Plaza Quebec Acquired by Crown West Realty for $10,250,000
CENTENNIAL, CO. – Plaza Quebec, located at 6025 South Quebec Street, was recently purchased by Crown West Realty for $10,250,000 from Principal Financial Group. This 94,400 square foot, three-story office building represents Crown West’s fourth acquisition in the Denver area during 2007 and the sixth since 2005.
Plaza Quebec was constructed in 1984 and features covered parking and convenient access to Interstate 25. Crown West plans to upgrade the common areas of the property to raise Plaza Quebec to Class A status, consistent with other buildings in the Southeastern submarket. While the building’s current occupancy is 93%, over 20,000 square feet of space will be available for lease during 2008 and 2009. Ryan Stout and Nate Bradley of Grubb & Ellis will spearhead the marketing and leasing efforts for the property.
“We are excited to add Plaza Quebec to our growing Colorado portfolio. The diverse real estate opportunities and high quality properties and tenants in this market fit nicely with our investment objectives, and we look forward to making additional acquisitions in the near future,” says Kevin Richey, Denver office head for Crown West Realty. Investment criteria can be found at www.crownwest.com; potential acquisition candidates should be submitted to Kevin Richey or to Frank Walter, President of Petrus Partners (212-977-3708).
Crown West Realty is a full-service real estate investment, development, and management firm with offices in New York City, Phoenix, Arizona, Denver, Colorado and Spokane, Washington. Crown West was formed in 1996 by its parent, New York investment firm, Petrus Partners Ltd. The Petrus-Crown West group manages a $125 million discretionary equity investment fund and owns and manages eight million square feet of office and industrial properties nationwide.