The Desert West Regional office of Lincoln Property Company, a full-service real estate firm providing property management, receivership services, leasing, development and construction management, announced that it has acquired five industrial buildings in Phoenix – adding 340,646 square feet to its portfolio. The five-property portfolio was purchased from Cornerstone Real Estate Funds. Deer Valley is located at 21420 and 21430 North 15th Lane in Phoenix, is 180,985 SF combined. Pinnacle Peak is located at 23040 North 11th Avenue, Phoenix, has a combined total of 159,661 SF.
“These properties are what Lincoln Property Company is looking for in an acquisition – institutional quality in core locations,” said David Krumwiede, Executive Vice President of Lincoln Property Company. “So far this year, Lincoln Property Company has purchased a total of eight office and industrial buildings totaling nearly one million square feet. We are actively looking for additional acquisitions of office, industrial and retail properties.”
The properties are occupied with tenants such as PetSmart, Inc., Gannett Co. Inc./ Phoenix Newspapers, Inc., U.S. Air Conditioning Distributors, Miller’s Cats, and Hufferman, Inc.Lincoln Property Company’s property management division will manage the properties. The brokers for the transaction were Darla Longo, Barbara Emmons, Rebecca Perlmutter Finkel and Joe Porter of CB Richard Ellis and Steve Sayre and Patrick Harlan of Cushman and Wakefield.
Lincoln Property Company
Lincoln Property Company (“Lincoln”) is an international full service real estate firm offering real estate development, design/construction management and property/asset management services. Founded in 1965, Lincoln currently has approximately 4,400 employees and maintains a presence in more than 200 cities in the United States and 10 countries throughout Europe.
Lincoln Property Company’s Desert West Region provides a full spectrum of real estate services in Arizona, Nevada, Utah and New Mexico. The Desert West Regional office, based in Phoenix, Arizona, manages 5.5 million square feet, acquired 3.7 million square feet and developed 2.7 million square feet of commercial space. The Phoenix Business Journal Book of Lists ranks LPC in the top 10 Commercial Real Estate Property Management firms.