Search
 

Multifamily Developer Closes $11-Mil Industrial Buy

PHOENIX-Portland-based Randall Realty Corp., basically a multifamily developer, has edged into the industrial arena. The company has just shelled out $11 million for the 10-building Maricopa Business Park in east Phoenix.

By D.J. Burrough | Updated on May 01, 2001

PHOENIX-In a departure from its typical investment choice, a Portland-based real estate investment and management firm has spent $11 million for a 10-building industrial complex in east Phoenix.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.