Bob Buckley, Tracy Cartledge, Steve Lindley, Ben Geelan, Eric Wichterman and Mike Coover with Cushman & Wakefield represented the seller in the transaction, DPC Companies of Denver.
Cotton Corporate Center III is a two-story, Class A suburban office building, totaling 42,559 square feet. Encompassing 3.46 acres and currently 82% occupied, the project is configured for small-to-medium spaces with award-winning, best-in-class buildouts.
“The offering combined a stable income for the investor, with lease expirations totaling only eight percent of the space before 2019, with potential for significant upside through the lease up of available space,” according to Buckley.
The property is located in Cotton Center, one of the most prestigious business parks in metro Phoenix. Developed in 1998, this 280-acre business park includes more than 3.1 million square feet of institutional-quality buildings. The majority of the development consists of large-floor-plate corporate office, which is complemented with institutional R&D, service retail and hospitality space. Several Fortune 500 and other corporate users call this park home, including Aetna Insurance, CVS Caremark, Siemens, Progressive Insurance, Shutterfly, Freeport McMoRan and GE Healthcare.