Tuesday, February 2, 2021 / by Juan Grimaldo
Lincoln Property Co., the developer of Park303 in Glendale, closed on 20 acres at 103rd Avenue and Buckeye Road and plans to develop a 321,873-square-foot industrial project called Buckeye85.
According to Maricopa County records, Lincoln bought the west Phoenix land from Scottsdale-based Virtua Partners for $4.6 million in a sale that closed Jan. 25. The project aims to place midsize industrial users alongside some of the major industrial users that have taken large buildings in the West Valley, including Amazon, Carvana, McKesson, Kroger and Pepsico, which all have locations near the planned Buckeye85.
According to CBRE Group Inc. research, Phoenix was among the top 10 markets for large industrial leases in 2020, with three of the largest leases, tying it with Memphis for the final spot on the list.
Jackie Orcutt, senior vice president with CBRE, said there were 50 companies looking for large spaces in Phoenix in 2020, with 20 of them seeking 500,000 or more square feet.
Locating near some of the largest users in the Valley will be a benefit to the tenants at Buckeye85.
“In the industrial space, the best omnichannel strategies cluster suppliers, manufacturers and warehouses close to one another to improve their collaboration, cut costs and safeguard a consistent customer experience,” David Krumwiede, senior executive vice president for Lincoln said in a statement. “Buckeye85 is designed for modern, mid-size requirements operating at the very center of this chain.”
Construction on the project is scheduled to begin in April and be completed by the end of 2021. Butler Design Group is the architect and Hunter Engineering is the civil engineer. The project is also located in a foreign trade zone.
“Companies have recognized Phoenix as a manufacturing and distribution hot spot and they are eager to capitalize on that growth,” Orsak, vice president for Lincoln, said in a statement. “A key first step is to establish a location like Buckey85 that is near the Valley’s major industrial operations and the succession of opportunities that they represent.”