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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 Buys 240K SF Arlington Office Building For $25M
Penzance has scooped up its second Arlington County property in as many months, this one a rare office building sale.
The D.C.-based firm acquired the Ballston One office building at 4601 North Fairfax Drive, it announced Thursday. The firm didn’t reveal the sale price, but property records show it sold for $25M.
The seller, UBS Realty Investors, was represented in the deal by JLL‘s Matt Nicholson, Andrew Weir, Jim Meisel, Dave Baker, Kevin Byrd and Kameel […] read more
Penzance announces acquisition of Jasper Columbia Pike apartments in Arlington for $105 million
D.C.-based real estate firm Penzance has announced its acquisition of the 269-unit apartment tower formerly known as Avalon Columbia Pike in Arlington for $105 million.
The nine-story residential-over-retail building sits on about 0.6 acres at 2920 Columbia Pike. Penzance bought the property from Arlington-based AvalonBay Communities Inc. (NYSE: AVB) in a deal that closed July 27. The property has been rebranded as Jasper Columbia Pike.
“Penzance seeks out high-quality existing or potential residential properties near proven economic centers and with retail amenities and good transportation options, which is exactly what this property has,” Cris White, the […] read more
Washington’s Top Condominium Award for 2022
Delta Associates Salutes Property as Top in Region
The luxurious Pierce condominium took home top honors from Delta Associates as the prime property in its residential class for 2022. Pierce’s popularity continues to dominate the regional condominium market, selling residences above $1,000 a square foot.
“We are thrilled to win this honor as it recognizes the prestige and prominence of Pierce as a beautiful new addition to the Virginia skyline,” said John Kusturiss, Senior Vice President of Development at Pierce Highlands, LLC. “Pierce was designed to appeal to a sophisticated clientele that values an understated but classic style of living. The continuing strength of our […] read more
Penzance acquired a Chantilly parcel cleared for an auto dealership. It’s shifting gears to build data centers.
A D.C.-based real estate investment firm is shifting gears with one of its properties in Chantilly, dropping previous plans to build an auto sales facility and instead seeking a rezoning to build data centers.
In August, an affiliate of Penzance Management LLC acquired a large, vacant parcel adjacent to an auto dealership cluster, about a mile south of Dulles International Airport, for $10 million. While much of it sits in a floodplain, about 12 acres of the lot are developable, adjacent to Ourisman Chantilly Toyota at 4135 Auto Park Circle. Fairfax County rezoned that part […] read more