FAIRFAX, VA-The Penzance Cos. and Aslan Realty Partners II, a Transwestern Investment Co. institutional investment fund, have come together to acquire the 78,400-sf office structure at 3702 Pender Dr. in West Oaks Executive Park II. Financial terms of the transaction have not yet been disclosed; however, the building’s current assessed value of nearly $6.2 million provides a low-end hint at how much the building sold for; and the fact that the building is 97% leased undoubtedly added to the purchase price.

Located near Rte. 50 and I-66, 3702 Pender Dr. is a 12-year-old property that stands four stories tall. For the joint venture, the deal is a follow-on investment to previous purchases, and marks the partnership’s third acquisition since 2003. Penzance and Aslan previously acquired the 127,000-sf office property at 1129 30th St. in Washington, Dc, and the 99,000-sf building at 3701 Pender Dr, which sits across from its most recent purchase.

“This acquisition, in partnership with Penzance, demonstrates our confidence in the collective talent of Transwestern and Penzance to add value through our combined strengths and capabilities,” says Transwestern senior vice president of acquisitions Ross Cowan.

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