Crown West goes into Denver Area
$12 Million transaction is Spokane company’s first there; more buildings eyed
By Linn Parish
Spokane Journal of Business
Crown West Realty LLC, of Spokane Valley, has bought a $12 million office complex in the Denver area, its first acquisition in that market.
Richard Rollnick, president of Crown West, says the company currently is looking at additional properties in the Denver area and hopes to buy more real estate there.
“The diverse real estate opportunities and high-quality regional and national tenants in the Denver market are a nice fit for our investment goals, ” Rollnick says.
The recently purchased property, called Corporate 25, consists of three inter-connected buildings with a total of 132,800 square feet of office space and is located in Centennial, Colorado, a suburb that’s about 15 miles southeast of downtown Denver.
Built in 1981 and renovated in 2004, Corporate 25 is visible from Interstate 25 and is walking distance from a future light-rail station. Crown West says the complex currently has a 95% occupancy rate, and two construction companies are its main tenants.
The acquisition in the Denver market follows a number of purchases Crown West has made in the Phoenix area over the past three years. The company currently has more than 1.2 million square feet of office space in that growing Arizona market.
The company also owns about 5 million square feet of office and warehouse space in the Spokane area, most of which is in the Spokane Business &Industrial Park, in Spokane Valley.
Formed in 1996, Crown West is headquartered in Spokane Valley and has executive offices in Phoenix and New York.