GAITHERSBURG, MD-Equus Capital Partners, the former BPG Properties, has acquired a four-building, 282,523 square foot office and lab portfolio here for $41.4 million. The buildings are 95% leased to such tenants as Medimmune, Qiagen and Amplimmune. The acquisition also includes a 4.9-acre parcel of land that can accommodate the development of 125,000 square feet of office/lab space. Equus made the acquisition via its discretionary fund, BPG Investment Partnership IX, L.P.
Equus acquired the property for both its income flow and the value-add potential, according to George Haines, vice president of Equus who handled the acquisition for the firm.
“With this portfolio, Equus will enjoy stable cash flow for the next few years from brand-name life science tenants while providing us the opportunity to add value over the long-term through re-leasing and potential development of the land parcel,” he says in a prepared statement. Equus’ SVP Roy Perry and director of investments Kyle Turner also assisted in the transaction.
The seller was represented by HFF’s Jim Meisel, Dek Potts, and Matt Nicholson and Robert Scheer and Matt Brady of Scheer Partners.
The complex consists of three one-story office/flex/lab buildings, located at 25, 35, and 45 West Watkins Mill Rd.The fourth building is located at 1201 Clopper Rd. It was developed in 2000 as a build-to-suit for Digene.