2/6/2008

Crown Realty expands Southeastern presence with $36M acquisition

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Wix Master Distribution Center at 1551 Mount Olive Church Rd.

Irvine, Calif.-based Crown Realty & Development has expanded its presence in the Southeast market with the $36 million acquisition of two, single tenant occupied warehouse facilities in Memphis, Tenn., and Gastonia, N.C.

The two buildings are the Meritex Logistics Distribution Center in Memphis and the Wix Master Distribution Center in Gastonia.

The Memphis transaction was brokered by John Lamberson and Frank Quinn of CB Richard Ellis on behalf of the seller while the Crown Realty was represented in-house by James Mohon. The Gastonia transaction was handled by Crown West's Kreg Groat while the seller was represented by Jeffrey Shell and John Ecclestone of Cushman & Wakefield.

The Meritex Logistics building sold for $16.1 million and is located at 4836 Hickory Hill Rd. Built in 1984, it contains 646,160 square feet and is 100 percent occupied by Meritex, a third-party logistics provider. The Wix building is located five miles west of Charlotte at 1551 Mount Olive Church Rd. It contains 541,609 square feet on 37 acres and is near Interstate 85.

Crown Realty recently entered the Southeastern marked with the $115 million purchase of a 13-building office, flex and industrial portfolio in Durham from Des Moines, Iowa-based Principal Financial.

Lamberson is an executive VP in CBRE's Memphis office. He joined the company in 1995 and is responsible for directing all investment sales operations for the firm. He is a board member for the Memphis City Charter Schools and the Brooks Museum of Art.

Quinn, a senior VP, joined CBRE in April 2005 after working for Trammell Crow Company. He won the "Pinnacle Award" in 2006 as a top 25 commercial broker in Memphis.

Address: Meritex Logistics Distribution Center at 4836 Hickory Hill Rd., Memphis, Tenn.
- Wix Master Distribution Center at 1551 Mount Olive Church Rd., Gastonia, N.C.

Size: 1.18 million square feet

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Filed Under: Industrial

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