Crown West acquires Buildings in Phoenix, Denver, sells another
Journal of Business
SPOKANE – Crown West Realty LLC of Spokane, says it has bought two office buildings in Denver and Phoenix, the latter one with a partner, for a combined $28.7 million. Additionally, it says it has sold a building in Phoenix for $29.4 million.
Crown West teamed up with The Traveler’s Companies Inc., of St. Paul, Minn., for the third time in the last three years to acquire the latest property it bought, the two-story, 109,000-square-foot Corporate Center in Phoenix. The purchase represents its 17th acquisition in the Phoenix market since 2001. The Corporate Center had a 45 percent occupancy rate at the time it was sold, which fits with Crown West’s overall strategy, says Bob Olshan, vice president and head of Crown West’s Phoenix office. Olshan says that the company’s leasing and management teams should have the building fully occupied within 12 months.
Crown West sold the Foothills Corporate Center II, in Phoenix, for $29.4 million, two years after acquiring the 145,000-square-foot office and data center for $16 million. It recently was able to bring the occupancy rate there to 100 percent, up from 84 percent when it bought the building, Olshan says.
Separately, Crown West says it has completed the purchase of an 11-story office building in Denver for $17.4 million. Major upgrades are planned for that 156,000-square-foot structure, it’s fourth acquisition in Denver since 2005.