Crown West Realty Acquires Class A Office Building in Prestigious Location
PHOENIX – Crown West Realty has recently completed their second joint-venture acquisition with St. Paul Properties, a wholly-owned subsidiary of St. Paul Travelers. This purchase, Crown West’s sixth in the Phoenix area, boosts their total portfolio size to approximately 1.2 million square feet in the Phoenix market.
The 235,000 square foot Class “A” office building was purchased from Artemis Fortis, LLC for just under $32.5 million. Constructed in 2001, Cambelback Center has nine stories of impressive Class “A” office space with four levels of subterranean parking, and is located in the heart of one of Phoenix’s most prestigious office and condominium markets at 2355 East Camelback Road. Neighbors include The Biltmore Fashion Park, Camelback Esplanade, the Ritz Carlton, and historical Biltmore Estates. Camelback Center currently has a 40% occupancy rate which includes CNA Insurance, Principal Financial Group, and several other noteworthy tenants. “Crown West plans to add many new amenities including interior and exterior enhancements which will significantly improve its identity as a premiere office location,” states Bob Olshan, Vice President of Crown West Realty.
Richard Rollnick, President of Crown West Realty remarks, “We’re very fortunate to add such a well-located, high-quality, 24th and Camelback asset to our portfolio. Camelback Center has underperformed over the last three years due primarily to unfavorable market dynamics and poorly defined leasing strategies by previous ownership. Crown West will provide the market with premiere 1,500 to 5,000 square foot turn-key suites, as well as sizeable amounts of contiguous space, up to 60,000 square feet, on upper floors”
Crown West Realty continues to look for investment opportunities in the Phoenix area which according to Bob Olshan is Crown West’s ideal market. “The dynamic business environment and diverse real estate opportunities are well-suited to our investment goals. We will continue to aggressively seek additional properties and hope to add four to six properties to our portfolio in 2005.”
Crown West Realty, formed in 1996, is a privately-owned real estate investment, development and management firm with executive offices in Phoenix and New York City and administrative headquarters in Spokane, Washington. Crown West owns and manages nearly seven million square feet of leased office and industrial properties along with a significant amount of prime undeveloped industrial land.
Parties interested in leasing information or acquisitions should contact Richard Rollnick or Bob Olshan at (602) 288-3836.