CHANDLER, AZ-Lincoln Property Co. has purchased 34 acres with seven buildings, totaling 240,900 sf, from MTD Southwest Inc. a manufacturing company in Valley City, OH for $14.9 million. The plan is to redevelop the land with spec industrial space plus manufacturing and warehouse product.

Located at the southwest corner of Galveston and 54th streets, the former Arizona office campus for MTD was on the market about three months. It attracted roughly 15 offers, says Tracy Cartledge, vice president in Phoenix for Dallas-based Trammell Crow Co. "Lincoln had spent the most time underwriting the asset plus they had the most competitive bid," he tells GlobeSt.com. "We could see their vision for the site and it made sense. It had a strong chance for success."

Cartledge, along with TCC's Bob Buckley, Steve Lindley, James Harper, Ken McQueen and Andy Ogan, brokered the deal on behalf of the buyer and seller. Cartledge and McQueen, who lease the property, say Lincoln's vision involves demolition of four structures and construction of five buildings. The proposed plan calls for a pair of 88,000-sf buildings and the balance in 44,000-sf designs, according to McQueen. A groundbreaking hasn't been set, but the product is expected to start delivering in early-to-mid 2007, he adds.

Meanwhile, Lincoln's team plans to keep three buildings: an 80,000-sf warehouse, built in 1994, and two manufacturing buildings, totaling 79,000 sf, that rose in the early 1980s. "They'll paint the existing buildings and spruce up the landscaping so they're more incorporated with the newer buildings. But, I don't think they'll do much more than that," McQueen says. "They're pretty functional buildings." Construction and renovation costs are still being fine-tuned.

"This is the final piece of infill of this size with freeway visibility," McQueen says. As a result, it will give Lincoln a competitive edge in the submarket because of its visibility and proximity to an employment center, he explains.