Crown West Realty Acquires Foothills Corporate Centre II
PHOENIX – Crown West Realty, L.L.C. announced today the acquisition of Foothills Corporate Centre II in the Southeast Valley sub-market of Phoenix. The $16.1Million transaction, the eighth Phoenix area acquisition for Crown West Realty, brings their total market presence to 1.35 million square feet of office and commercial flex space.
Constructed in 2000, Foothills Corporate Centre II consists of two single-story Class “A” back office buildings totaling 144,910 square feet located at 14601 & 14605 South 5 0th Street in Phoenix . Foothills Corporate Centre is strategically located in the heart of the Interstate 10 (I-10) corridor, the most prestigious back-office core serving the Southeast Valley with excellent visibility and access. This strategic location offers its tenants immediate access to a vast array of amenities consisting of over two million square feet of retail space, restaurants and numerous hotel, medical, and health club facilities. Prior to the acquisition, Foothills Corporate Centre was 83% leased to tenants such as Global Crossing, AT&T, and ExhibitOne Corporation. At the time of closing Crown West had garnered letters of intent raising the occupancy to 94%.
Richard Rollnick , President of Crown West Realty, states “The Phoenix market has been incredibly successful for our company and we are thrilled to add this asset to our portfolio. We look forward to expanding our portfolio over the coming months.”
Crown West Realty, formed in 1996, is a privately-owned real estate investment, development and management firm with offices in Phoenix , New York City, and Spokane , Washington .
Parties interested in leasing information or acquisition criteria should contact Richard Rollnick at 602.288.3632.