Lincoln Property, a full service providing real estate company offering construction management, development, leasing, receivership services and property management services, declared that its Desert West Regional office has gained possession of two industrial constructions in Phoenix.
Desert West Regional office of Lincoln Property. Credit: Lincoln Property
The company has bought 1825-1835 South 43rd Avenue, property measuring 338,141 sq ft., and 3404, West Papago Street property measuring 99,109 sq ft. both located in Phoenix. Lincoln Property bought both the assets from RGR Development. The property located at 1825-1835 South 43rd Avenue, Phoenix, enjoys approximately 100% occupation level and has Arch Aluminum, Amerisource Bergen and McLane Food Service as its tenants. The other property located at 3404, West Papago Street, in Phoenix is totally engaged by Oldcastle Glass.
According to David Krumweide, Lincoln Property Company’s Executive Vice President both the properties are situated in the center of the industrialized areas in the Valley with established tenants. He added that the company is always on the lookout for adding commercial properties to its portfolio. The acquisition of the assets has increased the property portfolio of the company to 5.2 million sq ft in the valley.
Joe Porter with CB Richard Ellis, Dan Callahan and Pat Feeney acted as brokers for the transaction process. The property will be managed by the property management division of Lincoln Property Company.
Source: http://www.lpc.com/