Buchanan Partners, headquartered in Washington, DC., along with its joint venture partner Elion Partners has acquired a 700,000 sqf industrial portfolio in suburban Washington, DC for $81.15 million. The 14 building portfolio is spread across three separate office parks along Route 28. The seller was a joint venture of Ares Capital Corporation and Adler Group. The new ownership plans to make capital improvements to the assets 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,” said 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.”
