4B — March 11 - 24, 2016 — New Jersey — M id A tlantic

Real Estate Journal


N ew J ersey In aggregate, Fairbridge sold approx. 300,000 s/f Fairbridge Properties of NJ builds momentum for 2016

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cess in tenant retention at its properties. In aggregate, Fairbridge sold approximately 300,000 s/f. The company’s October sale of a double-tenanted research and development fa- cility, for a 75% internal rate of return (IRR), came after a period in which Fairbridge completed several initiatives to add value. These included renovations to the building’s parking lot; window, light- ing and HVAC upgrades; implementation of a yearly roof-maintenance program; a successful tax appeal; and a comprehensive plan for de-

RINCETON, NJ — Fairbridge Proper- ties (“Fairbridge”) ,

veloping an additional 86,700 feet of build-to-suit R&D space. At the time of sale, the building was occupied by Boston Scientific subsidiary MEDRAD and Honeywell. The second sale, the disposi- tion of a two-story, 38,000 s/f office property in Price, Utah, yielded a 35% internal rate of return (IRR). During Fair- bridge’s nearly three years owning the building, which is 100% occupied by govern- ment-affiliated tenants, it overhauled landscaping and improved the building’s fa- çade. Most recently, the firm completed the installation of a 21,622 s/f, state-of-the-art, TPO 60 mil roofing system. Fairbridge also implemented the internet-based Angus work order system to increase management efficiency. “At these two assets, we suc- cessfully executed business plans to add value by invest- ing in basic infrastructure maintenance and reducing op- erating costs,” said Dr. Dmi- try Gordeev , Fairbridge’s founder and managing part- ner. “Current research indi- cates that tenants in the office sector are migrating to higher quality space. Our business strategy of introducing tar- geted upgrades and managing our buildings effectively were key in renewing and, in some cases, expanding space with credit tenants.” In fact, Fairbridge renewed leases with Computer Sci- ence Corporation, MCI Metro and the Utah State Office of Rehabilitation, while two lease expansions in 2015 to- taled 22,000 s/f. The company closed on a nearly 12,500 s/f expansion with Lockheed- Martin at Platte Airpark in Colorado Springs, CO, while Fairbridge’s other expan- sion (an additional 9,768 s/f to Centene) brought India- napolis’ Landmark Center to full occupancy just weeks after Fairbridge acquired the 12-story, 305,000 s/f office tower in June. “We are thrilled with our portfolio’s 2015 performance,” Dr. Gordeev said. “We con- tinue to methodically execute our approach of finding the right properties in the right markets and doing exactly what’s necessary to generate the returns that our inves- tors expect while delivering the top-notch experience our tenants deserve.” n

a privately h e l d r e a l e s t a t e i n - v e s t m e n t c o m p a n y , is entering 2016 wi t h s igni f i cant momentum following a

lisa tolson, President Red Marketing communications

Dmitry Gordeev

productive year that saw the firm realize strong returns on two asset dispositions, the acquisition of a new cash- flowing, fully-occupied office building and continued suc-

ExpEriEnCEd profEssional. provEn rEsulTs. 908-397-2286 • ltolson@marketingbyred.com


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