In a joint venture partnership, LPC Desert West, the Southwestern regional office of Lincoln Property Company (LPC), and Scottsdale-based Harvard Investments purchased 585 acres in the West Valley submarket in the Metro Phoenix for a major new Class A industrial development called Goodyear AirPark.
Located adjacent to the Phoenix-Goodyear Airport, this is one of the last large industrial zoned parcels of land remaining in the hugely popular industrial market of Goodyear, Arizona. It is also adjacent to a dark fiber line, which makes it very attractive for data center development – a market area in which Phoenix ranks among the leaders in the United States.
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LPC and Harvard will launch Phase I of Goodyear AirPark in the first quarter of 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. Upon completion, the park will have the capacity to provide 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 online platform and retail opportunities.
Cerberus Capital Management is the financial partner of LPC and Harvard on the project. Greg Vogel of Land Advisors represented the land seller, Sun MP.
“Goodyear AirPark represents one of the best located and best equipped industrial sites of all time in LPC’s Desert West portfolio, at a time when demand for modern industrial products has never been higher,” said the senior executive of Lincoln Property Company. Vice President David Krumwiede. “This is also the fourth partnership with my brother, Craig Krumwiede, and Harvard Investments, a proven partner with whom LPC has completed several landmark developments in the Phoenix metro.
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 to Mexico. It is also directly south of the Phoenix-Goodyear Airport and approximately three miles south of Interstate 10.
It sits at the entrance to Estrella Mountain Ranch, an award-winning 20,000 acre master plan community. It is also just minutes from the Goodyear Ballpark, the spring training home of the Cincinnati Reds and Cleveland Indians, in an submarket known for its retail, commercial, single-family and apartment homes in rapid growth that support the continued expansion of the data center, manufacturing, logistics and aerospace interests.
“Goodyear has become a magnet for live work, attracting residents and businesses from across the region and across the country,” said Craig Krumwiede, President and CEO of Harvard Investments. “Goodyear AirPark can respond quickly to this growing demand, with shovel-ready soil that can be quickly turned into a range of Class A industrial building sizes and features.”
Goodyear AirPark buildings will offer up to 40 feet of headroom, multiple entry and exit points, private trucking lots and generous parking. The Goodyear AirPark site has a full utility infrastructure and is zoned for industrial and commercial use.
Goodyear AirPark will be located just a quarter mile from a newly built Microsoft data center, as part of the company’s Microsoft Azure initiative to deliver analytics, databases and AI at scale targeting Fortune 500 companies. Other neighboring companies include Amazon, UPS, Walmart, Boeing, SubZero, Daimler-Benz, XPO Logistics, Red Bull and Aldi.
The architect of Goodyear AirPark is Butler Design Group. The general contractor has not yet been selected. LPC Desert West will lead all rental and property management contracts.
To discuss rental, investment or property management opportunities with Lincoln Property Company in the Western Desert region, please call David Krumwiede or John Orsak at (602) 912-8888.