Fairfax Office Trades for $25M

FAIRFAX, VA-PS Business Parks has acquired a four-building office park here from Carr Properties for $25.2 million. Called Fair Oaks Corporate Center, the class B complex is 125,219 sf and located at 11200-11216 Waples Mill Rd. near Route 50 and Interstate 66.

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.