Elion Partners and Buchanan Partners Acquire a 1.6 Million Square Foot Industrial Portfolio in Washington D.C. Metro Area, Expanding Mid-Atlantic Industrial Footprint
February 12, 2019
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.
“Elion is thrilled to announce this latest strategic partnership with Buchanan,” said Juan DeAngulo, Managing Partner and Co-founder of Elion Partners. We look forward to adding value through hands on execution, and jointly managing this asset with Buchanan.” Colin Dove, Principal with Buchanan Partners, noted that, “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. 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 announcement marks the second industrial portfolio acquisition in the Washington D.C. Metro area for Elion. In August 2017, the firm, along with Buchanan, completed a 700,000 square foot acquisition of a similar industrial product type. That acquisition included a 14-building portfolio spread across three locations just off Route 28 in the Washington D.C. Metro area, bringing the total portfolio to over 2.3 million square feet.
Elion Partners is a vertically integrated real estate investment firm with institutional-grade capabilities. Elion serves as both a fiduciary and an operator of real estate assets, managing over $2 billion through several closed-end funds and standalone permanent capital investment vehicles. We serve as stewards of our clients’ capital with a focus on preservation for the long-term. Elion’s principals invest significant capital in each fund to ensure the utmost alignment of interests with our LPs.
Buchanan Partners (“Buchanan”) is a leading full-service real estate development firm operating in the Washington, D.C. region. Since 1998, Buchanan has made over $1.2 billion in total investments, with over $300 million in equity capital invested with multiple investment partners including pension funds, endowments and family offices. With a portfolio spanning a broad range of building types, Buchanan is able to move with the market, whether the environment favors residential, office, industrial or raw land investments. The firm has developed over 5,000,000 square feet of commercial space and has entitled and developed property on over 2,000 acres of land in Maryland, Virginia and the District of Columbia.