Frederick, MD – Ruppert Properties announces its acquisition of Westview Corporate Center for $16.5 million. Located in Frederick, MD, the building offers 211,000 square feet of Class A office space.
Once the regional headquarters to CitiMortgage, Westview Corporate Center received extensive capital improvements performed by previous ownership including a new lobby, elevators, bathrooms, HVAC and the construction of a 150-person conference center. “This asset is one of Frederick’s true Class A office properties,” said Bill Meissner, President of Ruppert Properties. The property was 58 percent leased to six tenants at the time of its sale. Upon settlement, Ruppert Properties secured additional commitments for an additional 15,000 square feet in new leases.
According to Brandon Cannon, Ruppert Properties’ Asset Manager, the property is already best in class and requires no additional capital improvements other than a few minor enhancements. “Leasing interest is strong, and we feel confident that with local ownership/management that this asset will become a valuable addition to our Frederick portfolio,” said Cannon.
Akridge has been retained by Ruppert Properties as property manager and CBRE has been retained for leasing representation.
Gerry Trainor, Executive Managing Director at Transwestern, represented the seller in the transaction. Ruppert Properties represented itself.
Ruppert Properties is a privately held commercial real estate investment company that invests, owns and manages flex, industrial and office properties throughout the Baltimore/Washington metropolitan region. For more information, visit www.ruppertproperties.com.