ESJ Capital Partners Adds 6-Building Silver Spring Portfolio in $41M Deal
ESJ Capital Partners has acquired the Westech Portfolio, a collection of six office and industrial properties in Silver Spring, Md., for $40.5 million.
“DSC bought a 32-building value-add portfolio with the concept of buying it whole and selling off the parts,” Gerry Trainor, Transwestern’s executive managing director, told Commercial Observer. “They had created value in the assets that were sold, so it was time to sell.”
The buildings include 12120 and 12200 Plum Orchard Drive; 11900, 11921 and 11941 Bournefield Way; and 2301 Broadbirch Drive. All are within three miles of the $400 million Adventist HealthCare White Oak Medical Center and the Food and Drug Administration’s headquarters in White Oak.
The properties offer access to the D.C.-Baltimore metro area via Columbia Pike/Route 29 to the northwest, Interstate 95 to the east and the Beltway/I-495 to the south.
“Westech’s size and location within White Oak’s growing medical, R&D, and life sciences corridor made it attractive to investors seeking conversion opportunities and upside potential,” Trainor said. “There was very strong interest from medical office buyers as well as life science converters.”
Transwestern’s Andrew Asbill and Trevor Campbell secured financing for the purchase on behalf of ESJ Capital Partners. No loan details were provided.
Keith Loria can be reached at Kloria@commercialobserver.com.