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PHOENIX-The four-building Opus Cotton Center has ended up in the portfolio of Carlson Real Estate, which paid $46.1 million. The class A, 264,994-sf office complex was 77% leased at sale time.

The Minnetonka, MN-based buyer acquired the complex, situated at 4210-4350 E. Cotton Center Blvd., from two sellers. Opus Real Estate Fund IV of Minneapolis sold the 68,006-sf Building A and 57,055-sf Building B while Phoenix-based Opus West Corp. sold the 82,825-sf Building C and 57,108-sf Building D. The complex’s lead tenants are Aetna Insurance, Genzyme Corp. and Inter-Tel Technologies. The buildings were developed between 2002 and 2005.

“These properties came to the stabilization point where Opus thought they’d be good to go,” says Brian Ackerman, director with Cushman & Wakefield of Arizona Inc. in Phoenix, who led the sales team. He says Carlson’s main objective will be to finish leasing and keep the asset for the long haul.

“Carlson ended up being the most qualified because they already own several assets within Cotton Center. These were pretty much within walking distance of the other buildings so Carlson was able to add more bulk to its portfolio with the buy,” Ackerman tells GlobeSt.com.

Ackerman says that, in addition to realizing upside through Cotton Center’s vacancy, many of the in-place rents are below market.The C&W team also included executive director Christopher Toci, director Pat Harlan and senior directors Michael Beall and Jim Wilson.

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