Elion Partners acquires retail site in Heritage Hunt

Elion Partners, a Florida-based real estate investment firm, has closed on a 68,865-square-foot parcel in the Heritage Hunt development in Gainesville that it plans to develop into a retail center with joint-venture partner Buchanan Partners. Terms of the deal were not disclosed.

Buchanan is the Washington, D.C. -based developer for the Heritage Hunt community. The center will include 5,400 square feet of space anchored by grocer Harris Teeter plus three out parcels zoned for restaurants, banks and convenience stores.

Elion Partners said the acquisition is the inaugural purchase from Elion’s Fund III. It targets $125 million in capital commitments and completed its first close in December 2013, three months after fundraising began.

“Our investment strategy focuses on market fundamentals and relationships with established local firms,” Juan DeAngulo, managing principal of Elion Partners, said in a statement.  “This retail development brings essential amenities to Heritage Hunt and the booming area around it. The project is an ideal fit for our approach and our portfolio.”

The Heritage Hunt transaction marks Elion’s second recent acquisition in the Washington area. In November, it purchased Goshen Plaza, a 42,906-square-foot shopping center in Gaithersburg, Md.

Heritage Hunt Commercial is a 100-acre property off Route 66 in Prince William County. The multiphase project will include office, retail, and residential, medical use and hotel space.  It is located next to Heritage Hunt, a residential community.