Ruppert Properties has acquired the 270 Technology Park in Frederick, Maryland. The five-building flex portfolio totals 158,319 sqf along Spectrum Drive. 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 percent leased to 14 tenants, including the Social Security Administration and Mount St. Mary’s University. The deal was brokered by Jonathan Beard, senior vice president of institutional properties at CBRE and Kirk Christensen, through an auction hosted by Ten-X Commercial on behalf of the seller, the Adler Group.
“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 Bill Meissner, president and managing partner of Ruppert Properties “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.”
