Lincoln Property Co. Sells Grand2 Office Building in Tempe to Apex Capital for $187.5M
TEMPE, ARIZ. — Lincoln Property Co. (LPC) has completed the disposition of Grand2, an office building located at 1033 W. Roosevelt Way in Tempe. Apex Capital Investments Corp. acquired the property for a reported $187.5 million.
Developed in late 2019 by LPC Desert West and Goldman Sachs MBD Real Estate, the nine-story building features 358,000 square feet of Class AA office space. Grand2 offers a 13,000-square-foot indoor/outdoor lobby and amenity lounge with a television viewing area, collaborative spaces, conference facilities and an on-site fitness facility with Peloton and Mirror equipment.
Additionally, the building features a 13,000-square-foot rooftop deck with shaded seating and subterranean and structured parking. The development team included DAVIS as architect and Whiting-Turner as general contractor.
San Francisco-based food delivery app DoorDash has occupied the property with a full-building, long-term commitment since its completion.
CJ Osbrink, Kevin Shannon, Ken White, Brunson Howard, Paul Jones and Rick Stumm of Newmark represented LPC, while Apex Capital was self-represented in the sale.
Grand2 is part of the 1.8 million square feet slated for development by LPC at The Grand at Papago Park Center, which is master planned for 3.2 million square feet of office, multifamily, hotel, retail and restaurant space within the 350-acre Papago Park Center business park.