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December 2, 2020 Comments Off on Lincoln Property Divests Tempe DoorDash-Leased Asset for $188M Views: 901 Phoenix, Phoenix & Southwest News, Top Phoenix

Lincoln Property Divests Tempe DoorDash-Leased Asset for $188M

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Lincoln Property Company (LPC) sold Grand2, a 358,000-square-foot Class AA office building in Tempe to Apex Capital Investments Corporation for reportedly $187.5 million. The deal marks the largest office sale to close in Arizona in 2020 and one of the top five Southwestern U.S. office sales this year.

Grand2 was completed in late 2019 and ranked as one of Arizona’s largest-ever purely speculative office buildings. The entire building was almost immediately leased by San Francisco-based, on-demand food platform DoorDash.

Newmark’s CJ Osbrink represented LPC along with Kevin Shannon, Ken White, Brunson Howard, Paul Jones and Rick Stumm. Apex Capital was self-represented in its first-ever Arizona office purchase.

The nine-story building at 1033 W. Roosevelt Way features a 13,000-square-foot indoor/outdoor lobby and amenity lounge with a TV viewing area, collaborative spaces, conference facilities and an on-site fitness facility.

Grand2 is part of a 1.8-million-square-foot phase slated for development by LPC at The Grand at Papago Park Center, a master plan that ultimately will total 3.2 million square feet.

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