Crown West acquires big warehouse, office building

Journal of Business

By Mike McLean of The Journal of Business

Purchases of Colorado, North Carolina structures total about $25.4 million

SPOKANE - Spokane Valley-based Crown West Realty LLC says it has acquired a distribution center in North Carolina for $14.5 million and an office building in Colorado for $10.9 million.

In the North Carolina acquisition, Crown West says it bought a 325,000 square-foot warehouse facility, called the CenterPoint Distribution Centre, from Mundelein, Ill.-based Medline Industries Inc., which occupies about half of the center. Teleflex Inc., a Limerick, Pa.-based manufacturer of medical products primarily used in surgical applications, occupies the rest of the center.

CenterPoint is a mile east of Research Triangle Park, a high-tech research and development center near Duke University, North Carolina State University, and the University of North Carolina at Chapel Hill.The facility, the oldest continuously operating research and science park in the nation, is home to more than 170 companies that employ 40,000 people in knowledge-based pursuits and is located about two miles north of the junction of Interstate 40 and Interstate 540.

In the Colorado purchase, Crown West says it acquired a 96,000 square-foot, two-story office building it calls 5775 Flatiron Parkway, in the north central part of the state.

The property, which is located near U.S. 36, about two miles east of Boulder, Colo., is 96 percent occupied, and tenants include Denver-based CH2M Hill Inc., and Ramsey, N.J.-based Konica Minolta Business Solutions USA Inc.

Crown West is based at Spokane Business & Industrial Park, which it owns.