The building is owned by Dallas-based Lincoln Property Co. David Krumwiede, Lincoln Property's regional partner in Phoenix, says the leased site is part of a recent six-property, eight-building portfolio acquisition. "Since acquiring the 725,000 sf, we have successfully renewed every tenant with a pending lease expiration," he says. "This enables us to maintain a 95% occupancy during an otherwise difficult real estate market."
Lincoln spent a reported $22 million for the portfolio at the end of last year. The package was bought from JP Morgan/Saris Regis of New York City. The structures were built between 1985 and 1995 and are positioned in business parks. Four are situated in Reywest Commerce Park.
Cooper Industries uses the building for the manufacturing and distribution of electrical products. Cooper inherited the original lease in its recent acquisition of Eagle Electric, which occupied the site in January 1997. The lease comes on the heels of a 46,080-sf lease inked for the same property for distributor Biagi Bros.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
