Lincoln Property Co bagged two major projects in Phoenix this week. The company and partner Goldman Sachs acquired the Promenade Corporate Center in Scottsdale, with plans to reposition the 256k SF property with renovations of $1M. Lincoln EVP David Krumwiede tells us that the office market's on an upswing, with "cutting-edge tenants committing to the Valley every day." The plan for the repositioning is to capture some of that demand. DTZ’s Rick Reeder and Brad Tecca, from the San Diego office, and Jeff Wentworth and Sean Spellman, from the Phoenix office, repped the Promenade Corporate Center seller, Excel Trust. Excel remains the owner of the surrounding Scottsdale Promenade retail project.
Also, Papago Park Center Inc tapped Lincoln Property to develop the first phase of office space for The Grand at Papago Park Center in Tempe, which is along the Loop 202/Red Mountain Freeway and named after the adjacent Grand Canal. The canal is a waterway developed in the 1870s to bring water from the Salt and Verde rivers to metro Phoenix, and which was recently relocated to run through The Grand project, creating a water feature (pictured) for the development. At build-out, The Grand will have a total of 1.8M SF of office space in six buildings (3.2M SF overall of mixed-use). With the Tempe office market hot, now's a good time to develop space there, David notes.
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