Gaithersburg, MD — Buchanan Partners has teamed with Miami-based real estate investment firm Elion Partners to acquire a 700,000 s/f industrial portfolio in suburban Washington, DC for $81.15 million. The portfolio comprises 14 buildings just off Rte. 28 in the northern Virginia submarkets of Westfields, Chantilly, and Dulles. The seller was a joint venture of Ares Capital Corporation and Adler Group. “With rising raw land prices, a strengthening submarket, and accelerating residential demand, we set out to find high-quality buildings that could be positioned as best-in-class industrial space for tenants serving this rapidly evolving area,” said Colin Dove, senior project manager at Buchanan Partners.” Added Buchanan Partners principal Brian Benninghoff: “Class A industrial buildings like these provide many tenants more useful options than traditional office buildings or retail centers, at a better price.’ The new ownership plans to make capital improvements, including landscaping and amenities, while continuing to lease and manage the properties. “This asset class aligns with our investment strategy of acquiring supply-constrained properties at or below replacement costs,” said Juan DeAngulo, managing principal, Elion Partners. “With sound operating fundamentals, we are excited to embark on this strategic joint venture with Buchanan Partners and look forward to continuing to grow our investments in this region.” The newly acquired 14-building portfolio is spread across three different office parks along the Rte. 28 corridor: 3680-3863 Centerview Road in Dulles Business Park, 14420-14434 Albemarle Point Place in Westfields North; and 14280-14290 Sullyfield Circle in Sullyfield Business Park. n
The buildings are listed below, along with the rentable s/f of each.
Dulles Business Park 3680 Centerview Drive 59,767 SF 3684 Centerview Drive 55,080 SF 3750 Centerview Drive 78,820 SF 3855 Centerview Drive 43,010 SF 3859 Centerview Drive 34,309 SF 3863 Centerview Drive 45,671 SF
Sullyfield Business Park 14280 Sullyfield Circle 44,545 SF 14290 Sullyfield Circle 37,845 SF
Westfields North 14420 Albemarle Point Place 89,042 SF 14424 Albemarle Point Place 31,132 SF 14426 Albemarle Point Place 33,676 SF 14428 Albemarle Point Place 33,966 SF 14432 Albemarle Point Place 49,344 SF 14434 Albemarle Point Place 59,200 SF