Randall Realty Corp., a developer and manager of primarily apartment complexes, purchased the Maricopa Business Park, a 213,052-sf industrial project at 4010-4032 E. Broadway Rd. The sale price equates to more than $54 per sf. Phoenix-based Biltmore Maricopa LLC has sold the complex, which had been 96% occupied at sale time.

The complex sits on 14.6 acres at the northeast corner of 40th Street and Broadway Road. Less than a mile away is the Cotton Center, a business park that runs from Broadway to Roeser and has quickly filled with new industrial buildings. More than 300,000 sf of industrial space is under construction in the park.

The area has become popular with tenants, and therefore developers, because it offers nearly ideal access to Sky Harbor Airport, which is less than two miles to the north. It also has convenient access to several nearby major thoroughfares, including the Hohokam Expressway, Interstate 10 and Superstition Freeway.

Buyer Randall Realty Corp. has built more than 25,000 apartments since the 1980s and currently manages 10,000 units in Washington, Oregon and California. Paul Boyle of Grubb & Ellis Co.'s Phoenix office has represented the buyer. The Phoenix office of CB Richard Ellis, with brokers Joe Porter, Pat Feeney and Dan Calihan, have acted on the seller's behalf.