Crown Realty & Development is continuing to work on various development projects, including City North in north Phoenix.
In addition to Phoenix-based operations, Crown Realty has announced its newest acquisition, the Corning Optical Communications headquarters building in Charlotte, North Carolina.
Crown officials report the company’s strong and stable financial position allows the real estate company to continue moving ahead with development projects and execute new deals, according to a press release.
City North is a 100-acre parcel featuring 5 million square feet of entitlement. It sits in the Desert Ridge region. While many buyers have been sidelined because of the COVID-19 pandemic, Crown Realty remains open and is actively looking to do business.
The company’s liquidity and reliance only on its own capital has enabled Crown Realty to acquire assets while providing sellers with certainty of quick closing timeframes, according to a press release.
“As is the case with the Corning acquisition, our financial strength and stability have our company positioned for more acquisitions as we continue to forge ahead with City North and other projects,” Robert Flaxman, founder and CEO of Crown Realty & Development, said in a prepared statement.
Mr. Flaxman pointed to Crown’s financial position at the City North development in Phoenix. The real estate company funded its acquisitions of the land and infrastructure development without debt. The Corning acquisition changed hands for a reported $58.5 million.
“Contractors will be paid on time because we have no debt at City North and have funded every penny from cash,” Mr. Flaxman said.
Construction is underway at the Crown’s City North development fronting the Loop 101 in north Phoenix.