"Raleigh-Durham is a very vibrant and growing market even inthese difficult times," Crown partner and principal owner RobertFlaxman tells GlobeSt.com. "This portfolio is in the crossroads ofthat market, which has high barriers to entry."

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

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The portfolio has three office buildings, including the116,300-sf Danbury Hall at 5411 Page Rd., the 76,492-sf ChelseaPlace at 1007 Slater Rd. and the 45,018-sf Oxford Place at 1005Slater Rd. The four flex/office buildings in the portfolio includethe 61,067-sf Exchange Place at 4301 Emperor Blvd.; and the43,092-sf Royal Center I, 32,514-sf Royal Center II and the50,978-sf Royal Center III at 4222 Emperor Blvd. The portfolio'ssix industrial buildings include the 150,332-sf Bedford Place at4226 Surles Court, the 111,909-sf Commerce Center at 4300 EmperorBlvd., the 150,000-sf Edinburgh Place at 4234 Surles Court, the449,716-sf Essex Center at 4121 Surles Court, the 169,520-sf RegentPlace at 1000 Parliament Court and the 123,604-sf Windsor Place at4227 Surles Court.

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The portfolio was 96% occupied at the time of the sale. Theacquisition also includes 24 acres of land entitled for futuredevelopment. Flaxman says the company plans to hold the assets longterm and also has plans to develop the land, although specificdevelopment details have not yet been determined.

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"We feel very bullish on the Southeast market fundamentals andlook forward to acquiring more real estate in the region movingforward," says Crown chief investment officer Scott San Filippo, ina prepared statement. "We expect to pursue similar investments inNorth Carolina, South Carolina, Tennessee, Georgia andFlorida."

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