The recent sales were made by Phoenix developers, Douglas Allred Co., which bought 19.4 acres at 44th Place and Cotton Center Boulevard for $10.1 million and Carlson Real Estate Co., which acquired nearly 4.7 acres the junction of 48th Street and Cotton Center Boulevard for $2.3 million. "Allred purchased the land to add to their portfolio and Carlson, which has about a quarter million sf of office and industrial space in the park, plans to build more," Steve Mardian of Grubb & Ellis BRE/Commercial LLC tells GlobeSt.com. He and colleague Brian Lee represent the development's owners, JDMD Apollo Ventures LLC, an investment group with local and New York City ties.

Mardian says the last tract is scheduled to close in April. "They've been selling the land since about 1999," he says. "The group acquired it from the University of Arizona at that time for approximately $40 million."

Since then, Mardian says the owners have developed and resold the land for well above $100 million due to high demand for its proximity to Sky Harbor International Airport. The Cotton Center business roster includes local offices and branches of companies like Siemens AG, Progressive Casualty Insurance Co., Phelps Dodge Corp., GE and La-Z-Boy Inc.

Carlson Real Estate used an in-house broker to package its deal. Bob Crum and Mark Krison with CB Richard Ellis Inc. in Phoenix represented the Douglas Allred Co.

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