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April 13, 2021
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TerraCap Management Pays $23 Mil for Phoenix Biz Park


Koll Cotton Center, a seven-building light industrial park totaling 225.4k sf of space in Phoenix, sold for $30.9 mil, or $137/sf. The buyer, Naples, FL-based TerraCap Management LLC, obtained a $23.2 mil acquisition loan for the purchase.

Koll Cotton Center was sold by BKM Capital Partners. The property comprises seven buildings on 17.81 acres at 4050 E. Cotton Center Blvd, within the high-demand Cotton Center Busines Park, a 286-acre mixed-use development. This infill, central Phoenix location within the high-demand Airport Industrial submarket provides easy access to all major area throughfares, including Interstates 10 and 17, providing connectivity to the entire Southwest U.S. within a single day’s drive.

Tenants at the property have access to more than 2.1 million customers within 15 miles of the property and nearly 4.9 million within 55 miles. Additionally, the property is proximate to Sky Harbor International Airport, downtown Phoenix and a BNSF intermodal facility.

Koll Cotton Center has been institutionally owned and maintained since it was constructed in 2000. Since 2015, the seller has implemented a multi-million-dollar improvement and enhancement plan that includes spec suite buildouts, new signage and interior and exterior improvements. The park buildings are 93% leased to 28 tenants and feature clear heights ranging from 16 to 18 feet, ample parking and office finish.

Mark Detmer, Ryan Sitov, Steve Sayre, Mark Gustin and Dave Seeger with JLL represented the seller in the deal. JLL’s Kevin MacKenzie and Jason Carlos arranged the five-year, floating-rate acquisition loan through a life insurance company for the buyer.

With rising population, workforce and strong housing market, the demand for industrial space in the Phoenix MSA is growing. JLL Research detailed in its Phoenix Industrial Insight - Q4 2020 report that the Airport Industrial submarket – where Koll Cotton Center is located – has a vacancy of 6.4%, which is significantly lower than the 8.4% total vacancy for Phoenix Industrial market. Additionally, only 94.1k sf of industrial space was under construction in the fourth quarter, increasing the demand for existing space.

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