Lincoln Commerce Park's initial phase of 224,116 sf will come out of the ground as a four-building spec project amid talks with several interested parties for four build-to-suits on the 19-acre balance, David Krumwiede, Lincoln's executive vice president and regional partner of the Southwest operations, tells GlobeSt.com. Lincoln presently is awaiting a sign-off on grading permits from the city for the 14-acre launch.

Lincoln, which opened its Phoenix office about six months ago, considers itself "lucky" to have gained control of acreage that was never before available. It's a hotspot in a submarket where land is tight, vacancy is low and demand is plentiful, says Krumwiede. He isn't saying how much Lincoln paid for the acreage at the intersection of Interstate 17 and 7th Avenue. But, he does say the land and developed buildings are carrying a bundled price tag of $35 million.

The acreage takes up the southwest corner of a full diamond interchange along the freeway. Interest is running so high that build-to-suit prospects surfaced before the land sale closed Friday, Krumwiede confides. Talks are so promising that he expects a taker will be under contract within months–a surefire cushion for any concern about developing in today's economic climate.