Situated in West Phoenix and the Downtown, the buildings were 90% occupied at sale time. The acquisition comes within months of the groundbreaking on the 225,000-sf Lincoln Commerce Park at the southwest corner of Interstate 17 and 7th Avenue. "It's a nice start," David Krumwiede, Lincoln's executive vice president, tells GlobeSt.com.

Krumwiede says the buy is part of Lincoln's push nationwide to acquire industrial properties. More properties have been looked at in the Phoenix region, but nothing as yet is under contract, he says. The coming year, though, could bring more development and more buys.

JP Morgan/Sares Regis, which owned the portfolio for about five years, spent about four months locked in talks with Lincoln, which was representing one of its pension fund clients. "The portfolio promises to be a strong, appreciating investment for our client," Krumwiede says. Rick Lee, principal of Lee & Associates Arizona in Phoenix, and Darla Longo of CB Richard Ellis' Phoenix office handled both sides of the deal.

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