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CSG Partners Acquires Office Park for $24M

STERLING, VA-This is a value-add play for the company, which is acquiring the office park at a 35% vacancy rate.

By Erika Morphy | Updated on August 07, 2008

STERLING, VA-CSG Partners LLC, the Baltimore-based real estate development and investment arm of a JV between Creaney & Smith Group and the Global Merchant Banking Group of Prudential Real Estate Investors, has acquired four buildings, or 184,168 sf, within a six-building office park here for $24 million. It purchased the portfolio from Asset Capital Corp., assuming the loans associated with the properties, located at Two, Six, 10 and 14 Pidgeon Hill Dr.

Asset Capital Corp. was represented by Jim Kornick, Jerry Burg and Matt Clinebell, brokers with Marcus & Millichap at the time of the transaction. The trio has since moved to NorthMarq Investment Services in Bethesda. The closing, which took several months because of the debt assumption, was finalized recently.

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