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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
How Penzance’s West Rosslyn Development Will Transform A Key Section Of The R-B Corridor
In the next six months, Penzance will break ground on a development that will bring three 240-foot-plus towers, 900 residential units and other amenities to western Rosslyn, part of a plan that will have a dramatic impact on the neighborhood’s transformation.
The developer received county approval in February to move forward with the project. Penzance is currently building a temporary fire station for Arlington County to move it from the development site.
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Penzance, Greenfield Sell Watergate Retail Space For $15M
A retired Northern Virginia doctor is now the owner of a piece of the Watergate complex.
Penzance and Greenfield Partners sold the retail portion of the complex, three levels of shops and restaurants totaling 57K SF, to the doctor, who declined to be named.
The deal closed for $15.4M, according to a document filed Wednesday in the D.C. Recorder of Deeds. The document lists the buyer as Watergate Partners LLC, an entity registered to the address of a MedStar urgent care center in McLean, 6858 Old Dominion Drive.
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Long & Foster execs part with brokerage’s longtime Georgetown office for $8.5 million
D.C.-based developer Penzance Cos. has acquired Long & Foster Real Estate Inc.’s longtime Georgetown office building for about $8.5 million but doesn’t plan to displace Greater Washington’s largest residential real estate company from the premises anytime soon.
P. Westley Foster, who is the founder, chairman and CEO of Long & Foster Cos., and George T. Eastment, its vice chairman, sold the roughly 15,000-square-foot building to an affiliate of Penzance in deal recorded with the District on June 1, according to D.C. land records.
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Scoop: Penzance Under Contract To Sell Ballston Carpool Site To Jefferson Apartment Group
Penzance is under contract to sell the development site of a 22-story apartment building in Ballston.
Penzance rezoned the site of the Ballston bar for high-rise residential, and now, the DC-based firm expects to close this quarter on the sale of the site to Jefferson Apartment Group, two sources tell Bisnow.
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