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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.