Crown West Realty Acquires Corporate 25
By John Rebchook
Globe St.com
CENTENNIAL, CO – Crown West Realty, L.L.C., with executive offices in Phoenix and New York City, made its first commercial acquisition in the Denver area by paying $12 million for the Corporate 25 building. The property is in the Southgate Business Center at 7200 S. Alton Way, in this city along the southeast corridor.
The seller is DPC Development Co. Corporate 25, constructed in 1981 and completely renovated in 2004, consists of three inter-connected, multistory building with a total of 132,800 sf. It sits on a six-acre site with 410 feet of interstate frontage. It is minutes from the intersection of Interstate 25, C-470 and E-470 and is within walking distance of a future light-rail station to be built under the $4.7 billion FasTracks project. It also is close to the Park meadows mall. Currently, it is 99% occupied. Its two major anchor tenants are the South East Corridor Constructors and Kiewit Construction.
“The high-end amenities, quick access, and excellent visibility are in keeping with other quality offerings in our portfolio,” says Richard Rollnick, president of Crown West, which has its administrative headquarters in Spokane, WA. “The diverse real estate opportunities and high-quality regional and national tenants in the Denver market are a nice fit for our investment goals.”
Crown West plans to spend about $1.5 million in capital improvements throughout the next several years on Corporate 25. “Two of the three buildings in Corporate 256 complex have been elevated to class status with the renovations that took place in 2004,” says vice president Rob Gragg. “One of our goals is to raise the third building to class status and continue with the successful leasing plan that is already in place.”
Crown West, founded in 1996, is a privately owned real estate investment, development and management firm. In recent years, it bought more than 1.2 million sf of office space in the Phoenix area. It also owns about five million sf of office and industrial space in Spokane, WA.