Lincoln Property Company has completed the disposition of the remaining assets at its Park303 logistics development in Glendale, Arizona, selling the final two buildings in the four-building campus for $170,250,000. Nuveen acquired the assets, and the transaction is reported as the highest two-building industrial sale price in Arizona history.
The sale concludes the phased selloff of Park303, a 210-acre, 3.75 million-square-foot, LEED-certified logistics campus located along the Loop 303 freeway and Glendale Avenue in Glendale. Lincoln developed the project as a modern industrial hub, and each phase has attracted institutional capital and set price benchmarks in the state.
The latest transaction involved the last two buildings at Park303, which together formed the balance of the campus after earlier trades. While details on tenancy and lease terms for these Phase 2 assets were not disclosed, the pricing underscores sustained investor demand for large-scale logistics product in the Glendale industrial corridor.
The earlier disposition of Park303 Phase 1 also set a state record. Completed in late 2020, the first phase totals 1,250,000 square feet and is fully occupied under a long-term lease by Walmart. In 2021, BentallGreenOak purchased that building for $186,000,000, a deal cited as the highest single-building industrial sale price in Arizona history.
Across both phases, Park303 has now produced two separate record-setting industrial investment sales for the Arizona market: one involving a single large distribution building and the other involving a two-building portfolio. Together, these trades highlight the campus’s positioning within the regional supply chain network and its appeal to institutional buyers seeking stabilized logistics assets.
Cushman & Wakefield advised Lincoln Property Company on the latest disposition. Will Strong and Molly Miller represented Lincoln in the sale of the final Phase 2 buildings, marketing the assets to the institutional buyer universe and bringing the Park303 sales program to a close.
With this closing, Lincoln has fully exited its ownership of Park303 while Nuveen and BentallGreenOak emerge as the institutional owners of the campus’s buildings. The series of transactions at Park303 illustrates the depth of capital targeting large-format, LEED-certified industrial facilities in Glendale and along the Loop 303 corridor.
