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One-Year Owner Divvies Office Complex, Gets $50M From First Sale

PHOENIX-Crown West Realty sells four of seven buildings in the 440,000-sf Arizona Business Park after meeting its goal to push occupancy to 100%. Meanwhile, talks are in various stages to sell the balance of the park, bought a year ago for $51.3 million.

By Amy Wolff Sorter | Updated on September 30, 2005

PHOENIX-Crown West Realty, based in Spokane, WA, has sold a 299,220-sf, four-building portfolio to Birtcher Anderson Realty LLC in Laguna Nigel, CA for $50 million. The transaction disposes of a portion of a seven-building, 440,000-sf portfolio purchased in July 2004 for $51.3 million.

The portfolio is located in the Arizona Business Park, between Bell and Greenway roads on the west side of Interstate 17. “Crown still owns three other buildings in the park,” comments Bob Buckley, senior vice president with Trammell Crow Co.’s Phoenix office. “We’re working on disposing one of them as we speak. The other has some transition to go through.” Besides Buckley, the TCC team includes Barry Gabel, Melinda Korth, Tracy Cartledge and Steve Lindley. Information about the third building, being marketed by another broker, was unavailable by publication time.

“It was basically an opportunistic play for Crown when they bought it,” Buckley tells GlobeSt.com. “They repositioned the assets through strategic leasing activities and are disposing of the buildings as they’re repositioned.”

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