Bill Meissner, president and managing partner of Ruppert Properties, announces the purchase of 270 Technology Park in Frederick, Md. Located at 5310, 5320, 5330, 5340 and 5350 Spectrum Drive, the five-building flex portfolio totals 158,319 SF.
Ruppert Properties purchased the institutionally owned portfolio from the Adler Group through an auction hosted by Ten-X Commercial. The deal was brokered by Jonathan Beard, senior vice president of institutional properties at CBRE and Kirk Christensen, client manager of Ten-X commercial division. The single story office/flex property is designed to accommodate multiple tenants and offers flexible office configurations with abundant surface parking. The portfolio is currently 84.6% leased to 14 tenants, including Social Security Administration and Mount St. Mary’s University.
"This value-add portfolio purchase represents a significant addition to our assets in Frederick, MD, an area which historically promises stable occupancy and solid returns," said Meissner. “We saw an opportunity to acquire a stable yet underperforming property significantly below replacement costs that could benefit from our personal management style and local expertise. This is a quality addition to our portfolio.”
With direct access to I-270 and immediate access to I-70, 270 Technology Park is equidistant to the Washington, D.C. and Baltimore metro areas. The asset’s location within Frederick provides tenants with accessibility to premier amenities, with shopping centers and major retailers just a short walk away. Residents of the area also enjoy a sizable selection of fitness centers, lodging alternatives and retail centers, including the Francis Scott Key Mall. The property will undergo extensive landscape and hardscape improvements to give it a fresh look and feel, including a redesign of identification and directional signage.
Ruppert Properties is a privately held commercial real estate investment company that invests, owns and manages industrial/flex office properties throughout the Washington/Baltimore metropolitan region. Their industry experience and hands on approach to development, construction, leasing and management allows them to competitively serve distribution, service, manufacturing and office users. For more information, visit www.ruppertproperties.com.
