Ridgeway
STERLING, VA–Fairbridge Properties, a privately held real estate investment company, has acquired Ridgetop II and Ridgetop III, a two-building, 151,481-square-foot office portfolio in Loudoun County that is currently 86% leased. Pricing wasn't released but a source tells GlobeSt.com the two buildings traded for about $15 million and the seller was Bavar Properties Group. Writer's note: Fairbridge tells us the purchase price was $17.7 million.
The buildings are occupied by Neustar (which uses Ridgetop III as its headquarters), Loudoun County and Constellation Software. There is 21,487 square feet of available space in Ridgetop II, which Fairbridge is planning to upgrade and re-tenant in the near future.
Ridgetop II and Ridgetop III were built in 2001 and 2008, respectively. They are located near the future Route 606 metro station, part of the Silver Line.
“These buildings are a perfect fit for our growing portfolio,” said Dmitry Gordeev, Fairbridge Properties' founder and managing partner in a prepared statement. “Ridgetop II and III are ideally situated in a top-performing submarket with a rapidly growing population and access to a highly educated work force.”
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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.
