Rendering of Goodyear AirPark. Image courtesy of Lincoln Property Co. and Harvard Investments
Lincoln Property Co., in partnership with Harvard Investments, has broken ground on the first phase of Goodyear AirPark, a massive industrial campus in Goodyear, Ariz. At full build-out, the property will encompass a total of 7 million square feet and up to 20 buildings.
Goodyear AirPark represents the fourth development of this joint venture, having Cerberus Capital Management as equity partner. CommercialEdge data shows that, last year, the partnership took out a $127.5 million loan for the construction of Phase One, with a maturity date set in 2025.
The development team includes Butler Design Group as architect, while Stevens-Leinweber Construction will serve as general contractor. LPC’s Desert West subsidiary will oversee leasing and property management.
Project details
The partnership had acquired the 585-acre site in 2021, one of the last remaining large industrial-zoned land parcels in the area. According to the Phoenix Business Journal, Sun MP sold the land for $72.5 million.
READ ALSO: A Look at Phoenix’s Large-Scale Industrial Projects
The first phase of the project is set to include more than 1.6 million square feet across six buildings, ranging from 81,000 to 775,000 square feet. The property will feature up to 40-foot clear heights, private truck courts, multiple points of ingress and egress and ample parking.
Phase One is coming online as speculative, with built-to-suit opportunities as the project develops. Potential users include manufacturing, technology, e-commerce and logistics companies but also data centers, as the property is immediately adjacent to a dark fiber line.
The development site is just south of Phoenix Goodyear Airport, generally bounded by Estrella Parkway, Bullard Avenue and State Route MC 85. The location is also 3 miles south of Interstate 10, with downtown Phoenix just 19 miles away. Notable companies in the area include Microsoft, Amazon, UPS, Boeing, Walmart and XPO Logistics, among others.
LPC’s industrial projects in Arizona
Throughout 2022, Lincoln Property’s subsidiary LPC Desert West announced several industrial developments in Arizona, mostly in the Phoenix area.
In March, the company began work on the second phase of Park303 in Glenadale, Ariz., which is set to encompass nearly 2.5 million square feet across three industrial buildings. The project’s first phase was sold in September 2021 to BentallGreenOak for $186 million.
Another Glendale project emerged in May, when LPC Desert West acquired 140 acres for the development of a mega industrial project encompassing 2.3 million square feet. Delivery is expected in early 2024.
And, one month later, LPC Desert West announced its plans for a $260 million, 1 million-square-foot industrial park in Tucson, Ariz. The firm purchased the 77-acre development site from Diamond Ventures.
CommercialEdge data shows that Lincoln Property owns 607 industrial properties throughout the U.S., totaling approximately 121 million square feet.
