Located at 3402 E. University Dr. near Interstate 10 and Sky Harbor International Airport, the building is designed with fully furnished office space with state-of-the-art telecommunications and climate control systems along with warehouse, production and showroom space. "It was a high-quality asset in a fabulous location at a great price," Crown West Realty president Richard Rollnick tells GlobeSt.com.
Rollnick said the investment group purchased the class A, two-story office building on a speculative basis from Citizens Bank in Detroit, which had foreclosed on the property when prior owner Motion Systems went into bankruptcy.
Crown West Realty LLC, which opened its Southwest office about 18 months ago, owns three class A office properties, totaling 380,000 sf, in the Phoenix market. The group also expects to close on a North Scottsdale property in the next month, Rollnick said.
"We think Phoenix is a tremendous market," Rollnick said of the firm's recent push into the area. "We think it's a deep market which affords investors and developers like ourselves with a broad base of opportunities."
Rollnick said the investment firm's goal this year is to secure at least one major tenant for portfolio addition, a feat he said can be easily achieved given the building's prime location, superior quality and the Southbank development's low vacancy rate.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
