Elion Partners, Buchanan Acquire DC-Area Industrial Portfolio
- Feb 14, 2019
A joint venture between Elion Partners and Buchanan Partners has acquired a 34-building industrial portfolio of properties located within the Washington, D.C. metro. Spanning across six locations, the assets total 1.6 million square feet.
The partners are continuing their investment strategy of focusing on key properties at- or below-replacement cost with strong occupancies in areas with supply constraints. The newly purchased buildings are situated closely to the Washington Dulles International Airport and are home to tenants mainly in the government contract industry.
“This investment expands our geographic footprint to strong submarkets for one-story flex and industrial product at a fraction of replacement cost in these locations,” said Colin Dove, principal, Buchanan Partners, in a prepared statement. “Many options will present themselves to enhance the value of these buildings and we are excited to have an innovative partner like Elion to help us achieve that goal.”
This transaction marks the partners’ second industrial portfolio purchase in the Washington, D.C. area. In August 2017, the joint venture purchased a 700,000-square-foot portfolio featuring 14 assets across three locations.