| Last night Ruppert Properties announced it bought the 47 Cannon Hill Office building in Frederick for $2.5M. The 22k SF building is 70% leased. It's a bit outside Ruppert's typical buy, says prez Bill Meissner (the company usually chases flex deals), but "This is right in our backyard, so we're more comfortable." It's located on Frederick's east side, which Bill says will see the bulk of new office, retail, and residential development in town because it's the only place with available land (not to mention easy access to I-70, MARC, and Frederick Municipal Airport). The buy comes under a month after Ruppert's purchase of First Potomac's Gateway West (renamed Airpark Square) in Westminster from First Potomac Realty Trust for $5M. |
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