Nuveen pays a record $170M for final Park303 buildings

Nuveen has paid Lincoln Property Company $170.25 million for the last two buildings of its Park303 logistics campus in Glendale, Arizona, a price Connect CRE pegs as the highest two-building industrial sale in state history and one that caps a run of institutional pricing at the campus. The deal closes out the four-building, 210-acre campus Lincoln developed along the Loop 303 freeway and Glendale Avenue, and it lands in a week when both firms were already deploying capital elsewhere.

Totaling 3.75 million square feet of LEED-certified logistics space, the campus first drew a record price in 2021, when BentallGreenOak paid $186 million for its 1.25 million-square-foot first phase, completed in late 2020 and occupied by Walmart under a long-term lease. Cushman & Wakefield's Will Strong and Molly Miller represented Lincoln in the Phase 2 sales that produced the new record.

For Lincoln, the sale caps a week in which it closed a $450 million Tri-State portfolio through a venture with Saber-Hightower and Waterfall and launched Foundry43 in Salt Lake City's Granary District. For Nuveen, which closed a $1 billion C-PACE round, the purchase adds an industrial campus to a capital deployment that has also been flowing into assessment-backed financing.

Two record-setting trades at one campus — $186 million for a single building in 2021, $170.25 million for two buildings in 2026 — suggest institutional capital still pays up for infill logistics even as allocations tilt toward power and data-center land, as this publication has argued. Nuveen's decision to take the final Phase 2 buildings at the new record is a bet that the Loop 303 location will outlast the broader cycle.