News
As Demand Rises, Inwood Preps For a Rezoning
November 9, 2017 – By Michael A. Tortorici, EVP – Investment Sales: and Matthew L. Gillis, Director – Investment Sales, Ariel Property Advisors
A growing residential market is driving higher prices for investment properties throughout Inwood, Manhattan’s northernmost neighborhood that is sometime overlooked.
Colorado Springs, Colorado (Sept. 14, 2017) – Fairbridge Properties (“Fairbridge”) has listed for sale, with Palmer Capital, the five building, 12-acre 137,423-square-foot Platte Airpark Technology Campus. The 100-percent-occupied Colorado Springs flex campus houses office and R&D operations for aerospace and military-grade security giants Boeing Corp., Lockheed Martin, CSRA Inc., and CACI International. All four tenants are credit rated.
Platte Airpark, built in 2001, is ideal for defense contractors and aerospace leaders due to its flex space and ability to support uninterrupted power supply units (UPS) and specialized, high-security, Sensitive Compartmentalized Information Facility (SCIF) build-outs. The Campus location at 440 Wooten Road, near Colorado Springs Airport and Peterson Airforce Base, is also strategically advantageous for companies focused on advanced air defense, intelligence and military-grade security systems
Specialty Chemical Distributor and Supplier to Join Blue Chip Tenant Roster
with 13,000 SF Lease at Class A Springdale, Ohio Office Building
Skillman, NJ (Sept. 6, 2017) – Fairbridge Properties (“Fairbridge”), a privately owned real estate company, announced today that Azelis—a specialty chemicals distributor and supplier—will join the list of top-tier tenants at Pictoria Tower, located at 225 Pictoria Drive in Springdale, Ohio.
There is up to 30,000 square feet of available space at the 253,000-square-foot, Class A building, where Azelis will occupy approximately 13,000 square feet. While its location, off Interstate 275, near Interstate 75 and Route 4, is ideal for both suburban commuters and residents of Cincinnati itself, the building’s state-of-the-art infrastructure has become a significant draw for world-class tenants, including First Financial Bancorp, Northrup Grumman Corp., Ameriprise Financial, Yusen Logistics, and Ultimus Fund Solutions.
INDIANAPOLIS (August 14, 2017) – A large-scale renovation of the Landmark Center lobby is now underway at the 12-story, class-A office building, located at 1099 N. Meridian Street, in Indianapolis.
Once the renovation concludes in the fall, the new lobby will be sleek and contemporary, featuring natural stone and dark wood finishes along with include new tiling and travertine flooring, restored to its original appearance. Additionally, there will be stone walls with glass highlights, LED lighting, and an updated security desk.
N.J.-Based Real Estate Investment Firm Drawn to Portfolio’s Location Within Booming Loudoun County Submarket and Stable Tenant Roster
Fairbridge Properties, a privately held real estate investment company, announced today that it has acquired Ridgetop II and Ridgetop III, a two-building, 151,481-square-foot, Class-A office portfolio in Sterling, Virginia. Located within the Loudoun County submarket, the portfolio is currently 86 percent leased.
The portfolio is occupied by three credit-rated tenants: Neustar, Loudoun County and Constellation Software, Inc. 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.
A Greater Cincinnati office tower sold to an out-of-town investor for nearly $26 million.
Pictoria Tower, a 253,000-square-foot, class A office building in Springdale, was acquired by Fairbridge Properties from MEPT Pictoria LLC for $25.7 million, according to property records. That breaks down to more than $101 per square foot. Located at 225 Pictoria Drive, the eight-story office building is currently 98 percent leased.
Coming on the heels of a couple of revolutionary rocket landings by SpaceX and Blue Origin, the 32nd Space Symposium in Colorado Springs, Colo., was abuzz last week with talk of a new golden age of space travel.
Amazon.com Inc. Chief Executive Jeff Bezos, who also heads private space firm Blue Origin, compared the advent of reusable rockets to the Internet and the national highway system, opening the door to an explosion of commercial space activity.
A few years ago, Restoration Hardware had three Denver-area stores scattered in malls. Today, the furniture chain has just one new one: a palatial, four-story gallery with a rooftop garden.
Retailers from Gap Inc. to Abercrombie & Fitch Inc. are abandoning a decades-old strategy of growing sales by blanketing cities with stores as consumers do more of their shopping online and less at the mall.
The shifting shopping habits have prompted chains such as Williams-Sonoma Inc. and Macy’s Inc. to close stores in secondary malls to focus on web sales and more upscale shopping centers.
What do an office tower in Indianapolis, a human services building in Utah, and an office building in Colorado Springs, Colorado, near an Air Force base all have in common? They were all bought up by Fairbridge Properties, a Vreeland Drive-based real estate investment company that uses a math-based analytical system to scour the country for stable, undervalued commercial real estate investments.
A construction boom is underway at the Colorado Springs Airport with projects totaling more than $15 million either recently completed, underway or scheduled to begin construction this year.
The projects include a new executive terminal Cutter Aviation plans to build on the site of the airport’s former passenger terminal next to a hangar the Phoenix-based aviation service provider just acquired from the airport; recently completed hangars for Rampart Aviation LLC and Sierra Nevada Corp.; and an expansion of a hangar condominium complex. A vacant hangar at the airport also has been leased to Global SuperTanker Services LLC to house its headquarters and equipment for its Boeing 747-400 aircraft that is being converted to fight wildfires and will be the nation’s largest firefighting plane.
INDIANAPOLIS—Managed Health Services has just signed an agreement
with Fairbridge Properties to occupy an additional 9,768 square feet of space at
Landmark Center, a class A office tower in downtown Indianapolis. The office
market in the CBD has struggled a bit in the past few years, but as reported in
GlobeSt.com, recently it has shownsigns of revival. And MHS’ expanded
footprint brings the 12-story Landmark, located at 1099 N. Meridian St., to 100%
occupancy.
As of August 1, MHS now occupies a total of 60,452 square feet, or 19.75% of
the building’s total, and have a presence on four floors of the building, a
representative of Fairbridge tells GlobeSt.com. MHS extended their 1st floor
temporary space of 2,621 square feet and expanded into the 9th floor. Both the
extension and the expansion are incorporated into the terms of the existing lease.
The expiration for all space is April 30, 2017.
Fairbridge Properties, a privately held real estate investment company, announced today that the Utah State Office of Rehabilitation has renewed its lease at the Price Human Services Building, located at 475 West Price River Drive in Price, Utah. The renewed lease covers a
five-year period.
The multi-tenant office building is fully occupied by the State of Utah and currently houses three different agencies including the Department of Human Services, the Department of Workforce Services and the Department of Rehabilitation Services. Since purchasing the building in 2013,
Fairbridge has been committed to actively maintaining and continually improving the building. Its latest project will be the installation of a 21,622-square-foot, state-of-the-art, TPO 60 mil roofing system, which is scheduled to take place this fall.
MINNEAPOLIS—It looks like the Twin Cities' soaring industrial economy has
opened up opportunities for owners willing to sell. Fairbridge Properties, for
example, recently sold a 261,805 square foot industrial facility in suburban Coon
Rapids to Shopoff Realty Investments for about $14 million. Fairbridge owned
the property for less than three years but realized an internal rate of return of
75%.
“We were buying the property as a long-term hold,” Dr. Dmitry Gordeev,
Fairbridge’s founder and managing partner, tells GlobeSt.com. The Princeton,
NJ-based firm “started improving the asset from day one as if we would hold it for
twenty years.”
Fairbridge Properties (“Fairbridge”), a privately held real estate investment company, announced today that it has acquired Landmark Center, a 304,946-square-foot, Class-A office tower in Indianapolis, Indiana. Fairbridge paid $21.5 million for the 12-story building, located at 1099 N. Meridian Street in the city’s central business district.
Purchased by Fairbridge at a cap rate above 10 percent — more than 50 percent below replacement cost — Landmark Center offers a rich amenity package that includes a new fitness center and yoga studio, a conference facility, indoor bike storage, a full-service cafeteria and a parking ratio of 4 spots per 1000 square feet. Floor plates at Landmark Center measure 25,000 square feet, thus enabling open-space configurations that are ideal for large national companies, government agencies and other team-intensive businesses.
Downtown Indy released its updated Project List for Downtown which includes 58 projected developments in the pipeline with an investment of more than $1.36 billion to be completed between now and 2017. Since 1990, more than $12.4 billion has been invested Downtown and there’s no slowdown in sight.
Even in a recovering economy, Downtown development momentum continues. The return on these investments benefits the entire region with diverse employment options, a larger tax base, enhanced quality of life and increased visitation.
The Fairbridge Partners team recently attended the Non-Traded REIT Industry Symposium in New York City. One of the most important issues discussed at the conference was valuation of real estate. Much debate surrounds this topic. Are the current real estate markets over or undervalued? In addition, what processes and analytics should be applied in order to value a property?
By The Wall Street Journal
The U.S. economy seems headed to a long-run growth rate well below 3%, but some metropolitan areas will see their economies surge above 4% annually for the rest of this decade, according to a study released by the U.S. Conference of Mayors.
Metro areas—which include cities along with surrounding suburbs—are already doing better than smaller nonmetro areas, according to the study, compiled by economists at IHS Global Insight.
The Colorado Springs Business Journal
The 137,900-square-foot Platte Airpark Center sold for $14.35 million, the broker announced this week. The five buildings are located at 320 to 480 N. Wooten Road.
The buyer is Fairbridge Partners LLC, a national real estate investment trust, of Princeton, N.J.
One of the listing agents, Andy Oyler of Quantum Commercial Group Inc., said the property is fully leased, with the exception of half of one building, or 11,700 square feet.
