Situated in West Phoenix and the Downtown, the buildings were90% occupied at sale time. The acquisition comes within months ofthe groundbreaking on the 225,000-sf Lincoln Commerce Park at thesouthwest corner of Interstate 17 and 7th Avenue. "It's a nicestart," David Krumwiede, Lincoln's executive vice president, tellsGlobeSt.com.

Krumwiede says the buy is part of Lincoln's push nationwide toacquire industrial properties. More properties have been looked atin the Phoenix region, but nothing as yet is under contract, hesays. The coming year, though, could bring more development andmore buys.

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