DSC Partners acquires $149m Maryland portfolio
DSC Partners has acquired a 1.3 million-square-foot portfolio in the Montgomery County, Md., market for $148.8 million.
The seller was PS Business Parks, a REIT that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space.
The portfolio consists of a combination of 28 well-located single- and multi-story office and flex properties in the MetroPark North, WesTech and Meadows business parks in Rockville and Silver Spring.
“The suburban Washington real estate market has been strengthening significantly recently and these properties are in areas that are being bolstered by the rapidly growing biotech and medical sectors,” said Doug Donatelli, co-founder and partner of DSC.
Tenants across the 28 buildings include the U.S. Government, MedStar Health, Children’s Hospital, Adventist Health Care, Intelligent Automation, Aetna, Netcom Technologies and Dealeron. DSC’s principals have a long history of ownership in Montgomery County having owned and operated more than 4 million square feet in the market. Roughly 60 percent of the portfolio is in the Rockville market and 40 percent is in the North Silver Spring market. DSC currently owns 77 Upper Rock Circle, a 235,000-square-foot class A office building in Rockville.
“The diversity of the tenant mix across medical, technology, biotech and education tells the story of both markets having a strong future,” said Nick Smith, DSC co-founder and partner. “Our team at DSC seeks this convergence of strong tenants with an opportunity for future growth to generate strong returns and create long-term value.”