| Yesterday, Ruppert Properties announced its first Westminster acquisition, buying First Potomac Realty Trust's Gateway West for $5M (or $45/SF). Ruppert prez Bill Meissne r tells us it's part of a strategy to go after value-add opportunities throughout Maryland: ?We bought this at half of replacement costs, which helps us be more competitive." The 110k SF property is 40% leased to SAIC, Mid-Atlantic Farm Credit, and others. Ruppert will do minor capital improvements, Bill says, and the building will be renamed Airpark Square. Flex, warehouse, and office space in Frederick is Ruppert's core business, and it's looking to expand its footprint to include the Baltimore metro. We welcome him with open arms (especially if he can help us beat the Yankees). |
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