IRVINE, CA-A Southern California investment- and development-company that has historically focused on office and retail projects in its home territory and Phoenix has made an aggressive move into the Southeast industrial market. Crown Realty & Development Corp. has made two buys totaling more than $150 million and expects to close on a third shortly.

The Irvine-based company entered the arena at the end of 2007 with the $115 million purchase of a 13-building office, flex and industrial portfolio in Durham, NC’s Imperial Center Business Park. It followed quickly with the $36 million acquisition of two distribution properties in Memphis. Company CIO Scott San Filippo reports a distribution center in Charleston, SC is in contract for $28 million.

The escalating cost of California and Arizona office and retail properties prompted the shift, the Crown exec tells Lower land and business costs, growing population and expansion at major East Coast ports drew the company to the Southeast, but the determination was made only after careful study.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.