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IRVINE, CA-Crown Realty & Development has acquired three properties in Southern California and Arizona totaling approximately 305,000 sf from L.A.-based Kilroy Realty Corp. for nearly $39 million. The two Southern California assets are office properties totaling 174,309 sf, and the Arizona property is a Phoenix industrial building of 130,877 sf. Kilroy recorded a net gain of approximately $5.8 million in connection with the disposition and says it will use the proceeds to fund its development programs and to repay borrowings.

Crown Realty’s president, Robert Flaxman, says the office properties match well with the company’s office portfolio in Southern California and the Phoenix industrial property fits the company’s strategy there as well. Crown was represented by Mike Bouma and Rob Mitchell of Voit Commercial Brokerage’s Anaheim Metro office. Kilroy was represented in-house by Joe Hanen, with the assistance of Mitchell and Bouma. G. Ryan Smith of Buchanan Street Partners also assisted Kilroy with the disposition of the 128,266-sf Freeway Corporate Park, a two-building office campus at 2501 Pullman St. and 1700 Carnegie Ave. in Santa Ana., where tenants include Netflix, Orange County Teachers Federal Credit Union, Optima Information Solutions and Bristol Park Medical Group.

The other two buildings that Crown acquired are the 46,043-sf Stewart Title of California corporate headquarters office at 525 N. Brand Blvd. in Glendale and the 130,877 sf industrial building at 5115 N. 27th Ave. in Phoenix. Privately held Crown, founded in 1994, owns a portfolio of more than three million sf of commercial real estate projects in West Los Angeles, Burbank and Orange County. The portfolio owned by Crown and its affiliates exceeds $600 million in value.

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