In a joint venture partnership, LPC Desert West, the Southwest regional office of Lincoln Property Company (LPC), and Scottsdale-based Harvard Investments have purchased 585 acres in metro Phoenix’s West Valley submarket for a major new, class A industrial development called Goodyear AirPark.
The financial terms and sales price were not disclosed. Cerberus Capital Management is the equity partner for LPC and Harvard on the project.
Situated next to the Phoenix-Goodyear Airport, Goodyear AirPark Phase I will break ground in the first quarter 2022, which will include more than 1.6 million square feet of space in six buildings ranging from 81,000 square feet to 775,000 square feet. At completion, the park will have the capacity to deliver up to 7 million square feet of industrial space in as many as 20 buildings. The retail component will total 10,000 square feet.
“Goodyear AirPark represents one of the all-time most well-located and amenitiz