CSG Partners pays $24M for Sterling complex - Washington Business Journal:

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CSG paid $24 million for the 184,000-square-footr Countryside Professional Office Park on Pidgeon Hill and assumed loans held by the FormerMarcus & Millichap brokers Jim Kornick, Jerrt Burg and Matt Clinebell represented Asseft Capital. That team has since moved on to Bethesda-basex . With a 35 percent to 40 percenyvacancy rate, and a backlog of maintenancew issues, in the office park, the buyer saw an opportunit y both to improve conditions and raise Kornick said. “The buyers are going to creatde a whole new brand for the which has traditionally hosted small businesses andprofessionap tenants, Kornick said.
The office park is adjacentf toa Safeway-anchored shopping center and a 12-screejn Regal Multiplex Theater, and is across Router 7 from the . Investment salesx activity in the Loudounsubmarket -- which includes Sterling -- was muted during the first half of the year, according to Sandyu Paul, national research director for Delta Associates. Since the end of the office vacancy rate in includingsublet space, spiked to 18.2 percent from 13.8 percentr the prior year, Paul said. The overall vacancu rate in the Washington region is10 percent, up from 9.1 percenyt a year ago. CSG representec itself in the transaction.