Crown West Realty Completes Inaugural Purchase in Denver Market
DENVER – Crown West Realty, L.L.C. recently completed their first acquisition in the Denver metro area. Corporate 25 in Southeast Suburban Denver was purchased from DPC Development Company for $12 Million. Crown West has been on a buying spree in the Phoenix metro area over recent years, accumulating more than 1.2 million square feet of office space. In addition, Crown West Realty owns approximately 5 million square feet of office and industrial space in Spokane,Washington.
Constructed in 1981 and completely renovated in 2004, Corporate 25 consists of three interconnected multi-story buildings totaling 132,800 square feet. On over six acres of land and 410 feet of interstate frontage, this Class A office complex is located within the Southgate Business Center at7200 South Alton Way , Centennial , Colorado
Minutes from the intersection of Highways I-25, C-470 and E-470, within walking distance of the future Southeast Corridor Light Rail Station, and in close proximity to the area’s most desirable residential neighborhoods and Park Meadows, makes Corporate 25 one of the most visible and accessible locations in the Southeast Suburban Office Submarket. Corporate 25 boasts a 95% occupancy rate with the two anchor tenants being South East Corridor Constructors and Kiewit Construction.
Richard Rollnick, President of Crown West Realty, states “We are thrilled to be adding Corporate 25 to our portfolio. The high-end amenities, quick access, and excellent visibility are in keeping with other quality offerings in our portfolio. The diverse real estate opportunities and high quality regional and national tenants in the Denver market are a nice fit for our investment goals, and Crown West looks forward to future acquisitions in the area.”
Crown West Realty plans to spend approximately $1.5 million in capital improvements over the next several years. “Two of the three buildings in the Corporate 25 complex have been elevated to Class A status with the renovations that took place in 2004. One of our goals is to raise the third building to Class A status and continue with the successful leasing plan that is already in place,” states Crown West Vice President, Rob Gragg.
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.
Parties interested in additional information about Crown West Realty or this property should contact Rob Gragg at (509) 924-1720.