News
Acquisition and Investment
Feb/28/2011

Petrus Partners acquires residential lots in Goodyear, AZ

PHOENIX - Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has purchased for $1.2 million 50 residential lots (55’ x 115’) in the Canyon Trails master planned community in Goodyear. The seller was an affiliate of Stearns Bank N.A. and the sale marked Petrus’ eighth acquisition of bank-owned residential R.E.O. in Phoenix since October 2008. Michael Martindale and Todd Vesledahl of CRA Ltd. represented the seller.

Continental Homes, now part of D.R. Horton, Inc., began developing Canyon Trails in 2000-01. Since then, a range of homebuilders have built out over 70% of the 2,000-acre project primarily by offering homes for the move-up segment. Canyon Trails enjoys easy access to downtown as well as a variety of nearby retail amenities. The purchased lots are situated in the Canyon Trails – Unit III subdivision, off of Cotton Lane less than one mile south of I-10. Santa Anna Homes began the project in June 2006 and developed and sold 98 homes at an average sale price of $264,000 by July 2008. Petrus and Voyager plan to sell the Canyon Trails lots to a homebuilder(s) once the housing market recovers.

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. Canyon Trails – Unit III represents the Group’s 27th property acquired in the Phoenix M.S.A. since 2001.

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.

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Leasing and Development
Feb/24/2011

Coco-Cola to Open New Sales and Distribution Center

www.businesswire.com/news

RALEIGH, NC - Coca-Cola Bottling Co. Consolidated today announced it will open a new sales and distribution center in the Carolinas Distribution Center in Clayton. The 233,000 square foot replaces the company's existing 90,000 square foot building on South Wilmington Street.

"We are very pleased to be expanding our operations in the Raleigh market, more than doubling the size of our distribution center to better serve our customers in the Triangle," said Lauren Steele, Coca-Cola Consolidated spokesman.

The new sales and distribution center will serve the company's customers in Wake, Johnston, Franklin, Harnett, Orange and Chatham counties. All of the company's 184 local employees will move to the new facility.

The existing Raleigh Coca-Cola facility in South Raleigh was built in 1957 as a production and distribution center. Coca-Cola Consolidated acquired the building and the Coca-Cola sales franchise territory in 1968.

"We are looking forward to a modern and efficient distribution facility," Steele said. "Because the existing facility was built as a bottling plant, it never lent itself to efficient warehousing and loading dock capabilities."

North Carolina-based Coca-Cola Consolidated is the nation's largest independent Coca-Cola bottler. More than 2,800 of its approximately 5,800 employees work in North Carolina. Jones Lang LaSalle represented Coca-Cola Consolidated in the lease agreement, and Cassidy Turley represented the landlord, Crown West Realty.

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Leasing and Development
Feb/10/2011

Zome Design moves operations to The Park

Journal of Business
Real Estate Roundup
Compiled by Mike McLean / mikem@spokanejournal.com

Zome Design LLC, an apparel screen-printing and embroidery company, has leased 8,000 square feet of floor space in the Spokane Business & Industrial Park, at 3808 N. Sullivan, and has moved its production operations there from smaller quarters at 1821 W. Fifth. Chase Breckner of Crown West Realty, and Erik Nelson, of Kiemle & Hagood Co., handled the lease.

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Acquisition and Investment
Jan/20/2011

Petrus Partners acquires residential lots in Waddell, AZ

PHOENIX -Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has purchased for $2.08 million 88 residential lots in the Cortessa master planned community in Waddell. The seller was an affiliate of Stearns Bank N.A. and the sale marked Petrus’ seventh acquisition of bank-owned residential R.E.O. in Phoenix since October 2008. Michael Martindale and Todd Vesledahl of CRA Ltd. represented the seller.

The Cortessa lots are in a master-planned community located in Waddell, an unincorporated area of Maricopa County, east of White Tank Mountain Regional Park, north of the Town of Buckeye and south of the City of Surprise.

Stardust Development of Scottsdale, AZ originally developed Cortessa through the preliminary plat phase and sold it in 2003 to a consortium of homebuilders, led by Standard Pacific. The master planned community comprises 614 acres and 1,732 residential lots and has already seen in excess of 1,200 new home sales to retail homebuyers. The purchased lots were once owned by Santa Anna Homes, which built and sold 116 homes in Cortessa at an average price of $282,000 from July 2006 through August 2008. Petrus and Voyager plan to sell the Cortessa lots to a homebuilder(s) once the housing market recovers.

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. Cortessa represents the Group’s 26th property acquired in the Phoenix M.S.A. since 2001.

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.

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Acquisition and Investment
Jan/04/2011

Petrus Partners acquires 67 residential lots in Phoenix, AZ

PHOENIX - Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has purchased for $2.0 million 67 residential lots in the Blossom Hills Two subdivision in Phoenix. The seller was JPMorgan Chase, N.A. and the sale marked Petrus’ sixth acquisition of bank-owned residential R.E.O. in Phoenix in the past two years. Brent Moser and Brian Rosella of Cassidy Turley BRE Commercial represented the Seller.

Blossom Hills Two constitutes 67 residential lots located in the South Mountain submarket of Phoenix, eight miles southeast of the Central Business District. South Mountain Park, encompassing 16,000 acres, runs along the southern boundary of the neighborhood and offers appealing mountain views. Given the proximity to downtown Phoenix, homebuilders have historically achieved success in the submarket with move-up and upscale housing priced from $300,000 to $600,000. Petrus and Voyager plan to sell the project to a homebuilder once the housing market has recovered.

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. Blossom Hills represents the Group’s 25th property acquired in the Phoenix M.S.A. since 2001.

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.

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Leasing and Development
Dec/06/2010

Zome Design to open silk screen shop

Ed Clark's How's Business

Spokane Edition
Ed Clark / info@spokanehowsbusiness.com

Zome Design, LLC, a silk screen company, has leased approximately 8,000 square feet of space in Building #3 of the Spokane Business & Industrial Park, at 3808 N. Sullivan Road in the Spokane Valley. The business, owned by Brayden Jessen, offers screen-printing, embroidery, tackle-twill and more.They can print from one garment to one hundred thousand. Zome Design also specializes in web solutions offering design and development, hosting, e-commerce and search engine optimization. Zome Design's phone number is 509-279-2034. The Website is zomedesign.com. The lease activity was completed by Chase Breckner, marketing specialist at the Spokane Business & Industrial Park and Erik Nelson of Kiemle & Hagood Company.

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Leasing and Development
Nov/05/2010

DirecTV leases storage building

by Bert Caldwell
Here's the Dirt Weekly Report
The Spokesman Review

Satellite entertainment company DirecTV, Inc. has leased 10,600 square feet in Building 33 of the Spokane Business & Industrial Park, at 3808 N. Sullivan Road.

The company is using the building to store equipment and supplies.


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Leasing and Development
Oct/21/2010

Green Home moves to The Park

Journal of Business

Real Estate Roundup
Compiled by Mike McLean / mikem@spokanejournal.com

Boise-based Green Home LLC, a home energy-efficiency improvement contractor, has leased 4,200 square feet of space in the Spokane Business & Industrial Park, at 3808 N. Sullivan, and has opened a branch office there. Chase Breckner of Crown West Realty LLC, handled the transaction.


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Acquisition and Investment
Sep/12/2010

Petrus Partners Acquires 160 acres of Residential Land in Surprise, AZ

www.dbusinessnews.com

SURPRISE, AZ - Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has purchased for $1.44 million 160 acres of residential land planned for a 416-home master planned community called Soleada. The seller was Compass Bank and the closing marked Petrus’ fifth acquisition of bank-owned (REO) residential land in Phoenix since October 2008. James A. Hotis of The Hogan Group represented Petrus while Scott A. Hintze of Nathan & Associates, Inc. acted as the seller’s broker.

Soleada is located at the northeast corner of Lone Mountain Road and 195th Avenue. The parcel lies east of U.S. Route 60 (Grand Avenue) and adjacent to the Sun Haven master planned community’s eastern border and in close proximity to Cielo Crossing, Grand Vista, and Burlington Northern Santa Fe’s planned rail yard and intramodal facility. These projects make up the majority of the City of Surprise’s Special Planning Area IV, a planned wastewater and water utility infrastructure district. Petrus and Voyager plan to sell the project to a homebuilder or developer once the housing market recovers.

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. Soleada represents the Group’s 23rd property acquired in the Phoenix M.S.A. since 2001.

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.

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Leasing and Development
Aug/12/2010

Spokane Valley business park lands 5 new tenants

Journal of Business

By Mike McLean
mikem@spokanejournal.com

Freight carrier, cold-food distributor join lessees at big commercial center

SPOKANE, WA- The Spokane Business & Industrial Park has leased space to five new tenants, including a long time Spokane trucking company, a food-products distributor, a manufacturer of specialty moldings, a sheet-metal fabricator, and a concrete polisher, SBIP says.

The long-haul trucking company, Victor Chimienti Inc., has leased 4,800 square feet of space in the park, which is located at 3808 N. Sullivan Road, in Spokane Valley, and has moved there from larger quarters in the Great Northern building near Spokane Falls Boulevard and Hamilton Street. Seattle-based McKinstry Co. recently bought the 52,000-square-foot Great Northern building and plans to consolidate its Spokane operations there.

Victor Chimienti, which is headed by Von Chimienti, the son of the company's founder, owns three trucks and has five employees, including four truck drivers.

Another new tenant, Beaverton, Ore.-based Reser's Fine Foods, has leased 6,000 square feet of space in SBIP, the park says. Reser's manufactures and distributes refrigerated food products and plans to use the leased space as a distribution point serving Spokane-area retail stores, says Paul Leavy, Reser's Beaverton-based chief financial officer. Three salespeople are based at the site.

The space there will replace similar space Reser's is leasing in North Spokane, Leavy says. He says the company's total annual sales are holding steady at about $650 million, and its Spokane area sales also are stable with some segments, including Mexican foods, continuing to grow.

The three other new tenants couldn't be reached for comment. They include:

Hardwood & Molding Specialties Inc., a custom molding manufacturer, which SBIP says has leased 7,200 square feet of space in the park and has moved there from 18001 E. Euclid Ave.

Skyline Maintenance Inc., doing business as Coil-Tech, a custom sheet metal fabricator, which SBIP says, has leased 12,000 square feet of space there.

Creative Surface Inspirations LLC, a Coeur d'Alene-based concrete-polishing concern, which SBIP says has leased 1,250 square feet of space and plans to move its Spokane operation there.

Dean Stuart and Chase Breckner, both of Spokane-Valley based Crown West Realty LLC, handled the leases. Crown West owns and operates SBIP.

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