Carr Properties Announces $16.9 Million Acquisition

Business Wire,  May 7, 2007  

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WASHINGTON -- Carr Properties announced today that it has acquired Gatewood Plaza, in Fairfax, Virginia for a purchase price of $16.9 million.

Gatewood Plaza is a Class B, suburban, five-story office building, totaling approximately 88,000 square feet in Fairfax City, Virginia and includes a two-story above grade parking garage, a unique feature for a building in this class and in this sub-market. The property is currently 95% leased on a multi-tenant basis to 17 tenants.

With the acquisition of Gatewood Plaza, Carr Properties' current investment in the Fairfax Center/City sub-market now totals four office properties consisting of over 372,000 square feet of space.

Eric Berkman, Steve Gichner, Brian MacDonald, Juliana Ko and Ashley Blum, all of Grubb & Ellis Co., represented the seller. Carr Properties was represented in-house.

About Carr Properties

Carr Properties is the successor entity to Columbia Equity Trust, Inc. The Company focuses on the acquisition, development, renovation, repositioning, ownership, management and operation of commercial properties located predominantly in the Greater Washington, D.C. area. The Company currently owns 24 properties containing approximately 3.1 million square feet of space. For additional information please visit our web site at http://www.carrprop.com.

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