X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.