PHOENIX-Douglas Allred Co. has purchased 8.9 acres at the southwest corner of 44th Place and Broadway Road for $3.4 million from JDMD Apollo Venture LLC, a local developer.

The San Diego-based company plans to expand its existing Allred Cotton Center Development by 43 acres upon which 550,000 sf of flex industrial space will be developed, according to Bob Crum, senior vice president with CB Richard Ellis Inc. who represented Allred in the purchase. Crum worked with Mark Krison and David Carder, also of CBRE. Brian Lee of Grubb & Ellis/BRE Commercial LLC represented JDMD Apollo.

Crum tells GlobeSt.com that Allred will start developing the speculative inventory in the coming six to 12 months. He estimates the total project cost will exceed $60 million. “We always build spec because there’s a lot of demand right in the center of town,” he says.Allred also has the first right of refusal for an additional 20-acre tract adjacent to its existing land holdings, Crum says. In all, Allred controls the balance of available land in the Cotton Center business complex.

The Allred Cotton Center now consists of 65 acres with two build-out phases totaling about 579,000 sf. The lion’s share of the flex space is leased to a roster of high-profile tenants, including Progressive Insurance and Siemens Building Technologies.

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