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SoCal Firm Moves Into Rocky Mountain Market

NEWPORT BEACH, CA-Crown Realty & Development has acquired its first property outside of California. The firm also purchased a property in Brea, CA, bringing the total for both acquisitions to $33 million.

By Joel Cone | Updated on April 30, 2001

NEWPORT BEACH, CA-Crown Realty & Development has paid $33 million for two investment-grade properties totaling 320,000 sf, one in Brea, CA and the other in Colorado Springs, CO.

In a deal with Irvine-based Legacy Partners, Crown acquired two Class A, campus-style office buildings in a transaction valued at $25 million. The smaller of the two-story buildings, which has a total of 89,650 sf, is currently leased to the North American headquarters of Perrier, a subsidiary of Nestle USA. The larger building, which has 104,662 sf, is available for lease. Both structures were recently renovated.

Crown paid $8 million for the Colorado Springs property. The 126,200-sf modern logistics facility is situated on a 13.04-acre site, of which 6.7 acres are available for future development or expansion of the current building. The facility is currently leased to Entertainment Publishing Inc., a national distributor of entertainment coupon books that offer discounts on restaurants, movies, sporting events, hotels and other activities.

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