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FAIRFAX, VA-A Galaxy Investments affiliate operating under the names of Connecticut Avenue Associates TIC LLC and Sullyfield Circle TIC LLC has acquired Crown Ridge@Fair Oaks for $58.3 million. KBS Realty Advisors sold the 191,200-sf office facility, located at 4035 Ridge Top Rd.
The class A property last changed hands in 2003 for $35.9 million. Fairfax County records list the current assessed value of the 16-year-old building and the nearly seven-acre parcel it occupies at $38.1 million. Donald McCully and Gerry Trainor of Transwestern Commercial Services' Mid-Atlantic Investment Services Group represented KBS, while T. Michael Scott of Herndon-based Cambridge Property Group represented the buyer.
Crown Ridge sits off Route 50. The property also features a two-level underground parking facility. Online game developer Mythic Entertainment and global business consulting and IT technology services firm Headstrong Corp., among others, make their home in the building, which has tenant commitments for nearly 91% of the space through 2010. And while all space in the eight-story structure is nearly accounted for, the property had been marketed through McShea & Co. for $26 per sf.
The new ownership has tapped Cambridge to oversee leasing and management activities for Crown Ridge. "In addition to a leased asset, Crown Ridge offers a very strong prospect for upside potential as market rents in Northern Virginia begin to 'spike' over the next four years in the suburban Virginia markets," Cambridge's Scott says. "From a long term play standpoint there is no doubt in our view that the suburbs offer upside potential in terms of total return."
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