Steve Gichner, Eric Berkman, Brian MacDonald, Juliana Ko and Ashley Blum, of Grubb & Ellis Co., represented the seller in this transaction. They were unable to comment in time for publication.
According to a statement by Gichner, PS Business Parks plans to leverage a nearby building that it owns to maximize the value of its latest acquisition here. In addition, Fair Oaks Corporate Center will provide PS Business Parks with long-term income growth and the ability to increase value.
"PS Business Parks will be able to combine Fairfax Executive Park with Fair Oaks Corporate Center to create synergies in the operations and accommodate tenant needs," Gichner, SVP of Grubb & Ellis says in a statement. Located at 3949 Pender Dr., Fairfax Executive Park is a six-building complex, with some 20,000 sf of space available, according to its website.
Carr Properties is the successor entity to the publicly traded Columbia Equity Trust Inc. Its remaining holdings in this strong submarket include Sherwood Plaza, a 92,960-sf, class B office asset and Gatewood Plaza, a 87,648-sf, class B office building that it recently acquired for 16.9 million.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
