"This property provides an opportunity to showcase all of LPC's strengths: our ability to redevelop, reposition and manage while focusing on adding value to our client," said Alisa Timm, CPM, Director of Management Services, Lincoln Property Company.
Phoenix, AZ (PRWEB) October 23, 2013
Lincoln Property Company assisted Harvard Investments on their first commercial real estate purchase in the Valley. The asset consists of two adjacent industrial buildings in the West Valley totaling approximately 100,000 square feet. The buildings are located at the Northwest Corner of 35th Avenue and Washington Street in Phoenix, Arizona in the very active southwest valley industrial submarket and less than a mile south of Interstate-10.
Craig Krumwiede, President and Director for Harvard Investments, has focused much of his career in residential land development. David Krumwiede, Executive Vice President for Lincoln Property Company, has spent his career in commercial development, acquisitions and property management. Harvard’s acquisition is the first time in which the two Valley brothers have worked together bringing a combined sixty years of experience in Arizona real estate.
“We were both influenced by our father, who worked for Del Webb here in the Valley,” said Craig Krumwiede, President and Director, Harvard Investments.
“Craig and I have always had our own distinct niches in the real estate industry and it’s great to be able to combine our real estate expertise and work together on a project.” said David Krumwiede, Executive Vice President, Lincoln Property Company.
The northern freestanding building on the property, approximately 57,000 square feet is now being marketed for lease or sale. The building is undergoing a complete makeover which will include the build-out of a 2,500 spec office suite, installing a new roof, repaving and restriping the parking lot, upgrading the landscaping and new exterior and interior paint schemes. The renovations will be managed by the Lincoln Property Company’s Senior Construction Manager, Douglas Klocke.
The southern freestanding building on the property is home to the California-based warehouse retailer, Express Furniture Rental. Express Furniture Rental is the 4th largest furniture rental company in the country and currently operates in eight major markets covering the entire West Coast. The company is focused on servicing the temporary housing industry.
Lincoln Property Company, which manages more than 6 million square feet in Arizona, New Mexico and Nevada, will provide the management services for the 100,000 square foot acquisition.
"This property provides us with an opportunity to showcase all of Lincoln Property Company's strengths: our ability to redevelop, reposition and manage while focusing on adding value to our client," said Alisa Timm, CPM, Director of Management Services, Lincoln Property Company.
Steve Grossoehme with Rein and Grossoehme represented the buyer through the transaction. Acquisition financing was secured by Jim Pierson and Keaton Merrell, principals with Phoenix-based Legacy Capital Advisors.
“Facing a firm deadline with the purchase contract, we were able to quickly identify the best financing source and close the acquisition loan in only 24 business days from loan application,” stated Jim Pierson, Principal at Legacy Capital Advisors.
Harvard Investments and Lincoln Property Company are actively seeking development and acquisition opportunities throughout the Valley. For more information, contact Craig Krumwiede with Harvard Investments at (480) 348-1118 or David Krumwiede and Amr Ceran with Lincoln Property Company at (602) 912-8888.
Headquartered in Scottsdale, Arizona, Harvard Investments specializes in master planned residential development and the marketing and sales of home sites in the Southwestern United States. Its residential projects include exclusive golf course communities on thousands of acres, custom home developments and large master planned communities that focus on single-family production housing. Harvard Investments is the United States investment and development arm of the Hill Companies – the oldest land development company in Canada, which has operated as a privately held company since its inception in 1903. Other Hill Company projects include shopping centers, office buildings, industrial parks, and multi-family developments. For more information, visit http://www.harvardinvestments.com.
LINCOLN PROPERTY COMPANY
Lincoln Property Company ("Lincoln") is an international full service real estate firm offering real estate development, design/construction management, leasing, property management/receivership/asset management services. Founded in 1965, Lincoln currently has approximately 6,200 employees and maintains a presence in more than 200 municipalities in the United States and 3 countries throughout Europe.
Lincoln's Desert West Region, which includes Arizona, Nevada, Utah and New Mexico, is based in Phoenix, Arizona and has been operating since 2001. Lincoln has developed 2.7 million square feet, acquired 3.7 million square feet and manages approximately 6 million square feet of commercial space.
Lincoln’s notable developments and investments include the BOMA TOBY Award LEED Platinum Certified Arizona Game and Fish Department Headquarters, Paradise Village Office Park, Broadway 101 Commerce Park and Camelback Square. Lincoln was recently ranked 4th in the Arizona Republic Who’s Who in Business. The Phoenix Business Journal Book of Lists ranks LPC consistently in the top 10 Commercial Real Estate firms for both Development and Property Management. Lincoln Property Company is located at 3131 E. Camelback Road, Suite 318 in Phoenix, Arizona. For more information, visit http://www.lpcphx.com.
LEGACY CAPITAL ADVISORS
Legacy Capital Advisors is based in Phoenix, Arizona and specializes in providing the most comprehensive capital advisory services to the commercial real estate industry including debt, equity, structured finance and loan modification services. The principals of Legacy Capital have over 40 years of combined experience in commercial mortgage banking and commercial mortgage brokerage, having closed over $2 Billion in loans in 17 different states.