12/21/2007

Crown Realty enters Southeastern market with $115M acquisition

by

Danbury Hall

Crown Realty & Development has made its entrance into the Southeastern market with a $115 million purchase of a 13-building office, flex and industrial portfolio in Durham, N.C., from Des Moines, Iowa-based Principal Financial.

A Cassidy & Pinkard Colliers investment team brokered the deal for Crown Realty. The team was comprised of Bill Collins, Paul Collins, Drew Flood, Jud Ryan and Amber Fanta.

The portfolio is located within Durham's Imperial Business Center and contains three office buildings, four flex/office buildings and six industrial buildings. The entire acquisition was 96 percent occupied at the time of sale and includes 24 acres of land entitled for future development. Crown Realty has earmarked up to $500 million for new investments in the Southeast during 2008.

"Crown Realty has successfully invested in real estate throughout the Western States for nearly two decades, and we are excited to apply the firm's internally developed expertise into new, growth markets for the company," said Robert Flaxman, partner and principal owner of Crown Realty.

The contents of the portfolio are as follows:
Office:
- Danbury Hall; 116,300 square feet at 5411 Page Rd.
- Chelsea Place; 76,492 square feet at 1007 Slater Rd.
- Oxford Place; 45,018 square feet at 1005 Slater Rd.
Flex/Office:
- Exchange Place; 61,067 square feet at 4301 Emperor Blvd.
- Royal Center I; 43,092 square feet at 4222 Emperor Blvd.
- Royal Center II; 32,514 square feet at 4222 Emperor Blvd.
- Royal Center III; 50,978 square feet at 4222 Emperor Blvd.
Industrial:
- Bedford Place; 150,332 square feet at 4226 Surles Court
- Commerce Center; 111,909 square feet at 4300 Emperor Blvd.
- Edinburgh Place; 150,000 square feet at 4234 Surles Court
- Essex Center; 449,716 square feet at 4121 Surles Court
- Regent Place; 169,520 square feet at 1000 Parliament Court
- Windsor Place; 123,604 square feet at 4227 Surles Court

Size: 1.58 million square feet

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Filed Under: Office

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