N.J.-Based Real Estate Investment Firm Drawn to Portfolio’s Location Within Booming Loudoun County Submarket and Stable Tenant Roster
Fairbridge Properties, a privately held real estate investment company, announced today that it has acquired Ridgetop II and Ridgetop III, a two-building, 151,481-square-foot, Class-A office portfolio in Sterling, Virginia. Located within the Loudoun County submarket, the portfolio is currently 86 percent leased.
The portfolio is occupied by three credit-rated tenants: Neustar, Loudoun County and Constellation Software, Inc. There is 21,487 square feet of available space in Ridgetop II, which Fairbridge is planning to upgrade and re-tenant in the near future.
A Greater Cincinnati office tower sold to an out-of-town investor for nearly $26 million.
Pictoria Tower, a 253,000-square-foot, class A office building in Springdale, was acquired by Fairbridge Properties from MEPT Pictoria LLC for $25.7 million, according to property records. That breaks down to more than $101 per square foot. Located at 225 Pictoria Drive, the eight-story office building is currently 98 percent leased.
Coming on the heels of a couple of revolutionary rocket landings by SpaceX and Blue Origin, the 32nd Space Symposium in Colorado Springs, Colo., was abuzz last week with talk of a new golden age of space travel.
Amazon.com Inc. Chief Executive Jeff Bezos, who also heads private space firm Blue Origin, compared the advent of reusable rockets to the Internet and the national highway system, opening the door to an explosion of commercial space activity.
A few years ago, Restoration Hardware had three Denver-area stores scattered in malls. Today, the furniture chain has just one new one: a palatial, four-story gallery with a rooftop garden.
Retailers from Gap Inc. to Abercrombie & Fitch Inc. are abandoning a decades-old strategy of growing sales by blanketing cities with stores as consumers do more of their shopping online and less at the mall.
The shifting shopping habits have prompted chains such as Williams-Sonoma Inc. and Macy’s Inc. to close stores in secondary malls to focus on web sales and more upscale shopping centers.
What do an office tower in Indianapolis, a human services building in Utah, and an office building in Colorado Springs, Colorado, near an Air Force base all have in common? They were all bought up by Fairbridge Properties, a Vreeland Drive-based real estate investment company that uses a math-based analytical system to scour the country for stable, undervalued commercial real estate investments.
A construction boom is underway at the Colorado Springs Airport with projects totaling more than $15 million either recently completed, underway or scheduled to begin construction this year.
The projects include a new executive terminal Cutter Aviation plans to build on the site of the airport’s former passenger terminal next to a hangar the Phoenix-based aviation service provider just acquired from the airport; recently completed hangars for Rampart Aviation LLC and Sierra Nevada Corp.; and an expansion of a hangar condominium complex. A vacant hangar at the airport also has been leased to Global SuperTanker Services LLC to house its headquarters and equipment for its Boeing 747-400 aircraft that is being converted to fight wildfires and will be the nation’s largest firefighting plane.
Defense contracting giant Lockheed Martin Corp. has expanded its offices near the Colorado Springs Airport by about a third, taking over space that Computer Science Corp. gave up as the technology company reduced its local footprint, according to the real estate agency that handled the transaction.
INDIANAPOLIS—Managed Health Services has just signed an agreement with Fairbridge Properties to occupy an additional 9,768 square feet of space at Landmark Center, a class A office tower in downtown Indianapolis. The office market in the CBD has struggled a bit in the past few years, but as reported in GlobeSt.com, recently it has shownsigns of revival. And MHS’ expanded footprint brings the 12-story Landmark, located at 1099 N. Meridian St., to 100% occupancy.
As of August 1, MHS now occupies a total of 60,452 square feet, or 19.75% of the building’s total, and have a presence on four floors of the building, a representative of Fairbridge tells GlobeSt.com. MHS extended their 1st floor temporary space of 2,621 square feet and expanded into the 9th floor. Both the extension and the expansion are incorporated into the terms of the existing lease. The expiration for all space is April 30, 2017.
Fairbridge Properties, a privately held real estate investment company, announced today that the Utah State Office of Rehabilitation has renewed its lease at the Price Human Services Building, located at 475 West Price River Drive in Price, Utah. The renewed lease covers a five-year period.
The multi-tenant office building is fully occupied by the State of Utah and currently houses three different agencies including the Department of Human Services, the Department of Workforce Services and the Department of Rehabilitation Services. Since purchasing the building in 2013, Fairbridge has been committed to actively maintaining and continually improving the building. Its latest project will be the installation of a 21,622-square-foot, state-of-the-art, TPO 60 mil roofing system, which is scheduled to take place this fall.
MINNEAPOLIS—It looks like the Twin Cities' soaring industrial economy has opened up opportunities for owners willing to sell. Fairbridge Properties, for example, recently sold a 261,805 square foot industrial facility in suburban Coon Rapids to Shopoff Realty Investments for about $14 million. Fairbridge owned the property for less than three years but realized an internal rate of return of 75%.
“We were buying the property as a long-term hold,” Dr. Dmitry Gordeev, Fairbridge’s founder and managing partner, tells GlobeSt.com. The Princeton, NJ-based firm “started improving the asset from day one as if we would hold it for twenty years.”