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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
New Details Emerge for West Rosslyn Redevelopment Project
Work is kicking off on a massive new development in West Rosslyn, and its developer is offering a first look at its plans to build three new residential towers, a new fire station and an improved Rosslyn Highlands Park.
The D.C. developer Penzance announced today (Monday) that it would be dubbing the project “The Highlands,” which will be located at 1555 Wilson Blvd.
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Check out new renderings of Penzance’s western Rosslyn development
We have new details about Penzance Cos.’ first-ever ground-up multifamily residential project as the D.C. company prepares to break ground on its 1.2 million-square-foot mixed-use development in western Rosslyn.
John Kusturiss, vice president of development for Penzance, told me the company is naming the project at 1555 Wilson Blvd. The Highlands for its elevated geographical location adjacent to Rosslyn Highlands Park.
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Mack Real Estate Provides $380M Construction Loan for Virginia Mixed-Use Project
Washington, D.C.-based developer Penzance has landed a $379.5 million construction loan from Mack Real Estate Credit Strategies for West Rosslyn—its 1.2-million-square-foot mixed-use development in Rosslyn, Va., Commercial Observer has learned.
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Penzance Gets Financing, Begins Work On 900-Unit West Rosslyn Development
A new development is moving forward that will add nearly 900 multifamily units to western Rosslyn.
Penzance has secured a $290M loan and begun site work on its 1555 Wilson Blvd. project that will include apartments, condos, retail and a new fire station, the Washington Business Journal reports.
The developer received Arlington County approval for the project in February 2017.
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