Buchanan Partners

Joint venture marks fourth partnership between Elion and Buchanan Miami, FL and Gaithersburg, MD, February 12, 2019 – Real estate investment firms Elion Partners (“Elion”) and Buchanan Partners (“Buchanan”) today announced the acquisition of a 1.6 million square foot industrial portfolio, spanning 34 buildings spread across six locations in the Washington D.C. Metro area. Within this transaction, Elion and Buchanan have replicated their ongoing investment strategy, which focuses on investing in key assets at- or below- replacement cost with strong occupancy fundamentals in supply-constrained locations. The newly acquired assets are in close proximity to the Washington Dulles International Airport and service tenants primarily in the government contract sector.

Gaithersburg-based Buchanan Partners is planning to transform 145 undeveloped acres in Woodbridge into a walkable mixed-use development. If built, the "Quartz District" project would add to Buchanan's growing portfolio in Prince William County and the city of Manassas, where the firm has developed more than 1 million square feet of retail and commercial over the past 20 years. The Quartz District is planned for the prominent intersection of Prince William Parkway and Minnieville Road. It is owned by a venture of Mitchell Phelps LLC of Woodbridge and Buchanan Partners. Located near Potomac Mills, the project is slated to include 125,000 square feet of retail, 1,000 residential units including townhomes, multifamily and condos and approximately 200,000 square feet of office. Kingsley McAdam, a principal with Buchanan Partners, said the company is currently working with the county on an application it submitted in October to rezone the property to a planned mixed-use district. He hopes to gain county approval by the end of this year or early next year. Initial infrastructure work could begin by 2021.

While Metro is marketing a couple of parcels of land adjacent to Glenmont Metro station, another nearby development may soon break ground. Elion Partners and Buchanan Partners partnered up to purchase a 164-unit multifamily building and adjacent 3.5-acre parcel a short walk from Glenmont Metro station in December. The partnership will renovate the existing apartment building and construct an additional 254-unit multifamily building on the surface lot at Georgia Avenue and Glenallan Ave. M/I Homes of DC is currently constructing 46 townhouses near the site, for which approval was granted in May 2018 simultaneous to the planned 254-unit building. The project was also approved to include 4,000 square feet of retail.

ULI Washington, DC presented its prestigious 2018 Lifetime Achievement Award to Buchanan Partners Principal and 2030 Group President, Bob Buchanan. The award recognizes a leader from the Washington real estate community whose life exemplifies the mission of ULI and who, in addition to a lifetime of commitment to real estate, has given back to the community through demonstrated civic, charitable and philanthropic endeavors.

Buchanan Partners has teamed with Miami-based real estate investment firm Elion Partners to acquire a 700,000-square foot industrial portfolio in suburban Washington, DC for $82 million.

In partnership with the city of Manassas, Buchanan has broken ground on the first phase of a 40-acre mixed-use development on the city's only waterfront property.