1.25 million-square-foot Building C. For information on Park303 leasing or general leasing and development opportunities with Lincoln, call Krumwiede or Orsak at (602) 912-8888.
