DTZ announced that LNR Partners, LLC has closed two investment sale transactions involving a total of ±264,000 square feet of office and flex office space within the prestigious Cotton Center business park.
The purchaser was a joint venture formed by True North Management Group (White Plains, NY) and Crown West Realty, LLC (a Phoenix-based subsidiary of New York-based Petrus Partners). The acquisition included Corporate Cotton Center I, II & III, located at 4645, 4625 and 4675 E. Cotton Center Parkway.
Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover of DTZ‚s Phoenix office represented LNR Partners in both transactions. Additional members of the sale transaction team for the two flex office buildings included DTZ Executive Managing Directors Mike Haenel and Andy Markham, SIOR, and Vice President Will Strong. Additional members of the sale transaction team for the corporate office building included DTZ Executive Managing Director Jeff Wentworth and Vice President Sean Spellman.
“The acquisition of Cotton Corporate Center I, II & III was unique in that it offered a rare combination of stability and upside potential, involving two of the most sought after property types in a highly coveted location,” said Mr. Wichterman. “The buyer was able to purchase a vacant, Class A corporate office facility within the Valley‚s hottest single-tenant and large-tenant leasing market while, at the same time, acquiring a well performing Class A multi-tenant flex complex in a trade area where competitive properties are averaging single-digit vacancies.”
Cotton Corporate Center I is a two-story Class A office property totaling approximately 116,858 square feet. The building features a spacious two-story lobby; large fitness center, with full men‚s and women‚s bathrooms with locker rooms; a cafeteria/restaurant; and an oversized break room. The building was constructed in 2001 as a build-to-suit for Aetna, Inc., and is presently unoccupied. The buyer plans to immediately construct a parking structure to boost parking ratios to over six spaces per 1,000 square feet.
Cotton Corporate Center II & III is a Class A flex office complex that consists of two single-story buildings built in 2000. The complex totals ±147,627 square feet and was 87% occupied at the time of sale.
