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Crown Realty Enters SE with $115M Portfolio

DURHAM, NC-Crown Realty buys a 13-property portfolio in the Imperial Center Business Park, to kick off a plan to acquire $500 million in sites in the Southeast.

By Natalie Keith | Updated on December 20, 2007

DURHAM, NC-With plans to acquire $500 million in property in the Southeast, Irvine, CA-based Crown Realty & Development has entered the market with the acquisition of a 13-building, 1.6-million-sf portfolio for approximately $115 million. The portfolio consists of three office, four flex/office and six industrial buildings in the 3.5-million-sf Imperial Center Business Park. The seller is Des Moines, IA-based Principal Financial.

“Raleigh-Durham is a very vibrant and growing market even in these difficult times,” Crown partner and principal owner Robert Flaxman tells GlobeSt.com. “This portfolio is in the crossroads of that market, which has high barriers to entry.”

Crown EVP of southeast acquisitions Ken Groat represented the buyer in the transaction. The transaction was brokered by an investment sales team at Cassidy & Pinkard Colliers.

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