Lincoln JV to Develop 267-Acre Industrial Park

GOODYEAR, AZ–Lincoln Property Company (LPC) and industrial specialists in the Phoenix office of Jones Lang LaSalle (JLL) have collaborated to attract corporate design/build projects to a major new, multi-employer business park named Goodyear AirPark in the Phoenix area.

The announcement comes on the heels of a joint venture formed between LPC and property owner Carefree Partners Investments. LPC will be the project's design-build developer, based on the firm's national scope, local office accessibility and ability to deliver an array of high-end design-build products. Jones Lang LaSalle managing directors Anthony Lydon, and Marc Hertzberg, serve as the project's exclusive marketing coordinators.

The project, at build-out, has the potential to add approximately 4,000 new jobs to the market.

“We're on the front end of the next wave of industrial building,” said Lincoln Property Company EVP David Krumwiede. “It is the opportune time to capture employer interest and make very big, very positive, very lasting contributions to the Valley's job growth.”

“Goodyear is the Valley's gateway from Southern California. Employers seeking new space solutions in Arizona can take advantage of our 30 to 40% operational cost savings, and the 267 acres of shovel-ready land that Goodyear AirPark provides to respond to their demand,” said Lydon. “LPC also has the financial and construction expertise to build exactly what corporate employers need, whether it is office, industrial, flex or research space. That gives us tremendous leverage toward our mission: to attract businesses that will provide long-term value to the greater West Valley market.”

According to JLL, only 10% of Goodyear's 189 square miles is currently developed, offering significant opportunity for site selection and design-build activity.

Current nearby industrial employers include Amazon, Macys, SubZero, Cancer Treatment Centers of America and Dick's Sporting Goods.

Goodyear AirPark is located just south of the southwest corner of Litchfield Road and the newly widened Highway 85, directly south of the Goodyear Airport. Its 267 acres include flexible/divisible lot sizes with Highway 85 frontage and direct access to I-10 (via the I-10 reliever highway), a bicoastal, federal corridor that serves as the metro area's main transportation artery. The site is also in close proximity to I-8 and the proposed Loop 202 and under construction Loop 303 freeways.

Goodyear AirPark offers variable zoning and is Foreign Trade Zone capable, which translates into a potential 75% reduction in real property tax and personal property (equipment) tax and duty deferral or elimination.

Jones Lang LaSalle is a leader in the Phoenix commercial real estate market. In 2012, the Phoenix team completed 9 million square feet in lease transactions valued at $458 million, directed $63 million in project management and currently leases and/or manages a 19.8 million-square-foot portfolio. 

Lincoln Property Company is an international full service real estate firm offering real estate development, design/construction management, leasing and property management/receivership/ asset management services. Founded in 1965, LPC currently has approximately 6,200 employees and maintains a presence in more than 200 municipalities in the United States and three countries throughout Europe. Lincoln has developed over 126 million square feet of office, industrial and retail projects, and 182,000 multi-family units. Property management assignments currently include over 148 million square feet of commercial space and 146 million square feet of residential property. Acquisition activities exceed $4.0 billion in commercial properties and $3.5 billion in residential properties.

Carefree Partners Investments, LLC is a Phoenix, Ariz.-based investment and real estate company. Founded in 1989 to provide land banking and rolling option funds to homebuilders, the company has expanded into a wide range of investment and development projects to include numerous master planned communities, business parks, golf course development and management, senior housing, timeshare resorts, retail centers, medical complexes, and agricultural land. The philosophy of Carefree Partners Investments is to create quality projects that positively impact the communities in which it invests and develops.

Jones Lang LaSalle is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management.