Crown West Acquires Eighth Phoenix Site
Spokane Valley company buys two-building, Class-A complex for $16.1 million
By Linn Parish
Spokane Journal of Business
Crown West Realty LLC, of Spokane Valley, has bought for $16.1 million a two-building office complex in Phoenix.
The complex, called Foothills Corporate Centre II, is the eighth property the Spokane company has acquired in the Phoenix area and gives it a total of 1.35 million square feet of commercial floor space in that market.
“The Phoenix market has been incredibly successful for our company,” says Crown West President Richard Rollnick . “We look forward to expanding our portfolio over the coming months.”
Foothills Corporate Centre II is located in the southeast valley area of Phoenix, along the Interstate 10 corridor, and includes two single-story office buildings with a total of about 145,000 square feet of Class-A floor space.
Crown West says the office complex was 83 percent occupied before the acquisition but it since has secured letters of intent from additional tenants to boost the complex’s occupancy rate to 94 percent.
Current tenants include the corporate headquarters of audio-visual technologies provider ExhibitOne Corp. and the Phoenix operations of AT&T Corp. and telecommunications provider Global Crossing Ltd., Crown West says.
Crown West is headquartered at the Spokane Business & Industrial Park, in Spokane Valley, which it owns and manages, and has offices in New York and Phoenix.
In addition to its holdings in the Spokane and Phoenix areas, the company has properties in Denver and Charlotte, N.C.