Crown West Realty Acquires CenterPoint Distribution Centre
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.