Buchanan Partners and Elion Partner join forces to acquire large industrial portfolio
Buchanan Partners, a real estate development firm based in Gaithersburg, Md., has teamed with Miami-based real estate investment firm Elion Partners to acquire a 700,000-square-foot industrial portfolio in suburban Washington for $81.1 million.
The portfolio includes 14 buildings off Route 28 in the Northern Virginia submarkets of Westfields, Chantilly and Dulles. The seller was a joint venture of Ares Capital Corp. and Adler Group.
Buchanan Partners Principal Brian Benninghoff said in a statement that “Class A industrial buildings like these provide many tenants more useful options than traditional office buildings or retail centers, at a better price.”
According to Buchanan, 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,” Juan DeAngulo, managing principal of Elion Partners, said in a statement. “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.”
Northern Virginia’s Route 28 corridor offers one of the nation’s densest concentrations of technology, cybersecurity and government contractor businesses due to its proximity to the National Reconnaissance Office (NRO) and the nation’s capital. Properties lining Route 28 provide access to Washington Dulles International Airport, I-495 (Capital Beltway), and the Dulles Toll Road (Route 267) leading to Tysons Corner.
The portfolio is spread across three office parks along the Route 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. The buildings are listed below, with the rentable square footage 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
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