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Latest NewsPenzance Makes $55M Industrial Buy In Manassas Area
D.C. real estate company Penzance has acquired a six-building industrial portfolio in the Manassas area and retained JLL to market available space.
Penzance closed this week on the $55 million purchase of Gateway Centre and Linden Business Center, two industrial flex parks that total 212,086 square feet. The seller is a partnership between Davin Holdings and The Davis Cos.
Gateway Centre, located at 7201-7401 Gateway Court, was built in 1988 and spans 102,277 square feet, while Linden Business Center, located at 7245-7795 Coppermine Drive, was built in 2001 and totals 109,809 square feet.
Penzance said it aims to lease the properties’ current and upcoming vacancies, which range between 6,000 square feet and 33,000 square feet. It also said it intends to convert office-heavy suites in the buildings to industrial use by raising dropped ceilings and adding dock doors.
Penzance has brought on JLL’s metro D.C. industrial team to oversee leasing. Penzance’s in-house management team will take over operations of the industrial parks.
“In this supply-constrained Northern Virginia market, high-quality industrial flex assets like these are becoming increasingly scarce, making this a particularly valuable addition to our portfolio,” Lauren Kowall, […] read more
Penzance Looks To Add 3 Residential Towers To Rosslyn Skyline
The D.C.-based developer is planning to construct 900K SF across three towers on the site of Rosslyn Gateway. It has filed site plans with Arlington County for the project, branded as One Rosslyn, the company announced in a press release Tuesday.
“This is a very special site,” Penzance partner John Kusturiss told Bisnow, adding that his company has been “keeping an eye on” it since it was entitled for redevelopment more than a decade ago.
Penzance is partnering with Boston-based The Baupost Group on the project, which is being designed by Hickok Cole and read more
Office Property Near Herndon Metro Sells To Multifamily Developer Partnering With Japanese Firms
A 1980s-era office complex next to the new Herndon Metro station has been eyed for mixed-use development for years, but now a new team has taken over the project.
Penzance, which had been planning to redevelop the two-story office property since 2015, sold it to a partnership led by San Diego-based Fairfield Residential.
Fairfield Residential paid $18.25M for the 4.3-acre site on the Dulles Toll Road, Fairfax County property records show and Fairfield confirmed to Bisnow. It has partnered with […] read more
School System Converts Vacant Office Space To Classrooms In Fairfax County
Fairfax County Public Schools has transformed 40K SF of a Herndon office park into educational spaces primarily focused on adult learning programs.
The school system leased one building and part of another at Penzance’s 420K SF Marker 20 campus at 450-485 Springpark Place, JLL — which negotiated the deals and managed the construction — announced Tuesday. The system initially agreed to lease 33K SF in December 2021, and then it expanded the deal by 6K SF in March 2022.
The buildings were converted to classroom, office and testing space to […] read more