Acquisition and Investment

Crown West buys Denver's Plaza Quebec for $10.25M

by Michael Wayne

In it's fourth Denver area acquisition this year, Crown West Realty has purchased the Plaza Quebec office building in Centennial, Colo., for 10.25 million from Principal Financial Group.

Grubb & Ellis' Ryan Stout and Nate Bradley have been hired to lease the property.

The three-story office building is located at 6025 Quebec St. and contains 94,400 square feet. Built in 1984, it is currently 93 percent occupied and will have over 20,000 square feet of space available for lease in 2008 and 2009.

Address: 6025 Quebec St., Centennial, Colo.

Size: 94,400 square feet

Built: 1984

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Crown West acquires Union Plaza for $17.4M

by Michael Wayne

Crown West Realty has acquired the Union Plaza office building in the Denver, Colo., suburb of Lakewood for $17.4 million from ACF Property Management Inc.

The 140,671 square foot office building is located at 200 Union Blvd. and is currently more than 90 percent occupied. Current tenants include First American Real Estate Tax Service, CPA Gibson Steven and Distributed Generation Systems. Crown West plans to upgrade the building's interior and exterior.

Lakewood is located approximately 8 miles southwest of Denver and has a population of 140,671.

Address: 200 Union Blvd., Lakewood Colo.

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Crown West acquires Atlanta office park

NORCROSS, GA - Crown West Realty, LLC has acquired the Northwoods Commons flex/office complex in the Atlanta suburb of Norcross, GA., from Chicago-based Rushmore Properties for an undisclosed price.

Thomas Shafer of Resource Real Estate Partners represented Rushmore while Crown West was self-represented.

Built in 1986, the three-building complex is located at 4940-5000 Peachtree Industrial Blvd., and contains 101,000 square feet. It's currently 57 percent leased with major tenants including BravePoint, Inc., an information technology company, Advanced Control Systems and Delta Environmental Consultants.

Crown West plans to renovate and upgrade the interior and exterior of the property, which will continue to be leased and managed by Resource Real Estate Partners.

Rushmore acquired the property in June 2004.

Norcross is located roughly 20 miles north of Atlanta.

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Crown West Doubles NC Portfolio With $61M Buy

CLAYTON, NC - New York City-based Crown West Realty LLC has acquired the 1.1-million-sf Carolinas Distribution Center distribution warehouse and cold storage complex at 1053 Shotwell Rd. for $61.25 million. The property was acquired from Fulcra Enterprises.

Originally developed by Winn-Dixie Stores to be used as a regional distribution complex in 1998, the property is a four-building facility that may be expanded by approximately 300,000 sf. Located between Interstate 40 and Interstate 95, it provides access to the entire eastern seaboard.

Crown West asset manager Ed Gargiulo tells that the acquisition price was $38 per sf for the dry warehouse space, $87 per sf for the freezer space and $1 per sf for the excess land. The property was acquired

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Crown West acquires Buildings in Phoenix, Denver, sells another

Journal of Business

SPOKANE - Crown West Realty LLC of Spokane, says it has bought two office buildings in Denver and Phoenix, the latter one with a partner, for a combined $28.7 million. Additionally, it says it has sold a building in Phoenix for $29.4 million.

Crown West teamed up with The Traveler's Companies Inc., of St. Paul, Minn., for the third time in the last three years to acquire the latest property it bought, the two-story, 109,000-square-foot Corporate Center in Phoenix. The purchase represents its 17th acquisition in the Phoenix market since 2001. The Corporate Center had a 45 percent occupancy rate at the time it was sold, which fits with Crown West's overall strategy, says Bob Olshan, vice president and head

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Corporate Center Attracts $17M From Crown West

By Amy Wolff Sorter
August 29, 2007

PHOENIX - In a value-add play, Crown West Realty LLC, headquartered in New York City, and Travelers Cos. Inc. joined forces to acquire the 109,332-sf Corporate Center. The partnership acquired the 45%-occupied back-office building for $17.3 million, with plans to lease up and stabilize the northwest-side building.

Bob Olshan, vice president with Crown West and head of the Phoenix office, says the asset at 10400 N. 25th Ave. was brought to the joint venture's attention by the local office of CB Richard Ellis Co., which represented Scottsdale-based seller International Capital Partners. "This was a well-located property in great condition, with very little capital improvements needing to be done," Olshan explains. "The value-add to us is

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One Cherry Center sells for $17.4M

The Denver Business Journal

DENVER - Crown West Realty LLC continues shopping for properties in metro Denver.

The Spokane, Wash., company has acquired the One Cherry Center office building at 501 S. Cherry St. in Glendale for $17.4 million.

CMD Realty Investment Fund III was the seller. The fund is part of Chicago-based CMD Realty Investors Inc., a private investor in office properties with a nationwide portfolio.

Located near the upscale Cherry Creek North neighborhood, One Cherry Center includes 155,717 square feet of space. The 11-story building was completed in 1986.

Crown West plans major upgrades to its latest Denver acquisition, which is 83 percent occupied by tenants such as W.E. Kieding Interior Architects, The Colorado Health Foundation and The

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Crown West Sells 144,910-SF Foothills

By Amy Wolff Sorter
July 23, 2007

PHOENIX - A value-add investor headquartered in New York City sold the 144,910-sf Foothills Corporate Centre II to a TIC buyer from Los Angeles, receiving $29.5 million in the process. Crown West Realty LLC disposed of the two-building, class A office asset following a two-year hold complete with lease-up.

"This was purely a rent roll play for us. The property had about 25,000 sf that had been vacant since the building was completed in 2000," Bob Olshan, vice president and southwest region head of Crown West, tells He says that Crown West extended AT&T's lease, which included a 5,000-sf tenant give-back in the center at 14601 and 14605 S. 50th St. "That allowed us

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Crown West Realty Enters DC Market With $14M Buy

By Erika Morphy
July 6, 2007

GAITHERSBURG, MD - Crown West Realty, a subsidiary of New York City investment firm Petrus Partners Ltd., has made its first purchase in the DC market with its acquisition of 704 Quince Orchard Rd. for $14.3 million from New Boston Fund.

A 77,000-sf, class A, fully occupied building, 704 Quince Orchard Rd. sits in the heart of Maryland's Biotech and Medical Technology Corridor, which is one reason why the company chose it as its foundation for a future Washington area portfolio, Ed Gargiulo, asset manager for Crown West Realty, tells

Also, he says, Greater DC area growth is moving at a rapid pace and the I-270 corridor, from Bethesda to Frederick, is poised to

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Downtown Building Sells for $69 Million

By Andrew Johnson
July 2, 2007
The Arizona Republic

PHOENIX, AZ - A Spokane, Wash - based real estate investment firm has paid $69.25 million for a 26-story office tower on Central Avenue, the second such transaction to occur in Phoenix's Central Corridor in the last month.

Crown West Realty LLC bought Phoenix Corporate Tower, 3003 N. Central Ave., from San Francisco-based Krausz Co. Inc.

"That is truly a strong statement not just for the (central business district) but for all of Arizona, that you have institutional investors looking in what was once a lagging market," said Charles Miscio, first vice president with CB Richard Ellis' Phoenix office, and broker of the deal.

Krausz, which bought the building in 1990, according

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