Posted on January 20, 2003
By Beverly Ford - Globe St. com
PHOENIX-Crown West Realty LLC has acquired a Crown Jewel in a bid to
further expand its presence in the Phoenix market, spending $10 million
for a 103,000-sf corporate headquarters facility at the prestigious
Southbank Business Park.
Located at 3402 E. University Dr. near Interstate 10 and Sky Harbor
International Airport, the building is designed with fully furnished
office space with state-of-the-art telecommunications and climate
control systems along with warehouse, production and showroom space. "It
was a high-quality asset in a fabulous location at a great price," Crown
West Realty president Richard Rollnick tells GlobeSt.com.
Rollnick said the investment group purchased the class A, two-story
office building on a speculative basis from Citizens Bank in Detroit,
which had foreclosed on the property when prior owner Motion Systems
went into bankruptcy.
Crown West Realty LLC, which opened its Southwest office about 18 months
ago, owns three class A office properties, totaling 380,000 sf, in the
Phoenix market. The group also expects to close on a North Scottsdale
property in the next month, Rollnick said.
"We think Phoenix is a tremendous market," Rollnick said of the firm's
recent push into the area. "We think it's a deep market which affords
investors and developers like ourselves with a broad base of
Rollnick said the investment firm's goal this year is to secure at least
one major tenant for portfolio addition, a feat he said can be easily
achieved given the building's prime location, superior quality and the
Southbank development's low vacancy rate.