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Cotton Center Business Park Goes for $24.3M

PHOENIX-A 214,173-sf, two-building complex goes to Bedford Property Investors, shortly after an eight-year, 40,637-sf lease is signed with Siemens Building Technologies. The purchase price equates to $113 per sf.

By Jennifer Brenner Andrade and Beverly Ford | Updated on August 15, 2002

PHOENIX-Bedford Property Investors Inc. has acquired a 214,173-sf, two-building research and development complex for $24.3 million or about $113 per sf from San Diego-based Douglas Allred Co. The acquisition came with a freshly stamped 40,637-sf lease by Siemens Building Technologies.

The Cotton Center Business Park is located at the southeast corner of 40th Street and Cotton Center Boulevard. The buildings’ leases are expected to generate a first-year cash yield in excess of 9%. In addition to Siemens, the tenants are Vax Global, Aether Systems and Care Mark.

David Carder, one of the CB Richard Ellis brokers in Phoenix who handled the lease negotiations, tells GlobeSt.com that Allred developed the project about three years ago. The property, the REIT’s 20th acquisition in the Greater Phoenix area, brings the firm’s total holdings in the region to about 1.5 million sf. Bedford Property Investors is a California-based REIT that invests in suburban office and industrial properties in the western US.

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