Lincoln and Goldman Sachs Strike Arizona’s Largest Industrial Sale of Year
Goldman Sachs and Lincoln Property Company are saying goodbye to a 1.27 million square foot site within the Luke Field industrial portfolio. The transaction of Building C marks the largest sector sale in Arizona in 2025, according to the two investment firms.
The buyer, while unnamed, was listed as a Fortune 500 company.
Luke Field is a logistics park that spans 2.4 million square feet, sitting on 140 acres. The other buildings in the complex include Building A (695,750 square feet) and Building B (454,761 square feet). Each of the sites consists of 3,000 amps of power, 40-inch clear heights, automated dock doors, steel shear bracing and glass entries standing 25 feet.
Some major companies that operate near Luke Field include Microsoft, White Claw, XPO Logistics, UPS, REI, SubZero, Daimler-Benz, Red Bull, Ball Corp., Aldi and Boeing. It's unclear if Goldman retains ownership in any portion of Luke Field anymore after the sale. Lincoln is the owner of the logistics park and said that it is now "actively" gauging "lease and acquisition interest" for both Buildings A and B.
“Our vision for Luke Field was to create a premier industrial environment for major corporate tenants, offering them sophisticated industrial space with integrated features that promote employee health, well-being, and productivity,” Lincoln Executive Vice President John Orsak, said in a statement.
"We appreciate the trust being placed in this building by our first official tenant, and look forward to ongoing success as we continue to field strong prospect interest in the project’s remaining available buildings.”
The sale of Building C marks Lincoln's second major sale during the fall within the Phoenix metro area. In October, it sold a 1.25 million square foot building to Dollar Tree inside its logistics park development in Glendale, Park303. The project is now 83 percent sold or leased. Also, Lincoln has played a little offense this year in the industrial sector. The Dallas-based firm announced the acquisition of a 138,851 square foot Class A asset in Hamilton Township, New Jersey, in February.
According to Lincoln, it currently manages or leases more than 251 million square feet of industrial projects globall
Source: GlobeSt/ALM