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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
Here’s what Penzance has planned for 555 Herndon Parkway
For years, District-based Penzance has planned a three-building mixed-use development on company-owned land near the Herndon Metro station.
Now, we have a better understanding of what the project at 555 Herndon Parkway will look like.
Penzance is out with new renderings for its proposed office, retail and residential development across a 4.3-acre site one-tenth of a mile from the Metro entrance.
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New condos and apartments in Arlington County could draw Amazon HQ2 workers
A condo development that was already in the pipeline in Arlington County, Va., might get an uptick in interest from people seeking to relocate to the Washington area for Amazon’s second headquarters in Crystal City.
Construction is underway at the Highlands, a residential and retail community around 1555 Wilson Blvd. When completed, which is anticipated to be in 2021, the Highlands will include three residential high-rise towers, a new fire station, a new street, 50,000 square feet of amenity space, 40,000 square feet of ground floor retail space and a newly redeveloped Rosslyn Highlands Park.
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They might have renamed Rosslyn, too. And more details from Virginia’s HQ2 pitch.
The Virginia piece of Amazon.com Inc.’s second headquarters, we now know, will be located in “National Landing,” a rebranded amalgam of Crystal City, Pentagon City and Potomac Yard.
National Landing was a formal part of the commonwealth’s pitch to Amazon. But, did you know, so was “Capital View”? And what is Capital View? That would apparently be Rosslyn and its immediate surrounds.
Beyond JBG Smith: 20 Developers Poised to Benefit from Amazon in Northern Virginia
The big winner of Tuesday’s announcement that Amazon selected Northern Virginia for half of its second headquarters was JBG Smith, the Chevy Chase-based REIT that will lease Amazon space for its initial offices and sell it land for future development of the 4M SF campus. But the e-commerce leader establishing such a massive presence in Crystal City, Pentagon City and Potomac Yard, an area it is now rebranding as National Landing, is sure to create ripple effects that will flow throughout the surrounding area and affect hundreds of properties.