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Crown West Buys Phoenix Corp. Center for $69.2M

Washington State-Based Investor Acquires 26-Story Office Tower From Krausz Cos.
July 11, 2007
Crown West Realty purchased the 26-story Phoenix Corporate Center, at 3003 N. Central Ave. in downtown Phoenix, from Krausz Cos. of San Francisco for $69.25 million, or about $155 per square foot.

Crown West is planning major upgrades at the 445,811-square-foot office building later this year. It was 83% occupied at the time of sale.

Charles Miscio and Keith Lambeth of CB Richard Ellis represented both parties in the deal.

Headquartered in Spokane, WA, Crown West Realty is the operating subsidiary of New York-based Petrus Partners Ltd. The privately owned real estate investment, development and management firm oversees a portfolio of more than 7 million square feet of space and 600 acres of commercial land.

Please reference Costar Comp #1338792 for more information.
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