Posted on April 23, 2003
Phoenix, AZ,-Crown West Realty LLC recently continued its growth in Phoenix with its third major office complex acquisition. The Spokane, WA based investment firm's buying spree started in 2001 with the 227,000 sf Elliot Corporate Center in south Tempe. The latest acquisitions include the $10 million December 2002 purchase of 103,000 sf at Southbank Business Park and February 2003 $2.1 million purchase of 38,000 sf at 3230 E. Broadway.
"Phoenix was identified as a wonderful growth opportunity for the company," said Scott Brown, Crown West's asset manager. "Crown West seeks challenging assets that afford us an opportunity for upside potential."
Crown West conducts extensive renovations on the properties it acquires and are optimistic about the prospects they represent. The company's latest acquisition is comprised of three two-story structures with a small stream and cascading waterfall in the interior courtyard. The firm will invest approximately $300,000 in remodeling the building before leasing it to smaller office users. The remodel includes exterior paint, signs and other office improvements. The target is to have the building fully leased within 18 months.
Southbank Business park property, at 3402 E. University Dr., consisted of fully furnished office space along with warehouse, production and showroom space. The Elliott Corporate Center building has been thoroughly remodeled and is fully leased.
Crown West will acquire another three or four properties in the Phoenix market in 2003. Location and condition of properties are, of course, critical to their investment choices, and the company has historically favored well positioned, newer facilities. In addition to Phoenix, Crown West has assets in Spokane, WA and Charlotte, NC.