Crown Ridge Trades for $58M

(To read more on the TIC market, click here.)

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.