Thu, 21/09/2017 - 10:19
Real estate development firm Buchanan Partners has teamed with real estate investment firm Elion Partners to acquire a 700,000-square foot industrial portfolio in suburban Washington, DC for USD81.15 million.
The portfolio comprises 14 buildings just off Route 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,” says Colin Dove, Senior Project Manager at Buchanan Partners.”
Buchanan Partners Principal Brian Benninghoff, dds: “Class A industrial buildings like these provide many tenants more useful options than traditional office buildings or retail centres, 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,” says 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.”
Northern Virginia’s Route 28 corridor features 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 immediate access to Washington Dulles International Airport, I-495 (Capital Beltway), and the Dulles Toll Road (Route 267) leading to Tysons Corner. Metrorail’s Silver Line extension to the airport and Dulles Greenway, currently under construction, has catalyzed development and planning of a large amount of residential, retail, and entertainment space in the area.
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