Opus Cotton Center, a four-building commercial complex in Phoenix, Ariz., has sold for nearly $46.1 million.
Minnetonka, Minn.-based Carlson Real Estate purchased the property from two Opus real estate entities. The project, which is situated on 21.52 acres of land, contains four buildings that were 77 percent occupied at the time of sale.
Opus Real Estate Fund VI sold Buildings A and B, located at 4310 and 4320 E. Cotton Center Blvd. Building A contains 68,006 square feet of space, and its major tenants include Inter-Tel Technologies and Genzyme Corp.
Building B contains 57,055 square feet of space and its anchor tenant is Arizona Office Technologies. These two buildings sold for a price of $20.9 million.
Buildings C and D, located at 4340 and 4350 E. Cotton Center Blvd., were sold by Phoenix-based Opus West Corp. Building C contains 82,825 square feet of space, and its major tenant is Sodexho. Building D contains 57,108 square feet of space, and is primarily occupied by AETNA Insurance. These two buildings sold for a total of nearly $25.2 million.
According to a press statement, nearly 45 percent of the buildings’ tenants signed 10-year leases.