Acquisition and Investment

By Amy Wolff Sorter
June 28, 2007
GlobeSt.com

PHOENIX - Crown West Realty, LLC has added the 450,000-sf Phoenix Corporate Tower to its portfolio, paying $69.25 million to long-time owner, San Francisco-based Krausz Co. Inc. The 40-year-old building was 83% leased at sale time.

Phoenix Corporate Tower, located at 3003 N. Central Ave., is in line for a major upgrade to the exterior, plaza, lobbies and other common areas, according to a press release about the sale. Crown West did not return telephone calls by press time to comment on the acquisition and the value-add plan.

The 26-story tower's major tenants include Fennemore Craig PC, Littler Mendelson Bacon & Dear PLLC, Winslow Orcutt Partnership and Clifton Gunderson LLP. CB Richard Ellis senior

By Natalie Keith
June 13, 2007
GlobeSt.com

ATLANTA, GA - Crown West Realty, LLC, with offices in Denver and New York City, has entered the market with the $18.1 - million acquisition of the 196,000 - sf Cobb Corporate Center office park. The property, located at 350-450 Franklin Road immediately northwest of the South Marietta Parkway exchange on Interstate 75, consists of five single-story flex office buildings.

Among reasons for the acquisition is its location. The property has access to Interstate 285, Interstate 75, US 41 and GA 120 and is located in Cobb County, which is home to more than 100 Fortune 500 companies.

Crown West Realty Eastern US asset manager Ed Gargiulo tells GlobeSt.com that the property is 73% occupied

By Amy Wolff Sorter
May 10, 2007
GlobeSt.com

PHOENIX - After a three-year hold and repositioning, a local company has sold the 112,800-sf Lakeview Business Center. The five-building flex industrial project was acquired for $13.5 million by a San Mateo, CA private investment group.

Crown West Realty had boosted the 20-year-old asset's occupancy to 90% following renovation and aggressive leasing. "That's kind of their business model. They're not typically long-term holders," Tracy Cartledge, senior vice president for locally based Grubb & Ellis/BRE Commercial LLC, tells GlobeSt.com. "They try to enhance value, then sell. This is consistent with what they've done with their other assets." The sales team included senior vice presidents Bob Buckley and Steve Lindley plus Rick Lee, principal with locally based

By Amy Wolff Sorter
March 23, 2007
GlobeSt.com

SCOTTSDALE, AZ - In a value-add play, Crown West Realty LLC has bought the 118,000-sf, five building Scottsdale Commerce Center. The five building office/flex complex has sold for $14.35 million, with the buyer planning to invest another $1.2 million into upgrades.

The Phoenix-based Crown West beat out 12 other bids for the center at 1375-1525 N. Hayden Rd. with its superior market knowledge, says Chris Toci, senior director with Cushman & Wakefield of Arizona Inc.'s Phoenix office. "They've run this several times before, where they go in, reposition the asset and work their magic," he says.

Bob Olshan, vice president in the Southwest for Crown West, tells GlobeSt.com that renovations should take about six

Tyler Pacific Sells 157,540 - SF Flex for $130 PSF

By Steven Ferreira
CoStar Group

Crown West Realty LLC recently acquired Orchard Plaza I, II, III and IV in Greenwood Village from Tyler Pacific Inc. for $20.5 million, or about $130 per square foot.

The four single-story flex-office buildings at 8745-8775 E. Orchard Road in Greenwood Village total 157,540 square feet on 12 acres just east of I-25 in the Denver Technological Center. Crown West plans to renovate and upgrade the properties to better meet the needs of its existing tenant base.

Tim Richey and Chad Flynn of Cushman & Wakefield of Colorado represented both parties.

On the heels of its acquisition of Orchard Plaza, Crown West will open a

The Denver Business Journal

DENVER, CO - Crown West Realty, L.L.C. has purchased its third set of Denver-area office buildings since entering the market in 2005.

The Spokane, Wash., company said Friday it has purchased Orchard Plaza I, II, III and IV in Greenwood Village for $20.5 million. The seller was Tyler Pacific IV L.L.C.

The four single-story buildings total 157,540 square feet on 12 acres east of Interstate 25. Crown West Realty said it intends to renovate and upgrade Orchard Plaza, which was 78 percent occupied at closing.

Crown West Realty said it will open a Denver office in March and begin looking for other properties to buy in Colorado.

The company in 2005 paid $12 million for Corporate

By Yvette Armendariz
The Arizona Republic

PHOENIX - Camelback keeps drawing in investors ready to plunk down multimillions for a piece of the Valley's premier office corridor.

The latest building sale closed this week for $75.62 million, or $325 a square foot. The property is the nine-story Camelback Center at 2355 E. Camelback Road, which is tucked behind several office and condo high-rises.

New York-based Teachers Insurance and Annuity Association of America, a financial-services company, bought the building. Teachers Insurance focuses on retirement savings for teacher and medical professionals and has over $400 billion in assets under managment. The acquisition is the company's third in Phoenix.

Crown West Realty acquired Camelback Center in November 2004 for $32.35 million and focused on

By Brian K. Miller
Globe St.com

GOLDEN, CO - Golden Ridge I and II, a pair of single-story office buildings here totaling 100,800 sf, have changed hands for $11.35 million. The new owner is Crown West Realty of Spokane, WA.

Located at 500-560 Golden Ridge Rd., the buildings were constructed in 2000 and 2001; their combined occupancy is 84%. Noteworthy tenants include Rockwell Automation, Health Grades Inc., and TechLaw Inc. The vacancy rate and in-place rental rate (approximately $11.50 per sf/NNN) are comparable to the average for the submarket as a whole.

Crown West Realty president Rob Gragg tells GlobeSt.com that the buildings are the company's second acquisition in the Denver area and that he expects to close several additional deals in

Carolina Investment Property Wire

REBUSINESSONLINE.COM

GREENSBORO, N.C. - Spokane, Wash. - based Crown West Realty has acquired a four-building, Class A office complex, located at 200 CentrePort Dr. in Greensboro. The 263,000-square-foot portfolio, which was purchased from Liberty Property for $26.7 million, consists of CentrePort I, II, and III and One Triad Center. The CentrePort complex has a 72 percent occupancy rate and includes tenants such as MCI Worldcom, Time Warner Entertainment, Ernst & Young and PriceWaterhouseCoopers.