Chevy Chase, Maryland-based The JBG Companies has created a $100 million real estate vehicle with real estate firm Scheer Partners to develop and acquire life sciences commercial real estate in the Washington DC area. The fund, the Greater Washington Life Sciences Fund, is targeting $300 million of investments in the greater DC area, according to local press reports. JBG was not available for comment. Scheer Partners, based in Rockville, Maryland, was also unavailable for comment.
Most of the fund’s projects will be in the Maryland Interstate-270 corridor, according to Scheer president and founder Robert Scheer, comprising a combination of existing tenanted buildings along with other research and development facilities it plans to convert. Scheer will serve as the fund’s managing member.
The partners are currently in “pre-active discussions” to acquire three projects totaling $125 million, with the first deal possibly taking place “within the next 45 days.”