12/31/2007

Opus sells Phoenix office park for $46M

by

4340 and 4350 E. Cotton Blvd.

Carlson Real Estate has purchased the 265,000 square foot Opus Cotton Center in Phoenix, Ariz., for $46.13 million from entities of Minnetonka, Minn.-based Opus Corporation.

Brian Ackerman, Chris Toci, Pat Harlan, Mike Beall and Jim Wilson of Cushman & Wakefield represented Carlson in the transaction.

The four-building complex is currently 73 percent leased and will be renamed the Cotton Center IV. The acquisition brings Carlson's Phoenix holdings to nearly 1.5 million square feet.

The four buildings are located at 4310, 4320, 4340 and 4350 E. Cotton Center Blvd. Opus Real Estate Fund VI sold the 4310 property, a 68,006 square foot building, and 4320, a 57,055 square foot building, for $20.97 million. The buildings' major tenants are Tel Technologies, Genzyme Corp., and Arizona Office Technologies. Opus West Corporation sold the 4340 property, a 82,825 square foot facility, and the 4350 property, a 57,018 square foot building, for $25.16 million, according to the Arizona Business Gazette. The anchor tenants of those properties are Sodexho and AETNA Insurance.

Address: 4310, 4320, 4340 and 4350 E. Cotton Center Blvd., Phoenix, Ariz.

Size: 264,904 square feet

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Filed Under: Office

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