(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.

Crown Ridge sits off Route 50. The property also features a two-level underground parking facility. Online game developer Mythic Entertainment and global business consulting and IT technology services firm Headstrong Corp., among others, make their home in the building, which has tenant commitments for nearly 91% of the space through 2010. And while all space in the eight-story structure is nearly accounted for, the property had been marketed through McShea & Co. for $26 per sf.

The new ownership has tapped Cambridge to oversee leasing and management activities for Crown Ridge. “In addition to a leased asset, Crown Ridge offers a very strong prospect for upside potential as market rents in Northern Virginia begin to ‘spike’ over the next four years in the suburban Virginia markets,” Cambridge’s Scott says. “From a long term play standpoint there is no doubt in our view that the suburbs offer upside potential in terms of total return.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.