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GlobeSt.com EXCLUSIVE: Crown West Slam Dunks $33M Class A Buy

PHOENIX-Refusing to take "no" for an answer, the Spokane, WA-based buyer comes up with a price that convinces Artemis Fortis to part with a 235,000-sf office building at 2355 E. Camelback Rd. The 40%-leased building sells for just under $32.5 million.

By Jennifer D. Duell | Updated on November 05, 2004

PHOENIX-Investors were disappointed when New York City-based Artemis Fortis changed its mind about selling a class A office building in the heart of the prestigious 24th Avenue and Camelback Road Corridor. But, Crown West Realty LLC refused to take “no” for an answer and nabbed the asset for just under $32.5 million.

“I guess you could say that we snuck in through the backdoor,” says Richard Rollnick, president of Crown West. “After it was taken off the market, we took a very hard look at the submarket and determined that we could pay more money.”

Artemis Fortis and Crown West were represented by Barry Gabel and Dennis Desmond, both senior vice presidents in Phoenix with Trammell Crow Co. Bob Olshan, a vice president of Crown West, headed up the acquisition process internally. The all-cash takedown closed with new debt placed through Bank of America, Rollnick says.

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