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PHOENIX-Lincoln Property Co. has secured a 15-year tenant for a build-to-suit to jumpstart a four-building industrial development on 7.6 acres of city-owned land leased for 65 years. The 25,176-sf build-to-suit will be accompanied by a 32,496-sf spec building.

AT Systems Inc. of Pasadena, CA, a cash logistics firm, inked a lease for about 55 cents per sf for Lincoln Sky Harbor, which breaks ground in January 2005. A late summer 2005 occupancy is planned.

“Full build-out depends on the interest we get,” Cooper Sutherland of Dallas-based Lincoln Property Co. tells GlobeSt.com. “We’re building AT Systems and one additional building that should be finished in the late summer of next year. Hopefully the project will be complete by late summer 2007.” The first two buildings are anticipated to cost $4 million to develop.

The AT Systems project is the first of four buildings planned for the northwest corner of 16th Street and Interstate 17. All told, the plan calls for 120,000 sf of “for rent” product in the mid-to-high 50 cents per sf range.

The Pasadena, CA-based company will relocate from a 12,000-sf building at 27th Avenue and Indian School Road. The firm processes, stores and distributes financial documents. LGE Corp. of Phoenix is the general contractor for Lincoln Sky Harbor. John Werstler and Jerry McCormick, both with CB Richard Ellis Inc. in Phoenix, are pre-leasing the project. Mike Sayre in Cushman & Wakefield of Arizona Inc.’s Phoenix office negotiated on AT Systems’ behalf.

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