Acquisition and Investment
Acquisition and Investment
Jan/12/2010

Petrus Partners Acquires 103 Finished Residential Lots in Goodyear, AZ

www.real-estate.dbusinessnews.com


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 homebuilders have built out approximately 70% of the 2,000-acre project. The master planned community has achieved success primarily by offering homes for the move-up segment in an area with easy access to downtown Phoenix as well as to northern employers via the 101 freeway. Canyon Trails enjoys a variety of nearby retail, including Wal-Mart and Safeway, as well as Bashas', Petco and Staples at the Market at Estrella.

Glen River lies less than one mile south of I-10 with direct access from Cotton Lane. Brown constructed the lots which each comprise 5,500 square feet (50' x 110'). Leading up to its receivership last fall, Brown sold 49 homes in Glen River at an average price of $220,000. Petrus and Voyager plan to sell the finished lots to a homebuilder and will offer financing.

Petrus Partners is the parent company of Crown West Realty, a full-service real estate investment, development, and management firm with offices in New York City, Phoenix, Denver and Spokane. The Petrus Partners-Crown West Group manages a series of discretionary investment funds totaling over $200 million of equity and owns and manages land development investments together with eight million square feet of office, industrial and mixed-use properties nationwide. Glen River represents the Group's 22nd property acquired in the Phoenix M.S.A. since 2001 and fifth investment in residential land since July of 2008.

Petrus actively seeks additional investment opportunities in residential lots and entitled and un-entitled land in the Phoenix M.S.A. Potential acquisition candidates should be submitted to Frank Walter, President of Petrus Partners at (212) 977-3708 or frankwalter@petruspartners.com.

Read More »
Acquisition and Investment
Sep/29/2009

Petrus Partners Filling Up on Residential Lots

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 with Voyager Investment Properties LLC of Scottsdale, AZ. The seller was Brown Family Communities of Tempe, AZ in conjunction with MCA Financial Group, Ltd. of Phoenix as receiver.

Petrus reportedly closed the transaction within three days of winning the auction, which was ordered by the Superior Court of Arizona. Tom Tait, Jr. of Land Group Real Estate LLC acted as the seller's broker while Patrick Whelan of Land Advisors Capital LLC advised Petrus.

Continental Homes, now part of D.R. Horton, Inc. began developing Canyon Trails in 2000-2001, according to Petrus. Since then approximately 70% of the 2,000-acre project has been built out. Leading up to its receivership last fall, Brown Family Communities sold 23 homes in Travis Park at an average price of $275,000, according to Petrus.

Prior to Canyon Trails, Petrus acquired lots in three other Phoenix developments, Watson Estates, Estrella Mountain and Arroyo Seco North. The lots are being acquired with a fund Petrus closed earlier this year, Walter says, adding that Petrus will continue to purchase residential lots in the region that it believes will meet its investment goals. Approximately two-thirds of the firm's investment capital is from retired partners of Goldman, Sachs & Co.

Read More »
Acquisition and Investment
Oct/07/2008

Petrus Partners Acquires 67 Finished Residential Lots in Goodyear, AZ

www.real-estate.dbusinessnews.com

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 of commercial uses and 4,700 acres of golf courses, parks and open space. Newland and the Kitchell Corporation are currently constructing Mountain Ranch Marketplace, a 170,000 square foot shopping center anchored by a Bashas’ supermarket, scheduled to open in the fall of 2009.

Estrella Mountain Ranch Parcel 9.2 lies within the Montecito district at the intersection of Calistoga Drive and Galveston Drive in close proximity to Estrella Parkway. The lots are 7,200 square feet (60’ x 120’) and were previously owned by INCA Capital in a land banking arrangement for Rosewood Homes of Scottsdale, AZ. The Estrella purchase represents Petrus’ 19th acquisition in Greater Phoenix since 2001 and its second investment in residential land since July 2008. Petrus and Voyager plan to hold the finished lots for investment purposes.

Petrus Partners is the parent company of Crown West Realty, a full-service real estate investment, development, and management firm with offices in New York City, Phoenix, Denver, and Spokane. The Petrus Partners-Crown West Group manages a $125 million discretionary equity investment fund and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide. Petrus actively seeks additional investment opportunities in residential lots and entitled and un-entitled land. Potential acquisition candidates should be submitted to Frank Walter, President of Petrus Partners at (212) 977-3708.

Read More »
Acquisition and Investment
Sep/16/2008

Crown West Realty Acquires Two Atlanta Area Office Parks

www.real-estate.dbusinessnews.com


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 Services, Milton's City Hall offices and the headquarters for Exide Technologies, Inc.

Peachtree Corners Corporate Centre totals 163,000 square feet and consists of two single-story office buildings. The project was also constructed in 2000 and sits on 21.5 acres at 4775 and 4855 Peachtree Industrial Blvd., in Norcross, Georgia, just north of GA 141 and close to I-285, Buford Highway and Jimmy Carter Blvd. The two buildings were 62% occupied at the time of purchase and their major tenants include Elekta Instruments and Toshiba America Business Solutions, Inc.

"We are excited to expand our Georgia portfolio with the acquisition of these quality assets. The strong job growth and high-quality corporate tenants in these submarkets make modern, well-located properties attractive buys for Crown West Realty. We look forward to making additional acquisitions with the aim of assembling at least one million square feet in the Atlanta market," says Ed Gargiulo, Asset Management Head for Crown West's Eastern Division.

Crown West's investment criteria can be found at www.crownwest.com; potential acquisition candidates should be submitted to Brian Zilla, Partner at Petrus Partners (212-977-3711).

Crown West Realty is a full-service real estate investment, development, and management firm with offices in New York City, Phoenix, Denver and Spokane. Crown West was formed in 1996 by its parent, New York investment firm, Petrus Partners Ltd. The Petrus Partners-Crown West Group manages a $125 million discretionary equity investment fund and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide.

Read More »
Acquisition and Investment
Aug/06/2008

Crown West taps into Boulder 'resurgence'

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 works on the U.S. Highway 36 corridor to meet market demand.

Richey attributed the activity to a surge in the renewable energy sector and a resurgence in the technology sector. Boulder, meanwhile, maintains barriers to new development.

"All of those developments come together to create a very tight market," Richey said. "We see that as a strong market with a price-per-pound attractiveness to it."

Crown West bought the Flatiron Parkway building from Invesco Real Estate for $114 per square foot, which was very appealing considering the quality of the building and the tenancy versus the cost of new construction, Richey said.

The 96,000 sf building is 96 percent leased. Its largest tenant, Wall Street on Demand, is undergoing an expansion that will take its occupancy to approximately 26,000 sf. Vexcel Corp., a Microsoft subsidiary, occupies approximately 20,000 sf, followed by Konica-Minolta at 18,000 sf. CH2M Hill and SimAuthor Inc. also are tenants.

Located just north of Arapahoe Road and east of 35th Street, the building has easy access to Foothills Parkway, U.S. Highway 36 and the University of Colorado, Crown West noted.

The acquisition was Crown West's fourth in the Denver area since the onset of the credit crunch.

"We have access to financing through our banking relationships that a lot of investors don't enjoy, and because of that we're able to structure moderate loan-to-value loans with our lenders," Richey commented.

CB Richard Ellis brokers Richard Damm and Dave Buck will handle leasing of the property. CBRE brokers Mary Sullivan, Tim Swan and Ron Urgitus represented Invesco in the transaction.

Crown West Realty, a full-service real estate investment, development and management firm formed by Petrus Partners Ltd., now owns seven assets in the Denver metro area. The Petrus Partners-Crown West group owns and manages 8 million sf of office, industrial, mixed-use and land-development properties nationwide.

Read More »
Acquisition and Investment
Jul/24/2008

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.

Read More »
Acquisition and Investment
Jul/16/2008

5775 Flatiron Parkway sells for $10.9M

Denver Business Journal

www.bizjournals.com/denver

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 St.

The two-story 5775 Flatiron Parkway building includes 96,000 square feet of space and was completed in 1987. It's located just north of Arapahoe Road / Highway 7 and east of 55th Street in Boulder.

The property is 96 percent occupied by tenants, including CH2M Hill Inc., Konica Minolta Business Solutions USA Inc., SimAuthor Inc. and Vexcel Corp., according to Crown West.

Read More »
Acquisition and Investment
Jul/10/2008

Crown West Realty Acquires CenterPoint Distribution Centre

www.real-estate.dbusinessnews.com


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 office and warehouse development sites," said Ed Gargiulo, Vice President and Eastern Division Head. "The Raleigh-Durham industrial market is stable and the property is centrally located in a healthy submarket with convenient access to the Research Triangle Park. This represents our group's 11th acquisition nationwide since the on-set of the credit crunch and demonstrates our continuing appetite for deals and ability to perform in a tough environment."

Crown West's investment criteria can be found at www.crownwest.com; potential acquisition candidates should be submitted to Frank Walter, President o Petrus Partners, at (212) 977-3708.

Crown West Realty is a full-service real estate investment, development, and management firm with offices in New York City, Phoenix, Denver and Spokane. Crown West was formed in 1996 by its parent, New York investment firm, Petrus Partners Ltd. The Petrus Partners-Crown West Group manages a $125 million discretionary equity investment fund and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide.



Read More »
Acquisition and Investment
Jul/05/2008

Petrus Partners Acquires 308 Finished Residential Lots in Buckeye, Arizona

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 Homes, both of which have begun construction and sale of homes on their respective lots in the 868-lot master-planned community. The purchased lots, which Petrus and Voyager plan to hold for investment purposes, are grouped in four parcels and range in size from 50’ x 115’ to 58’ x 115’.

Petrus Partners is the parent company of Crown West Realty, a full-service real estate investment, development, and management firm with offices in New York City, Phoenix, Denver, and Spokane. The Petrus Partners-Crown West Group manages a $125 million discretionary equity investment fund and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide. Watson Estates represents the Group’s 18th property acquired in Greater Phoenix since 2001.

Petrus actively seeks additional investment opportunities in value-added commercial properties as well as in residential lots and entitled and un-entitled land. Potential acquisition candidates should be submitted to Frank Walter, President of Petrus Partners at (212) 977-3708.

Read More »
Acquisition and Investment
Dec/21/2007

Plaza Quebec Acquired by Crown West Realty for $10,250,000

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 the marketing and leasing efforts for the property.

"We are excited to add Plaza Quebec to our growing Colorado portfolio. The diverse real estate opportunities and high quality properties and tenants in this market fit nicely with our investment objectives, and we look forward to making additional acquisitions in the near future," says Kevin Richey, Denver office head for Crown West Realty. Investment criteria can be found at www.crownwest.com; potential acquisition candidates should be submitted to Kevin Richey or to Frank Walter, President of Petrus Partners (212-977-3708).

Crown West Realty is a full-service real estate investment, development, and management firm with offices in New York City, Phoenix, Arizona, Denver, Colorado and Spokane, Washington. Crown West was formed in 1996 by its parent, New York investment firm, Petrus Partners Ltd. The Petrus-Crown West group manages a $125 million discretionary equity investment fund and owns and manages eight million square feet of office and industrial properties nationwide.

Read More »