Transwestern Arranges Sale of WesTech Flex Portfolio for ESJ Capital Partners in Silver Spring

Transwestern's Mid-Atlantic Capital Markets Group has arranged the sale of the WesTech Flex Portfolio, a three-building flex business park totaling 143,966 square feet in Silver Spring, Maryland, on behalf of seller ESJ Capital Partners, the firm announced July 30, 2026.

Transwestern's Gerry Trainor, Jim Cardellicchio, and Rowan Miller represented ESJ Capital Partners in the transaction. The sale price and buyer were not disclosed.

Portfolio Overview: Garrett I, II and III

The WesTech Flex Portfolio comprises three single-story flex buildings known as Garrett I, II, and III, located at 11941, 11921, and 11900 Bournefield Way in the North Silver Spring submarket of Montgomery County, Maryland. The three buildings combine for a total rentable area of 143,966 square feet.

At the time of sale, the portfolio was 89% leased with a weighted average lease term of approximately six years. The properties are situated in Montgomery County's White Oak corridor, adjacent to Adventist HealthCare White Oak Medical Center and the U.S. Food and Drug Administration's White Oak campus. The portfolio offers access to Route 29, Interstate 95, and the Capital Beltway.

"This transaction reflects continued investor confidence in well-located flex properties," said Trainor, Executive Managing Director at Transwestern. "The portfolio's location in a supply-constrained flex market, combined with stable in-place cash flow and opportunities to capture future rent growth, made it a compelling investment."

Strategic Location Drives Demand

The White Oak corridor has attracted a cluster of life science, medical, and support-service tenants drawn by proximity to the FDA's White Oak campus. That tenant base has sustained demand for flex and research-and-development-ready space in the immediate area. The submarket's regional highway connectivity — via Route 29, I-95, and I-495 — also positions the properties to serve logistics, light industrial, and service-oriented tenants with access to Washington, D.C., Baltimore, and the broader Mid-Atlantic market. New flex and industrial construction in infill suburban submarkets like North Silver Spring has slowed due to land scarcity, zoning constraints, and elevated construction costs, limiting the pipeline of competing supply.

Market Context: Flex Investment Fundamentals

The transaction comes as industrial and flex assets have recorded twelve consecutive quarters of price appreciation nationally. Median price per square foot across all U.S. commercial property types reached record levels in early 2026, with industrial and flex leading annual growth at approximately 11.8% year over year for industrial. The share of deal value from transactions exceeding $10 million reached 50.5% in that period, the highest post-financial-crisis stretch since 2022.

ESJ Capital Partners' decision to sell reflects a pattern among owners of well-leased, stabilized assets: exiting at a point when in-place cash flow is supported by long-term leases while the buyer retains upside as those leases roll and rents mark to market. Trainor's characterization of the portfolio — stable cash flow paired with future rent growth potential — reflects that dynamic.

About the Firms

Transwestern is a vertically integrated commercial real estate firm with expertise spanning investment, development, brokerage, and property management. The firm owns, leases, and operates $64 billion in assets across 35 offices nationwide, with a portfolio that includes logistics, multifamily, retail, mixed-use, healthcare, office, data centers, hotel, sports and entertainment, and life sciences properties. The $64 billion figure includes all Transwestern enterprise and its RIA assets under management as of April 1, 2026.

Transwestern's Mid-Atlantic Capital Markets Group provides investment sales services throughout the Washington, D.C., region, serving institutional, corporate, and private real estate clients.

Sources

Transwestern – Transwestern Arranges Sale of Three-Building Flex Business Park in Silver Spring (July 30, 2026)