Acquisition and Investment

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GOODYEAR, AZ - Petrus Partners Ltd. (Petrus), in association with Voyager Investment Properties, LLC of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has purchased 103 finished residential lots in the Glen River subdivision within the Canyon Trails master planned community for $2.01 million. The seller was Brown Family Communities (Brown) of Tempe, AZ in conjunction with MCA Financial Group, Ltd. of Phoenix as receiver. Petrus closed the transaction within 3 days of winning a Superior Court of Arizona ordered auction. Tom Tait, Jr. of Land Group Real Estate, LLC acted as the seller's broker while Patrick Whelan of Land Advisors Capital, LLC represented Petrus.

Continental Homes, now part of D.R. Horton, Inc., began developing Canyon Trails in 2000-01. Since then, a diverse group of

GlobeSt.com

By Brian K. Miller

GOODYEAR, AZ - Petrus Partners Ltd., heretofore an investor in office and industrial properties, has snapped up 163 finished residential lots in the Canyon Trails master planned community here for $3.91 million. Petrus, the New York City-based parent of Crown West Realty, has accumulated 1,380 lots in recent months.

Petrus president Frank Walter tells GlobeSt.com theme in Petrus investments is "good properties at less than replacement cost." The goal in this case is a 25% return on a three-to-five year hold, he says. Prices for lots have gone up in the past 90 days, he says, as homebuilders have become active buyers.

The lots in Canyon Trails, all 6,900 square feet and located in the Travis Park subdivision, were acquired in association

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GOODYEAR, AZ - Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has purchased 67 finished residential lots in Estrella Mountain Ranch Parcel 9.2 in the Estrella master planned community for $2.27 million. The seller was Arizona Business Bank of Phoenix, AZ. Patrick Burch of Grubb & Ellis|BRE Commercial, LLC brokered the transaction.

The Estrella master planned community comprises over 20,000 acres, located 17 miles west of Phoenix and eight miles south of I-10 via Estrella Parkway. Newland Communities (“Newland”) of San Diego is Estrella’s master developer and projects that, over the next 25 years, its portion of the project will eventually include 38,000 single family detached homes, 9,000 multifamily units, 1,600 acres

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ATLANTA, GA - Crown West Realty, LLC has acquired Deerfield Professional Centre and Peachtree Corners Corporate Centre, in a package deal for $38.6 million, or $115 per square foot. The seller was CAT-ATL OWNER LLC, a entity controlled by EOLA Capital. This is Crown West's third acquisition in the Atlanta area since 2007 and its seventh transaction in recent years involving a loan assumption.

Deerfield Professional Centre totals 170,400 square feet and consists of three single-story office buildings. The project was constructed in 2000 and sits on 17.3 acres at 13000 Deerfield Parkway, in Milton, Georgia. It is centrally located at the intersection of Deerfield Parkway and Webb Road and close to GA 400. The three buildings are 95% leased; major tenants include BB&T Payroll

By Jill Jamieson-Nichols

Editor
Colorado Real Estate Journal

BOULDER, CO - An investor that's been active in the Denver market has tapped into what it views as a resurgence in the Denver-Boulder office market. Crown West Realty paid $10.9 million for a two-story office building at 5775 Flatiron Parkway in Boulder, a property where most of the leases were completed within the last 18 to 24 months.

The building's activity is reflective of what's happening in Boulder and on down the corridor, said Kevin Richey, who heads Crown West's Denver office.

"In speaking to brokers in the area, they say that activity is fierce," said Richey, noting Arista's first office building in Broomfield was filled up upon completion, and at least one new office development is in the

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

Denver Business Journal

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BOULDER, CO - Crown West Realty, LLC has purchased the office building at that address in Boulder for $10.9 million, the company said Wednesday.

The seller was Invesco Real Estate of Dallas, which acquired the building in 2000 for $13.1 million from Corporate Realty Income Fund I LP of New York, according to a Corporate Realty filing with the Securities and Exchange Commission.

The Boulder building is Crown West's seventh Colorado office building purchase since the company entered the market in 2005. Other Denver-area holdings include Corporate 25, Plaza Quebec, Orchard Plaza I-IV, One Cherry Center and Union Plaza.

Crown West of New York, whose parent is the Petrus Partners Ltd. investment firm, has a Denver office in One Cherry Center at 501 S. Cherry

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DURHAM, NC - Crown West Realty, LLC announces the acquisition of CenterPoint Distribution Centre from Medline Industries, Inc., for $14,500,000. The Class A cross-dock warehouse facility totals 325,000 square feet and is located at 1805 T.W. Alexander Drive, one mile east of Research Triangle Park.

CenterPoint Distribution Centre was constructed in 2000 by Panattoni Development, a leading national developer of bulk distribution facilities. The property is 100% occupied by two medical products suppliers, approximately half by Teleflex, Inc. and half by Medline, which as seller was advised locally by Chris Norvell of Colliers Pinkard.

"With the CenterPoint acquisition, the Petrus Partners-Crown West Group has now assembled in North Carolina a portfolio of 10 buildings, including 1.5 million square feet of Class A industrial properties, along with

www.phoenix.dbusinessnews.com

BUCKEYE, AZ - Petrus Partners Ltd., in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has purchased 308 finished residential lots within the newly-completed Watson Estates master-planned community for $8.8 million. The seller was Woodside Homes of Salt Lake City, UT. Nate Nathan and Dave Mullard of Nathan & Associates and James Hotis of Hogan & Associates of Scottsdale, AZ brokered the transaction while Patrick Whelan of Land Advisors Capital represented Petrus.

Watson Estates is located at the southwest corner of Watson Road and Yuma Road, one mile south of I-10 in north Buckeye and adjacent to the new 650,000 square foot Sundance Towne Center. Woodside Homes co-developed Watson Estates with homebuilders Taylor Morrison and Shea

www.denver.dbusinessnews.com

CENTENNIAL, CO. - Plaza Quebec, located at 6025 South Quebec Street, was recently purchased by Crown West Realty for $10,250,000 from Principal Financial Group. This 94,400 square foot, three-story office building represents Crown West's fourth acquisition in the Denver area during 2007 and the sixth since 2005.

Plaza Quebec was constructed in 1984 and features covered parking and convenient access to Interstate 25. Crown West plans to upgrade the common areas of the property to raise Plaza Quebec to Class A status, consistent with other buildings in the Southeastern submarket. While the building's current occupancy is 93%, over 20,000 square feet of space will be available for lease during 2008 and 2009. Ryan Stout and Nate Bradley of Grubb & Ellis will spearhead