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PHOENIX-Caremark Rx Inc. has expanded its presence in the Valley with an 18,315-sf lease at Cotton Center I, located at 4025 Cotton Center Blvd. The eight-year lease has a payout of $1.7 million.

Steve Bodeman of GVA Daum represented Nashville-based Caremark in the expansion, while the building owner, Bedford Property Investors Inc. of Lafayette, CA, was represented by Marc E. Tuite, senior associate at Grubb & Ellis Co./BRE Commercial LLC in Phoenix. Caremark, a pharmaceutical services and prescription benefit management company, currently occupies 60,000 sf at 4121 E. Cotton Center Blvd., also in the Cotton Center complex. Bodeman tells GlobeSt.com that the company will use the new space to dispense prescriptions and manage drug benefit plans for corporations, insurance companies, managed-care organizations and unions.

Cotton Center I was built in 2000 and totals 114,439 sf on 7.9 acres, situated on the Phoenix-Tempe border. The office/warehouse is 84% leased to tenants like Siemens. The average rental rate is $4.56 per sf. Bedford Property Investors acquired the building, along with Cotton Center II, in 2002 from developer Douglas Allred Co. of San Diego.

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