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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
Atlanta firm buys two Arlington residential towers, expects return to ‘core markets’
Cortland, a big Atlanta-based real estate firm, closed on two big multifamily acquisitions in Arlington Tuesday, completing the first phase of its plans to invest $1 billion in local real estate.
The company is seeing “return migration to core markets” such as the D.C. area and “this demand shift is expected to continue over the coming years, enhancing our outlook for multifamily communities in the region,” Dan Irvin, a regional director of investments with Cortland, told the Washington Business Journal.
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Fire Station 10 Officially Opens To Serve The Rosslyn Community
Arlington County officials celebrate opening of new fire station serving Rosslyn and the public-private partnership that made it possible.
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D.C. firm starts work on giant Hagerstown warehouse
Hagerstown’s fast-growing e-commerce landscape is poised to take off again. Washington, D.C.-based Penzance broke ground Thursday on a spec 825,000-square-foot, Class A warehouse facility that will sit just off Interstates 81 and 70 in Williamsport. The firm acquired the 70-acre site earlier this year for $8 million.
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Penzance Breaks Ground at Class-A Industrial Development, Hagerstown Crossroads at I-81
Penzance, an owner, operator and developer in the Washington, D.C. metropolitan region for more than two decades, today broke ground on their latest industrial development, a 825,000-square-foot site located at 16220 Wright Road in Williamsport, Maryland. Penzance executives were joined by community members and local business leaders as the company marked the groundbreaking milestone on its latest project that will create approximately 500 jobs in the region.
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